The Medical Device Connectivity Market is estimated to be valued at US$ 3.5 Bn in 2023 and is expected to exhibit a CAGR of 25.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The medical device connectivity market involves connecting medical devices like blood pressure monitors, glucose meters, ventilators etc. to hospital’s electronic medical records (EMR) and other health information technology systems. This allows clinicians to access patient health data in real-time and makes treatment monitoring more efficient. Connected medical devices improve patient care, lower healthcare costs and enable more data driven decision making.
Market Dynamics:
The growth of the medical device connectivity market is driven by increasing demand for home healthcare devices and remote patient monitoring solutions. Rise in chronic diseases due to aging population has boosted demand for connected healthcare devices that can monitor patients outside of hospitals. According to WHO, chronic conditions like heart disease, cancer and diabetes account for over 70% of all deaths globally. Furthermore, connected medical devices improve clinical efficiency and lower costs. They eliminate errors from manual data entry and enable seamless transfer of information between care teams. Government initiatives to adopt digital healthcare infrastructure will also support the market growth over the forecast period. However, data privacy and security concerns pose a challenge for widespread adoption of connected medical technologies. Healthcare industry players are working on building robust security protocols to address these issues.
Segment Analysis
The global medical device connectivity market is dominated by integration & interface solutions sub segment. This sub segment held around 35% share of the total market in 2023 owing to high demand for effective healthcare data integration across various medical devices and healthcare IT systems. The connectivity solutions help in improving workflow efficiency and patient care quality by allowing seamless exchange of medical data.
PEST Analysis
Political: Governments across the world are focusing on implementing favorable regulations to promote adoption of digital health technologies including medical device connectivity solutions. This is positively impacting the market growth.
Economic: Rise in healthcare spending worldwide and increasing investments by hospitals & other healthcare facilities to enhance patient care and operational efficiency are fueling the demand for medical device connectivity solutions.
Social: Growing geriatric population and rising prevalence of chronic diseases are augmenting the need for remote and effective patient monitoring. This is supporting the market expansion.
Technological: Advancements in connectivity technologies such as wireless, 5G, and IoT are facilitating integration of various medical systems and equipment. This is promoting adoption of medical device connectivity platforms.
Key Takeaways
The Global Medical Device Connectivity Market Size is expected to witness high growth, exhibiting CAGR of 25% over the forecast period, due to increasing need for efficient healthcare data exchange across various medical devices.
The North America region dominated the global market in 2023 and is expected to retain its leading position during the forecast period due to rapid technological advancements and growing digital healthcare adoption in the region.
Key players operating in the medical device connectivity market are Medtronic, GE Healthcare, Capsule Tech Inc., Cerner Corporation, Koninklijke Philips N.V., Digi International Inc., Cisco System Inc., Siemens Healthineers, Honeywell International Inc., Medshift, and Drägerwerk AG & Co. KGaA. Key players are focusing on introducing advanced connectivity platforms with enhanced features to consolidate their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
