Medical device connectivity refers to the integration of medical devices such as monitors, pumps, and other patient-worn devices with hospital information systems via different wired and wireless connectivity technologies. This allows clinicians to access real-time patient data from any location. The increasing adoption of wireless connectivity technologies such as Wi-Fi and Bluetooth in hospitals is driving significant growth in the medical device connectivity market.
The global Medical Device Connectivity Market is estimated to be valued at Us$ 3,272 Million in 2023 and is expected to exhibit a CAGR Of 14. % over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of wireless connectivity technologies is one of the major trends being witnessed in the medical device connectivity market. With the advancement of wireless technologies such as Wi-Fi, Bluetooth, and ZigBee, hospitals are increasingly integrating wireless connectivity solutions to connect medical devices. This provides greater flexibility to clinicians and nurses in accessing real-time patient data from any location. Furthermore, wireless medical devices can help reduce cable clutter and are more cost-effective compared to wired medical devices over the long term. Vendors are also focusing on developing simplified and integrated connectivity platforms that can seamlessly connect different types of medical devices from various manufacturers through a single solution. This is expected to further propel the demand for wireless medical device connectivity solutions in the coming years.
Segment Analysis
The global Medical Device Connectivity market is segmented based on components, connectivity technologies, End-User, and regions. Based on components, the medical device connectivity market is categorized into hardware components and software components. Hardware components comprise of wired and wireless devices such as routers, gateways, networking panels, and cards. Among these, wireless components are expected to grow at the highest CAGR during the forecast period. Based on connectivity technologies, the medical device connectivity market is segmented into Wired Technologies and Wireless Technologies. Wireless technologies are expected to grow at the highest CAGR during the forecast period owing to their benefits over wired technologies such as mobility. Based on end-users, the medical device connectivity market is segmented into hospitals, home healthcare, diagnostic and imaging centers, and ambulatory care centers. Among all end-users, hospitals segment holds the largest share in the market.
Key Takeaways
The Global Medical Device Connectivity Market Demand is expected to witness high growth during the forecast period of 2024 to 2031.
Regional analysis:
North America region is expected to dominate the global Medical Device Connectivity market during the forecast period. This is attributed to factors such as rise in healthcare expenditure, increasing patient population, and growing trend of remote monitoring by healthcare providers in the region. The Asia Pacific region is expected to witness the highest growth rate during the forecast period owing to factors such as growing healthcare infrastructure, large patient population, and government initiatives to promote digital healthcare in emerging economies of the region.
Key players:
Key players operating in the Medical Device Connectivity market are Capsule Tech Inc., Philips Healthcare, Cerner Corporation, Bernoulli Enterprise Inc., Honeywell HomMed LLC, Digi International, Cisco Systems Inc., TE Connectivity, Drägerwerk, and Qualcomm Inc. Capsule Tech Inc. is expected to dominate the market owing to its wide product portfolio and partnerships with several healthcare organizations and hospitals.
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