Global Medical Device Connectivity Market projected to grow at a CAGR of 25.9% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Medical Device Connectivity Market by Technology (Wired, Wireless and Hybrid), Product (Solutions and Service), Component, End-Users, Region and Global Forecast 2020-2027.
The global medical device connectivity market is expected to grow from USD 1.14 billion in 2019 to USD 7.19 billion by 2027, at a CAGR of 25.9% during the forecast period 2020-2027. North America is the dominant market in terms of revenue. The growing consolidation among the health providers, increase of connectivity between clinical devices and interoperability solution, rise in chronic diseases and the need to reduce the costs associated with treatment are some of the vital factors responsible for the growth of the product in the region. However, Asia-Pacific is expected to grow at a significant rate owing to the growing demand of medical demand connectivity in the healthcare facilities. Further, the increasing remote monitoring has contributed to the growth.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the medical device connectivity market are Honeywell Hommed Llc., Digi International Inc., Cerner Corporation, Bernoulli Enterprise Inc., TE Connectivity, Qualcomm Inc., Cisco Systems Inc., Koninklijke Philips N.V., GE Healthcare, Lantronix Inc., Infosys Ltd., Nanthealth Inc., Siemens Healthcare Ag., Capsule Tech Inc, Medtronic Plc. and others. Recently, in March 2020, Masimo Corporation made a partnership with Imprivata. It helped to merge the medical device access technology of Imprivata with Masimo’s connectivity platform and patient monitoring.
The technology segment includes wired, wireless and hybrid technologies. The wireless technology segment constitutes the majority of the market shares. Wireless technology has been intensively used from the past few years. Doctors find it convenient for extraction of better results and provide better treatment. It helps to minimize the cost of the treatment by enabling remote monitoring. It also helps to reduce the stay time at the hospital. The product segment includes solutions and services. The solution segment further includes medical device integration, telemetry systems, connectivity hubs and interface devices. The services segment includes implementation & integration, support & maintenance, consulting and training. Out of the two, solutions segment hold the largest market share. The innovation of advance solution to increase the efficiency and connectivity of medical devices has contributed significantly to the market. Among the solutions, medical device integration holds the maximum shares owing to the rising cost of healthcare. The component segment includes wireless hardware, wired hardware and software. The wireless hardware segment further includes Wi-Fi hardware, Bluetooth hardware and wireless web map tile services (WMTS). The wired segment currently has the largest market share. The wired segment is in more demand due to the growing need by the end-user industries. Further, the wireless hardware segment is expected to grow at a significant rate. Wi-Fi is preferred majorly because of the flexibility. The end-users segment includes hospitals, diagnostic & imaging centres, home healthcare systems and ambulatory care centres. Hospitals are the dominant end-user. Hospitals provide more varied services than the other segments. The growing investments in the healthcare system have resulted in the growth of hospitals worldwide.
Medical device connectivity has resulted in the elimination of errors which was caused by the humans. It helps to connect the medical devices through a central network. It helps in better diagnosis based on the data of the patient. Thus, the treatment is effective and low cost. Moreover, the trend of home health care facilities has increased the demand for medical device connectivity.
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About the report:
The global medical device connectivity market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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