Medical Device Connectivity Market global sales are expected to experience modest CAGR of 18% between 2023 to 2032 | insightSLICE
The size of the global market for Medical Device Connectivity was predicted to reach US$ 1.5 billion in 2021 and to increase at a CAGR of 18% between 2023 to 2032.
The market for medical device connection is being driven by an increasing need for EMRs to have access to the most recent patient data. The application of such solutions accelerates the course of treatment while enhancing results.
The medical staff employs remote monitoring, a prominent trend in the healthcare industry, to accurately and efficiently monitor patient blood pressure and blood sugar levels while minimizing human error. In hospitals, RFID tags are now commonly used to read bar codes and retrieve precise patient information.
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Benefits and Uses:
As the RFID-enabled wristband is scanned, the data collected is presented, allowing clinicians to monitor and treat patients. Globally expanding use of digitized healthcare infrastructure, combined with rising demand for and uptake of cutting-edge medical device connectivity technologies, is fueling the market’s expansion.
The industry’s top companies are concentrating on business expansion through strategic alliances in the form of acquisitions and mergers, which is expected to hasten market competition.
The key players of the Global Medical Device Connectivity Market are:
Main competitors covered in the global medical device connectivity market report include Cardiopulmonary Corporation, Cerner Corporation, Digi International Inc., Cisco Systems Inc., Honeywell HomeMed LLC, eDevice Inc., GE Healthcare Ltd., Philips Healthcare, Qualcomm Inc., and Siemens Healthcare.
Global Medical Device Connectivity Market Key Segments:
- Wireless hardware
- Wired hardware
By End Use:
- Home healthcare
- Ambulatory care centers
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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Connected robotic surgery units would dominate the use and market share of medical device connectivity:
A dominant segment is expected to continue to be the software of medical device connection in components, which in 2019 had the biggest volume share of 33.5% in the global market for medical device connectivity.
The market for medical device connectivity is being driven by an increase in demand for linked devices for fast report analysis and treatment facilities. The collaboration of technological and medical businesses to produce the desired output is another factor promoting the expansion of the global market for medical device connectivity.
During the projected period, it is anticipated that wireless hardware would experience the fastest rate of growth in terms of revenue, expanding at a CAGR of 22.3%.
By end-user, hospitals contributed significant share to the global market for medical device connectivity in 2021 and are projected to rise significantly over the forecast period.
Doctors will be able to treat patients more effectively and precisely thanks to the digitization of the healthcare infrastructure. In turn, this has increased the demand for medical device connections globally.
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North American Market is highest revenue generator
In terms of revenue and volume, North America dominated the global market for medical device connections in 2019, followed by Europe and Asia Pacific. With a significant number of market participants present throughout the area, the United States is the primary consumer of connected devices.
A large portion of the global market for medical device connection in 2019 was accounted for by Asia Pacific, with a 29.8% share, due to the region’s private hospitals and clinics digitizing at a rapid rate. In terms of revenue, South America contributed 7.6% to the global market for medical device connectivity in 2019.
The South American medical device connectivity market is expected to grow over the next few years as a result of increasing investments in the healthcare IT sector and collaboration between public and private players in several important countries, particularly Brazil.
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