Press Release

Global Medical Device Connectivity Market to Grow at a CAGR of Around 22.26% During 2024-30

The Global Medical Device Connectivity Market size is anticipated to grow at a CAGR of about 22.26% during the forecast period of 2024–30, cites MarkNtel Advisors in the recent research report. The global demand for connected medical device solutions and services is witnessing a significant upswing due to various influential factors. A primary driver is the widespread adoption of electronic health records (EHRs) and the digitization of healthcare systems. This trend necessitates the integration of medical devices with these digital platforms, streamlining data management, and enhancing patient care. The surge in remote patient monitoring, particularly during the COVID-19 pandemic, has further accelerated the need for seamless communication between medical devices, healthcare providers, and patients. As a result, regulatory bodies, such as the FDA in the United States and the European Commission in Europe, are emphasizing interoperability and data exchange standards. This regulatory push is compelling healthcare organizations to invest in connectivity solutions that align with the standards.

Moreover, the shift towards value-based care models and population health management initiatives is another influential factor encouraging healthcare providers to adopt connected medical devices. Further, the global recognition of the potential of telemedicine to transform healthcare ecosystems is reflected in various government initiatives worldwide. Programs like CMS Telehealth Initiatives (United States), Australia's Telehealth Reforms, and India's eSanjeevani Telemedicine Initiative showcase the growing importance of connected medical devices in expanding healthcare accessibility. As healthcare systems worldwide increasingly adopt value-based care models, the demand for connected medical devices supporting these initiatives is anticipated to rise. Thereby, facilitating real-time data flow, evidence-based decision-making, and improved patient engagement, further states the research report, “Global Medical Device Connectivity Market, Analysis 2024.”

Segmentation Analysis

Hospitals Holding a Major Market Share

Based on end users, the market is segmented into hospitals, ambulatory care centers, research centers, home care settings, and others. Among them, hospitals stand out as prominent consumers of connected medical devices, driven by their pivotal role in diverse and critical healthcare functions. The intricate and interconnected hospital environment necessitates advanced connectivity for efficient patient care, monitoring, and streamlined operations. Connected medical devices, such as patient monitors, infusion pumps, and diagnostic equipment, facilitate real-time data sharing, empowering healthcare professionals to remotely monitor patients and make prompt decisions.

The demand for connected medical devices in hospitals is on the rise to enhance workflow efficiency, minimize manual errors, and improve patient outcomes. Furthermore, with the emerging trend of remote monitoring in healthcare diagnosis, the imperative need for connected medical devices becomes apparent. These devices play a crucial role in tracking vital signs, promptly detecting anomalies, and ensuring timely interventions for patients.

North America Leads the Medical Device Connectivity Industry

North America commands a significant share of the Global Medical Device Connectivity Market, driven by a robust healthcare infrastructure, advanced hospitals, research facilities, and high digitalization levels. The region's proactive approach to adopting innovative technologies and the presence of leading healthcare organizations contribute to the swift adoption of connected medical devices. Government initiatives and regulatory support, such as incentives for electronic health record (EHR) adoption and interoperability promotion, create a conducive environment for the widespread integration of these devices.

Apart from this, regulatory frameworks, especially in the United States, prioritize patient data security, fostering confidence among healthcare stakeholders. Additionally, the substantial prevalence of chronic diseases in the region due to high obesity rates fuels a growing emphasis on preventive and personalized healthcare solutions, thus igniting widespread adoption of connected medical devices in North America in the coming years.

Competitive Landscape

Capsule Technologies, Inc., Cerner Corporation, Cisco Systems, GE Healthcare, Masimo Corporation, Ihealth Lab, Koninklijke Philips N.V., Lantronix, Inc., Medtronic Plc, NantHealth, Inc., Iatric Systems, Inc., Qualcomm, Stryker Corporation, Infosys Limited, Oracle Corporation, and others are some of the top companies in the Global Medical Device Connectivity Market.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?