Report ID: 10059291 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
The worldwide medical device connectivity market is estimated to achieve revenue of USD 1.5 billion by end of 2021. The global medical device connectivity market is expected to expand at a CAGR of more than 20% from 2022 to 2031 owing to the widespread acceptance of medical device interoperability and connectivity solutions. There is also an increasing demand for data analytics and the dissemination of digital services such as patient data and electronic files. The market is also expected to grow owing to favorable government support, rising healthcare costs, and the need to improve patient monitoring and information systems. Additionally, the global COVID-19 crisis also supports the growth of the medical device connectivity market. To cut the staggering costs, healthcare organizations are increasingly armed with medical devices.
On the basis of technology, the market is segmented as wireless, wired, and hybrid technologies. The wireless technology industry is expected to retain the largest market share during the forecast period owing to high-quality patient care. Doctors and healthcare professionals monitor patient health 24 hours a day, update in real-time, and enable faster treatment. Additionally, factors such as shorter stays in healthcare facilities and remote patient monitoring to ensure patient care and safety are driving the market growth.
On the basis of end-users, the medical device connectivity market is segmented as hospitals, home care, and others. Hospital services maintain a dominant market share during the forecast period. This is because the number of hospitals and medical facilities is increasing. In addition, favorable repayment policies and insurance protection are also driving demand in this sector. Rising health care costs associated with an increase in the elderly population have increased demand in the home care sector. It is expected to increase in popularity due to the spread of chronic diseases such as diabetes, high blood pressure, and heart disease.
Based on region, North America is expected to dominate the market, followed by Europe. Increasing disposable income and rising medical expenses are some of the factors that drive the market growth. Additionally, the majority of the key players are domiciled in these regions. The Asia Pacific is expected to experience the fastest growth during the forecast period. One of the reasons for this growth is increased investment in research and development to build state-of-the-art healthcare infrastructure. Also, aggressive government initiatives coupled with per capita income growth will boost the market growth.
Key market players are Capsule Technologies, Cerner, General Electric Healthcare, Royal Philips, Medtronic Plc, Cisco Systems, and Infosys. GmbH., Digi International Inc., Massimo, Hill Rum Technologies, True Process, iHealth Labs, Lantronix. These market players have strategic partnerships with each other, including mergers and acquisitions, product launches, and regional expansion. For example, in 2019 Capsule Technologies acquired Bernoulli Health to expand its product line. The acquisition aims to strengthen the company’s medical device platform through consolidation.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, historical revenues, future forecasts, etc. in the following regions and/or countries:
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Report ID: 10059291 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
