Medical Device Connectivity Market in terms of revenue was estimated to be worth $2.6 billion in 2023 and is poised to reach $7.4 billion by 2028, growing at a CAGR of 21.5% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The market growth is primarily propelled by factors like healthcare provider consolidations, expansions in telehealth and remote patient monitoring, and the increasing preference for home healthcare. The demand for merging intricate data sets is rising alongside the widespread adoption of electronic medical records and various healthcare IT initiatives. The escalating healthcare expenses, robust government support, and the emphasis on data analytics, quality care, and patient safety are further stimulating the market for medical device connectivity solutions globally. Nevertheless, obstacles regarding integrating hospital systems with medical devices, the high costs of connectivity platform installations, and healthcare professionals' hesitancy toward advanced IT solutions may moderately restrain market growth.

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Browse in-depth TOC on "Medical Device Connectivity Market”

417 – Tables

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471 – Pages

Key Market Players:

The prominent players in the global medical device connectivity market are, GE Healthcare (US), Silex Technology (Japan), Digi International Inc. (US), Bridge-Tech Medical (US), Iatric Systems Inc. (US), Honeywell International (US), Ascom Holdings AG (Switzerland), Wipro Ltd. (India), Medicollector LLC (US), Dragerwerk AG & CO. KGAA (Germany), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), Lantronix Inc. (US), True Process (US), TE Connectivity (Switzerland), Infosys (India), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), Oracle Corporation (US), Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), Baxter International Inc. (US), and OSI systems (US).

Driver: Favorable government support and initiatives

The benefits of HCIT solutions and the need for their implementation have driven governments across different countries to focus on promoting their use to optimize healthcare productivity and reduce costs. Listed below are some examples of government initiatives in this area:

• In the US, the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) modernized the Medicare physician payment system to the Merit-based Incentive Payment System (MIPS), applicable to all eligible clinicians whom Medicare pays under the Physician Fee Schedule (PFS). It would also provide incentives to clinicians who participate in Advanced Alternative Payment Models (APMs). This law would penalize those who do not meet the specified quality and efficiency standards.

• In March 2019, the WHO endorsed a Global Strategy on Digital Health 2020-25 to strengthen health systems by applying digital health technologies for consumers, health professionals, healthcare providers, and industry. In Germany, under the Digital Healthcare Act, doctors can prescribe all such health apps from 2020 onwards to help patients manage a diagnosed medical condition, with the costs borne by statutory health insurance. Under the same Act, the German government will invest and support startups by providing VC funds.

Restraint: High cost of deployment for small healthcare organizations

The expenses linked with interoperability and connectivity solutions for diverse medical devices are notably high. Small healthcare organizations face challenges in establishing internet connectivity for these devices due to difficulties in setting up multiple networks within health facilities, limited wireless connectivity options, and the necessity for extensive security measures to prevent data breaches. Additionally, ongoing support and maintenance services, such as software modifications and upgrades to meet changing user needs, contribute significantly to the overall cost of ownership. Moreover, custom interface development after sales for device integration requires extra verification and validation, adding to the total cost of ownership for healthcare providers. These additional expenses pose financial challenges for smaller hospitals and healthcare organizations.

The medical device connectivity solutions segment is expected to account for the largest share of the medical device connectivity market in 2022.

Categorized by product and services, the medical device connectivity market consists of medical device connectivity solutions, peripheral technologies/medical devices, and medical device connectivity services. In this market, the largest share was attributed to medical device connectivity solutions. This segment's significant market share is driven by heightened EHR and interoperability solution adoption in healthcare organizations. This trend is fueled by escalating regulatory demands, evolving healthcare policies, and the transition of point-of-care diagnostics from hospitals to home-based care. Additionally, the increasing necessity for integrated healthcare systems aimed at enhancing healthcare quality and outcomes further contributes to this segment's prominence in the market.

The wireless technologies segment accounted for the largest share of the medical device connectivity market in 2022.

Categorized by technology, the medical device connectivity market is divided into wired, wireless, and hybrid technologies. In the year 2022, the wireless technologies segment held the greatest market share within medical device connectivity. Wireless technologies in healthcare provide improved quality by ensuring doctors receive immediate patient updates, allowing quicker treatments. These tools facilitate shorter hospital stays and cost reductions via remote patient monitoring, all while maintaining treatment effectiveness. These advantages are driving the expansion of the wireless technologies sector in the industry.

The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2022.

Based on applications, the medical device connectivity market has been segmented into vital signs & patient monitors, ventilators, anesthesia machines, infusion pumps, imaging systems, respiratory devices, and other applications. The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2022. This is because these monitors are widely used for ongoing patient monitoring, particularly due to the increasing occurrence of chronic conditions among older demographics. They're crucial in emergency settings and operating rooms, contributing to their extensive adoption.

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The hospitals segment accounted for the largest share of the medical device connectivity market in 2022.

Based on end users, the medical device connectivity market is segmented into hospitals and surgical centers, maternity and fertility care, trauma and emergency care, tertiary care centers, home care settings, ambulatory and OPD, imaging and diagnostic centers, and others. In 2022, the hospitals and surgical centers segment accounted for the largest share of the medical device connectivity market. A significant portion of this segment's market share is due to several factors. Firstly, there's a high number of patients, and hospitals have substantial financial capabilities to invest in advanced medical device connectivity solutions. Additionally, hospitals are experiencing declining profit margins, pushing them to prioritize top-quality patient care and safety. Moreover, the rising use of remote patient monitoring devices, especially for COVID-19 patients and those with chronic respiratory illnesses, is boosting the adoption of medical device connectivity solutions and services in this sector.

North America is expected to register the highest CAGR in the medical device connectivity market.

The North American market is expected to grow at the highest CAGR from 2023 to 2028. The reasons for this include increasing collaboration among healthcare providers, extensive use of clinical device connections to manage healthcare expenses, higher cases of COVID-19 patients in the US, strict regulations set by government and non-government bodies, and the existence of numerous companies in the area.

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