[Research Report] The medical device connectivity market size is expected to grow from US$ 2,161.68 million in 2022 to US$ 7,562.30 million by 2028; it is estimated to record a CAGR of 23.2% from 2023 to 2028.
The medical device connectivity market is segmented based on product and services, technology, application, end-use, and geography. The report offers insights and in-depth market analysis, emphasizing parameters such as drivers, trends, opportunities, and competitive landscape analysis of leading market players across various regions. It also includes analyses of the impact of the COVID-19 pandemic across major regions.
Market Insights
Growing Penetration of EHR or EMR Drives Medical Device Connectivity Market
With the increasing number of medical devices used in patient care, the ability to collect, manage, and use data from these devices has become more complex. Medical device connectivity refers to linking medical devices to electronic health records (EHRs) or electronic medical records (EMRs) to facilitate data exchange. An EHR is a digital version of a patient’s paper chart. EHRs are real-time, patient-centered records that make information available instantly and securely to authorized users. An EHR system is built to go beyond standard clinical data collected in a provider’s office and can include a broader view of a patient’s care. Integrating medical device and equipment data with EMR systems and clinical solutions is critical to modern healthcare. Initially, when the concept of EMR was introduced, the hospital staff had to manually store and check the data from the medical device, which was time-consuming. With the use of medical device connectivity, the data is transferred directly from a medical device to the EHR/EMR software, reducing the time from ~4 minutes to 20 seconds. Also, the integration is crucial for providing a comprehensive and up-to-date view of a patient’s health information, enabling providers to quickly make informed decisions and deliver better patient care, as well as lowering healthcare costs. With the rise of wearable and portable medical devices and new medical equipment, healthcare providers increasingly integrate vast amounts of data into their EMR systems.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Device Connectivity Market: Strategic Insights
Market Size Value in US$ 2,161.68 million in 2022 Market Size Value by US$ 7,562.30 million by 2028 Growth rate CAGR of 23.2% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2022
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Device Connectivity Market: Strategic Insights
Market Size Value in | US$ 2,161.68 million in 2022 |
Market Size Value by | US$ 7,562.30 million by 2028 |
Growth rate | CAGR of 23.2% from 2023 to 2028 |
Forecast Period | 2023-2028 |
Base Year | 2022 |
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystAccording to the data provided by Health IT (a US government website), physicians' use of EHR software in the US increased from 10% to 16% during 2019–2021. This increase in the use of EHR software by physicians in developed countries also prompts the need to connect their medical devices with this software to access the patient’s medical history. The high adoption of EMR solutions and the growing emphasis of governments across various developed and developing countries on building nationwide healthcare information exchanges are expected to increase the demand for efficient medical device connectivity solutions. Thus, the growing use of EHR/EMR and medical devices is fueling the medical device connectivity market growth.
Product and Services-Based Insights
Based on product and services, the medical device connectivity market is segmented into medical device connectivity solutions and medical device connectivity services. In 2022, the medical device connectivity solutions segment held a larger share of the medical device connectivity market. However, the medical device connectivity services segment is anticipated to register a higher CAGR during the forecast period.
Medical Device Connectivity Market, by Product and Services – 2022–2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Technology-Based Insights
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Based on technology, the medical device connectivity market is segmented into wireless technologies, hybrid technologies, and wired technologies. The wireless technologies segment held the largest share of the market in 2022 and is expected to record the highest CAGR during the forecast period.
Application-Based Insights
Based on application, the medical device connectivity market is categorized into vital signs and patient monitors, anesthesia machines and ventilators, infusion pumps, and others. In 2022, the vital signs and patient monitors segment held the largest share of the market and is expected to register the highest CAGR during the forecast period.
End User-Based Insights
Based on end user, the medical device connectivity market is segmented into hospitals, ambulatory surgical centers, imaging and diagnostic centers, and home care settings. The hospitals segment accounted for the largest market share in 2022. However, the home care settings segment is expected to record the highest CAGR during the forecast period.
The medical device connectivity market players adopt organic strategies such as product launch and expansion to expand their geographic footprint and product portfolios and meet the growing demands. Inorganic growth strategies adopted by market players allow them to expand their businesses and enhance their geographic presence. Additionally, these growth strategies help companies strengthen their clientele and enlarge their product portfolios.
- In October 2022, GE Healthcare and AMC Health partnered in remote patient monitoring (RPM) to provide patients with chronic and post-acute care at home. This collaboration allows clinicians to offer RPM as a virtual care solution that extends patient care outside the hospital to the home environment. The combination of GE Healthcare’s acute patient monitoring capabilities in the hospital setting and AMC Health’s expertise in RPM solutions leveraging an FDA Class II 510(k)-cleared platform with analytics will extend the continuum of non-acute care for patients after being discharged from the hospital.
- In October 2021, Philips launched new device drivers that enable integration and interoperability. Philips Capsule Medical Device Information Platform (MDIP) has exceeded the integration with more than 1,000 unique medical device models. Philips Capsule MDIP, which will be integrated into the Philips HealthSuite Platform, is now installed in more than 3,000 healthcare facilities globally. Philips Capsule MDIP captures streaming clinical data and transforms it into actionable insights for patient care management, aiming to improve collaboration between care teams, streamline clinical workflows, and increase productivity.
Company Profiles
- iHealth Labs Inc
- Oracle Corp
- Lantronix Inc.
- Infosys Ltd
- Digi International Inc.
- Cisco Systems Inc
- Medtronic Plc
- Koninklijke Philips NV
- GE HealthCare Technologies Inc
- Silicon & Software Systems Ltd.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product and Services, Technology, Application, and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Medical device connectivity market, based on technology, has been segmented into wireless technologies, hybrid technologies, wired technologies. The wireless technologies segment is likely to hold the largest share of the market in 2022. Moreover, the wireless technologies segment is anticipated to register the highest CAGR in the market during the forecast period.
The medical device connectivity market, by product and services, is bifurcated into medical device connectivity solutions and medical device connectivity services. The medical device connectivity solutions segment held a larger market share in 2022. However, the medical device connectivity services segment is anticipated to register a higher CAGR during the forecast period.
Medical device connectivity establishes and manages the connection between medical devices and equipment in healthcare facilities for sharing patient information. The connectivity of these devices can be wireless based on cloud, RFID, Bluetooth, and other technologies or it can be wired and hybrid also. Wireless devices have invaded the medical area with a wide range of capability. Not only improving the quality of life of patients and doctor-patient efficiency, but wireless technology also enables clinicians to monitor patients remotely and give them timely health information, reminders, and support – potentially extending the reach of health care by making it available anywhere, anytime. Medical device connectivity help healthcare professionals in determining how well patient’s lungs are functioning with the help of wireless monitoring device. These are non-invasive tests. The increasing prevalence of disorders like respiratory, cardiac, accidents, cancers and other miscellaneous disorder is likely to favor market growth.
Global medical device connectivity market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America is likely to continue its dominance in the medical device connectivity market during 2023–2028. The US holds the largest share of the market in North America and is expected to continue this trend during the forecast period.
The growth of the market is due to the growing penetration of electronic health record (EHR) or electronic medical records (EMR) and massive acceleration of telehealth services amid COVID-19 pandemic.
Companies operating in the market are iHealth Labs Inc, Oracle Corp, Lantronix Inc, Infosys Ltd, Digi International Inc, Cisco System Inc, Medtronic Plc, Koninklijke Philips NV, GE HealthCare Technologies Inc, and Silicon & Software Systems Ltd.
The List of Companies - Medical Device Connectivity Market
- iHealth Labs Inc
- Oracle Corp
- Lantronix Inc
- Infosys Ltd
- Digi International Inc
- Cisco System Inc
- Medtronic Plc
- Koninklijke Philips NV
- GE HealthCare Technologies Inc
- Silicon & Software Systems Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Medical Device Connectivity Market
May 2023
Colonoscopes Market
Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Fiber Optic Colonoscopy Devices, Video Colonoscopy Devices); Application (Colorectal Cancer, Lynch Syndrome, Ulcerative Colitis, Crohn's Disease, Polyp); End User (Hospitals, Ambulatory Surgery Center, Others), and Geography
May 2023
Noninvasive Fat Reduction Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (Cryolipolysis, Laser Lipolysis, Ultrasound, and Others), End User (Hospitals, Dermatology Clinics & Cosmetic Clinics, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
May 2023
Medical Ultrasound Flow Meter Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Implementation Type (Clamp-On, Inline, and Others), Technology (Doppler, Transit Time, and Hybrid), Application (Heart and Lung Machines, Extracorporeal Membrane Oxygenation, Perfusion, Organ Transportation Systems, and Others), End User (Hospitals and Clinics, Ambulatory Surgical Centers, Research Laboratories, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
May 2023
Rapid Test Kits Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Rapid Antigen Testing, Rapid Antibody Testing, and Others), Product (Over-the-Counter Rapid Testing Kit and Professional Rapid Testing Kit), Technology (Lateral Flow Assay, Solid Phase, Agglutination, Immunospot Assay, and Cellular Component-Based), Application (Blood Glucose Testing, Infectious Disease Testing, Pregnancy and Fertility, Cardiometabolic Testing, and Others), End User (Hospital and Clinics, Home Care, Diagnostics Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
May 2023
Osteoarthritis Therapy Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Therapy Type [Transcutaneous Electrical Nerve Stimulation (TENS), Occupational Therapy, Physical Therapy, Platelet-Rich Plasma Therapy and Stromal Vascular Fraction, Prolotherapy, and Others], Disease Indication (Knee Osteoarthritis, Spine Osteoarthritis, Foot and Ankle Osteoarthritis, Shoulder Osteoarthritis, Hand Osteoarthritis, and Others), End User (Hospitals & Clinics, Specialty Clinics, Ambulatory Surgical Centers, Homecare, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
May 2023
Bariatric Surgeries Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type [Adjustable Gastric Bands (AGB), Sleeve Gastrectomy, Gastric Bypass, Biliopancreatic Diversion with Duodenal Switch (BPD-DS), and Others], End User (Hospitals and Ambulatory Surgical Centers), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
May 2023
Post-Acute Care Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Service Type (Skilled Nursing Facilities, Inpatient Rehabilitation Facilities, Long-Term Care Hospitals, Home Health Agency, and Others), Age (Elderly, Adult, and Others), Disease Conditions (Amputations, Wound Management, Brain Injury and Spinal Cord Injury, Neurological Disorders, and Others), and Geography
May 2023
Lung Cancer Therapy Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Therapy Type (Noninvasive and Minimally Invasive), Indication (Non-Small Cell Lung Cancer and Small Cell Lung Cancer), End User (Hospitals, Oncology Clinics, Research Centers, and Others), and Geography (North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa)