The global medical device connectivity market is expected to witness market growth from 2020 to 2027 owing to the widespread adoption of medical device interoperability and connectivity solutions. Furthermore, the rising need for data analytics and the infiltration of digital services such as patient data & EHR's in hospitals and healthcare organizations is fueling the market growth.
Moreover, increasing healthcare expenditure and the need for improved patient monitoring & information system coupled with favorable government initiatives and support is expected to fuel market growth. Additionally, the global COVID-19 crisis has heightened the demand for healthcare services. This has also led to a surge in healthcare costs. To curtail these soaring costs, healthcare organizations are increasing the adoption of medical device connectivity.
On the basis of components, the medical device connectivity market is segmented into wireless, wired, and hybrid technologies. The wireless technologies segment is expected to hold the greatest market share over the forecast period as they offer quality patient care. Physicians and caretakers can 24/7 monitor patients’ health and receive updates in real-time thereby enabling faster treatments. Furthermore, factors like shortening the stay duration in healthcare organizations and remote patient monitoring to ensure patient care and safety are fueling the segment growth. The wired technologies and hybrid technologies segments are expected to grow at lucrative rates.
On the basis of application, the medical device connectivity market is segmented into hospitals, home healthcare & others. The hospital segment will hold the dominant market share in the forecast period. This is because of the increasing number of hospitals and healthcare infrastructure. Furthermore, beneficial reimbursement policies and insurance coverages have bolstered the segment demand. The burgeoning geriatric population coupled with increasing healthcare costs has bolstered the demand for the home healthcare segment. The segment is also anticipated to gain popularity due to the increasing prevalence of chronic disorders such as diabetes, hypertension, cardiac disorders, etc.
On the basis of region, the market is expected to be dominant in North American nations followed by the countries in the European region due to raised disposable income, and growing healthcare expenditure. Furthermore, the presence of major market players with upgraded healthcare products has boosted the medical device connectivity market. The Asia-Pacific region is anticipated to be the fastest-growing segment during the forecast period. The factors attributed to the growth are rising R&D investments for the production of technologically-advanced healthcare infrastructure. Additionally, favorable initiatives undertaken by the government along with a surge in per capita income will foster market growth.
The major market players include Capsule Technologies, Cerner Corporation, GE Healthcare, Koninklijke Philips, Medtronic plc, Cisco Systems, Infosys Limited, Digi International, Masimo Corporation, and Hill-Rom Technologies, True Process, iHealth Labs, & Lantronix. These market players are involved in strategic collaborations such as acquisitions and mergers, new product launches & regional expansions. For instance, in 2019, Capsule Technologies acquired Bernoulli Health to widen its product offerings. This acquisition is anticipated to enhance the company’s medical device platform by the integration of Bernoulli’s clinical surveillance solution.
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