Medical Device Connectivity Market Size was valued at USD 1.5 Billion in 2022. The Medical Device Connectivity market industry is projected to grow from USD 1.87 Billion in 2023 to USD 11.33 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 25.2% during the forecast period (2023 - 2032).
Wearable health monitoring solutions for patients are becoming more popular, and collaboration amongst IT service firms is the key market driver contributing to market growth and expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising wearable health monitoring solutions for patients drive Market CAGR for Medical Device Connectivity. The use of electronic health record data by healthcare organizations has increased significantly during the previous decade. This is largely due to the federal and state government and insurance companies promoting electronic health records and their "significant application" to enhance healthcare quality. Healthcare facilities create a substantial number of electronic data due to the significant development in the implementation of EHRs. This data must be efficiently handled to be used to improve the level of patient care. In this sense, medical equipment connection solutions are beneficial. Various healthcare organizations rapidly use them to enhance clinical results while lowering total healthcare costs. With the expanding acceptance of electronic health records & the execution of an assortment of medical IT projects and reforms, the need to integrate greater amounts of information is growing.
Increased government assistance and efforts also contribute to market revenue development. For example, as part of a 5-year USD 42 billion investment and financing agreement agreed in March 2022 by Japanese PM Fumio Kishida and Indian PM Narendra Modi, India aims to work with Japan to create medical supplies. Kidney transplantation, patient monitoring structures, heart catheters, thermometers, specialty instruments, insulin pumps, and household weighing scales are examples of such equipment. India's pharma department hopes to persuade large Japanese MNCs to capitalize on India as a industrial supply base component of its China-plus agenda.
The COVID-19 epidemic has reduced the number of elective procedures and visits to emergency rooms in hospitals. Among the operations deemed minor or non-life-threatening, including orthopedic surgery and dental procedures, the total number of surgeries decreased significantly throughout the pandemic. According to a 2021 National Centre for Information on Biotechnology document on the effect of COVID-19 on orthopedic surgery in Chile, there had been a 22.8% reduction in orthopedic surgeries throughout the outbreak, along with a 64% reduction in knee arthroplasty and a 41% reduce in hip arthroplasty.
For instance, IARC and the GLOBOCAN report that cancer cases are increasing. In Asia, China had 4,285,033 cancer cases in 2018, followed by India and Japan, which had 1,157,294 and 883,395 cases, respectively. In 2020, there are anticipated to be 18.1 million instances of cancer worldwide, including 9.3 million males and 8.8 million women. The rising cancer burden is raising demand for new technologies, improving the market's wireless technology. These patients require comprehensive care and continual monitoring, which our technology makes feasible. As a result, this aspect increases market growth. Thus, it is anticipated that demand for Medical Device Connectivity will increase throughout the projected timeframe due to the rising wearable health monitoring solutions for patients. Thus, driving the Medical Device Connectivity market revenue.
The Medical Device Connectivity market segmentation, based on Products & Services, includes Solutions and Services. The solutions category dominated the market, accounting for 54% of market revenue (USD 0.8 Billion) in 2022 Because of the rising deployment of electronic health records and other solutions for interoperability in healthcare organizations.
Figure 1: Medical Device Connectivity Market, by Product & Services, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Medical Device Connectivity market segmentation is based on technology, Wireless Technologies, Wired Technologies, and Hybrid Technologies. The wireless technologies category generated the highest market revenue of about 48% (USD 0.7 billion) in 2022, leading to speedier therapies, monitoring of patients remotely, and lower healthcare spending. Yet, the wired technologies group is expected to develop faster over the projected period because of stability, high speed, and ease of access.
The Medical Device Connectivity market segmentation, based on End-User, includes Hospitals, Home Care Centers, and Diagnostic & Imaging Centers. The hospitals category dominated the market, accounting for 50% of market revenue (USD 0.8 Billion) in 2022 because of hospitals' ability to make substantial expenditures in medical device connection solutions and deliver high-quality health care.
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Medical Device Connectivity market area will dominate this market during the projected timeframe because of the region's increasingly severe regulatory regulations and expectations for patient safety. Extensive use of medical device connection solutions contributes to this region's rising market revenue development which will boost the market growth in the North American region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Medical Device Connectivity Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Medical Device Connectivity market accounts for the second-highest market share owing to the rising usage of connection systems and services for medical equipment that increase the efficiency of healthcare personnel and operations. Further, the German Medical Device Connectivity market holds the largest market share, and the UK Medical Device Connectivity market is expected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Medical Device Connectivity Market is expected to grow quickly during the projected timeframe. This is due to Increasing expenditures on research and development for the creation of technologically advanced medical facilities are ascribed to the rise. Furthermore, favorable government measures and increased per capita income promote market expansion. Moreover, China’s Medical Device Connectivity market dominates the market share, and the Indian Medical Device Connectivity market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Medical Device Connectivity Key Market Players & Competitive Insights
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Medical Device Connectivity market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Medical Device Connectivity industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the Medical Device Connectivity industry to benefit customers and capture untapped market share and revenue. The Medical Device Connectivity industry has recently offered significant advantages to healthcare Information technology. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Medical Device Connectivity market, including Qualcomm (US), Cerner (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Bernoulli Enterprise (US), Medtronic (US), Cisco Systems (US), Nanthealth (US), Infosys (India), Lantronix (US), True Process (US), Ihealth Lab (US), Nuvon, Inc, Stryker Corporation, eDevice, Inc are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.
Abbott Laboratories is a company that discovers, manufactures, and sells various medical products. It operates in the following areas: Medical goods, Nutrition Items, Diagnosis Products, Heart and Neuromodulation Services, and Others are all well-established. Wallace Calvin Abbott started the corporation in 1888, and it has its headquarters in Abbott Park, Illinois. Abbott is a worldwide healthcare conglomerate whose primary goal is to assist people live as healthy as possible. Abbott reported in July 2022 that the FDA designated its deep brain stimulation technology as a breakthrough device in the United States.
Cognosos is an IoT intelligence system that delivers real-time visibility into the location and its technology as a service provider. It offers a platform that allows businesses to develop value-creating Internet of Things (IoT) services at just a small percentage of the expense of competing techniques. They handle an end-to-end wireless measurement system for real-time inventory management in the automobile industry. They introduced LocationAI, an extremely precise, ML-powered geolocation engine, within its asset-tracking technology for healthcare institutions in March 2022.
Key Companies in the Medical Device Connectivity market include
Medical Device Connectivity Industry Developments
July 2022:Abbott reported in July 2022 that the FDA designated their deep brain stimulation technology as a breakthrough device in the United States.
March 2022:Cognosos, Inc., a major supplier of Real-Time Location Services (RTLS), introduced LocationAI, an extremely precise, ML-powered geolocation engine, within its asset-tracking technology for healthcare institutions in March 2022.
2021:Lantronix released the EDS3000 multi-serial port for ethernet services in 2021. It provides future hybrid ethernet terminal instrument server interaction for straightforward distant management and access to virtually any IT machinery or edge device.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.5 Billion |
| Market Size 2023 | USD 1.87 Billion |
| Market Size 2032 | USD 11.33 Billion |
| Compound Annual Growth Rate (CAGR) | 25.2% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Services, Technology, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Qualcomm (US), Cerner (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Bernoulli Enterprise (US), Medtronic (US), Cisco Systems (US), Nanthealth (US), Infosys (India), Lantronix (US), True Process (US), Ihealth Lab (US), Nuvon, Inc, Stryker Corporation, eDevice, Inc |
| Key Market Opportunities | Wearable health monitoring solutions for patients are becoming more popular. |
| Key Market Dynamics | EHRs, as a result of cooperation amongst IT service firms, are key market drivers. Increasing providers of healthcare services |
Frequently Asked Questions (FAQ) :
The worldwide Medical Device Connectivity market size was valued at USD 1.5 Billion in 2022.
The worldwide Medical Device Connectivity market is projected to expand and grow at a CAGR of 25.2% during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the Medical Device Connectivity market are Qualcomm (US), Cerner (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Bernoulli Enterprise (US), Medtronic (US), Cisco Systems (US), Nanthealth (US), Infosys (India), Lantronix (US), True Process (US), Ihealth Lab (US), Nuvon, Inc, Stryker Corporation, eDevice, Inc.
The Solutions category dominated the market in 2022.
Wireless had the largest share of the market.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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