Medical Device Connectivity Market Size & Share Report 2031

Report Description

The global medical device connectivity market size was USD 2.01 Billion in 2022 and is likely to reach USD 12.12 Billion by 2031, expanding at a CAGR of 23.5% during the forecast period, 2023–2031. The growth of the market has been a result of technological advancements in the field of medicine and the rapid adoption of telehealth platforms.

Medical device connectivity system is transforming the patient care system to a great extent in modern healthcare. The advent of the COVID-19 pandemic has propelled the demand for medical device connectivity, making it one of the primary requirements for patient care. As per the National Institute of Health, the integration of internet with the medical devices, using the Internet of Medical Things (IoMT) is being highly propagated, which is projected to create immense growth opportunities for the global medical device connectivity market.

• As per the updated national health survey by the United States Department of Health and Human Services, telehealth services are being used consistently (remaining above 20%) from 2021-2022. The average use of telehealth varied between 20.5% and 24.2%, with an average of around 22% of adults using telehealth.

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Global medical device connectivity facilitates intercommunication between medical devices. It allows a seamless exchange of information between medical devices such as imaging systems, ventilators, and patient monitors by connecting them to electronic health records (EHR). Medical device connectivity aims to help with real-time transmission and analysis of patient data, empowering healthcare professionals in making quick informed decisions about the patient and improving patient care.

Global medical device connectivity solutions enhance patient care by enabling real-time access to patient’s data, supporting remote monitoring & management of patient’s health, and improving clinical decision-making. The data-driven nature of connectivity facilitates better insights and reduces errors.

The market report shows that the COVID-19 pandemic has had a positive impact on the market as it limited physical interaction and compelled patients to stay in quarantine. The use of medical device connectivity for telehealth and telemedicine became a necessary safety precaution as it helped healthcare specialists take care of patients without necessarily having to come into direct physical contact. This in turn increased the demand for the connectivity of the medical devices.

Medical Device Connectivity Market Dynamics

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Major Drivers

Rising implementation of Electronic Health Record (EHR) systems is projected to drive the market as it has increased the demand for medical device connectivity solutions. In order for healthcare organizations to adopt EHR systems, they require seamless integration of medical devices and the network. As a result, the patient’s data can be transmitted in real-time, enhancing overall patient care. The inoperability and exchange of data between medical devices and EHRs fuel the growth of the medical device connectivity market.

• According to the Centers for Disease Control and Prevention (CDC), the percentage of office-based physicians using electronic medical records (EMR) system or an electronic health record (EHR) system is 88.2%. Although, the percentage of physicians with a certified EMR/EHR system is 77.8%.

Increasing adoption of wireless networks in healthcare is anticipated to boost the market during the forecast period. It has greatly facilitated the connectivity of medical devices by enabling the coherent flow of information and data exchange between the devices and the healthcare systems. The wireless network eliminates the need for physical connections and allows greater mobility and flexibility in the use of medical devices, making their usage efficient and user-friendly.

Existing Restraints

Highly expensive deployment of medical device connectivity systems for small healthcare organizations poses significant restraint on the medical device connectivity market. Small healthcare organizations often have limited budgets which makes it difficult for them to invest in the necessary infrastructure, hardware, and software required for device connectivity. Moreover, the cost of training the staff regarding the functioning of devices and compliance with the regulations increases the expenses even further.

Emerging Opportunities

Increasing consolidation of technology in the healthcare industry poses a significant opportunity for the medical device connectivity market. It leads to a better healthcare system with seamless integration and interoperability of medical devices. It makes the entire healthcare process more streamlined and improves efficiency. This is likely to drive demand for connectivity solutions and is expected to create growth opportunities for the market.

• As per HealthCare.gov, the implementation of the Patient Protection and Affordable Care Act (PPACA), established in March 2010, also referred to as Obamacare made it mandatory for the healthcare organizations of the country to use advanced healthcare IT tools. It covers advanced healthcare for a wide range of diseases from influenza to COVID-19.

Scope of Medical Device Connectivity Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Medical Device Connectivity Market Segment Insights

Product Segment Analysis

Based on product, the global medical device connectivity market is divided into integration solutions and interface devices. The integration solutions segment is expected to expand at a major growth rate during the projection period due to the fact that they provide seamless connectivity of various medical devices within healthcare facilities.

These solutions facilitate interoperability and harmonious exchange of information allowing the healthcare professionals to access the real-time information and details of the patient from a centralized system. This makes the healthcare system highly effective, prompt, and efficient, enhancing overall patient care.

The interface devices segment is expected to expand at a significant growth rate as they are vital for establishing the connectivity between medical devices and healthcare information systems. The interface devices act as an intermediary, translating the data from different devices into a standard format. They ensure secure and accurate data transmission and help healthcare specialists make informed decisions regarding the patient’s health.

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Technology Segment Analysis

On the basis of technology, the global market is segregated into wireless, hybrid, and wired. The wireless segment is projected to register a substantial CAGR during the forecast period, due to its various advantages including integration with telehealth and telemedicine system. The wireless solutions offer great mobility and flexibility, allowing the medical devices to be easily moved and accessed throughout various locations within the healthcare facility.

The wireless medical devices eliminate the need for physical connections, reduce the risk of tripping due to wires, and provide seamless integration with other wireless-enabled systems. Wireless devices are being developed with high compatibility with telehealth and telemedicine systems, which is also supporting the growth of the segment.

• As per one of the recent reports published by the Centers for Disease Control and Prevention (CDC) for the year 2021, 37% of adults used or opted for telehealth options. It has also been found that women were more likely to use telehealth (42%) as compared to men (31.7%).

The wired segment is projected to register considerable growth during the forecast period owing to its reliability and security, among other benefits. The wired connections provide a consistent and stable data transfer and minimize the risk of signal loss or interference. They also offer fast data transfer speed due to high bandwidth capabilities, which is crucial for transferring large amounts of data in medical applications.

End-user Segment Analysis

Based on end-user, the global medical device connectivity market is segregated into hospitals, ambulatory care centers, diagnostic & imaging centers, and home healthcare centers. The hospitals segment is anticipated to register a robust growth rate during the forecast period due to their large-scale operations and comprehensive patient care.

The hospitals use a wide range of medical devices, including monitors, ventilators, ECG, and infusion pumps, which are connected to central monitoring systems for real-time data collection and analysis. This enables healthcare professionals to access accurate and up-to-date information easily. Since the hospitals have financial resources and infrastructure for implementing advanced medical connectivity solutions, it is expected to propel the segment growth market in the coming years.

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Application Segment Analysis

Based on the application, the global medical device connectivity market is divided into vital signs monitors, ventilators, and others. The vital signs monitors segment is expected to expand at a significant growth rate owing to its extensive use in monitoring the real-time data of patients’ vitals in all hospitals and medical centers. These devices can even transmit data from the patient's home to the caregiver, helping healthcare professionals in providing all-around care for monitoring and improving the patient's condition.

Regional Analysis

In terms of region, the global medical device connectivity market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to the advancements in technology, mergers among the major market players, and extensive implementation of medical device connectivity solutions.

Furthermore, healthcare regulations have been implemented by various governments in the region to increase the use of advanced medical technology and healthcare IT tools are significantly supporting the market in North America

Asia-Pacific is anticipated to witness significant growth as a result of increasing health awareness, technological advancements, and large investments in medical research & development programs. Moreover, several factors such as increasing per-capita income and innovative measures taken by the various governments in the region to further the progress in healthcare are expected to boost the market.

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