Medical Device Connectivity Market to Skyrocket This Decade

Prepare for explosive growth in the global medical device connectivity market this decade.

Quince Market Insights expects the $2.05 billion sector to balloon 25.43 percent annually through 2030. Medical device connectivity transmits data between a medical device like a patient monitor and an information system to another device or the internet. Quince Market Insights attributes the anticipated surge in growth to the increasing importance of governmental bodies across various developed and underdeveloped countries for building nationwide healthcare information exchanges (NHEs) and the adoption of electronic medical record (EMR) solutions. Yet the high-cost structures for connectivity and interoperability solutions for various medical devices, small healthcare organizations struggling for proper internet connections, and also lack wireless connectivity options could potentially restrain the global medical device connectivity market growth. 
 
The advanced technology in healthcare sectors with advanced IT tools is providing opportunities for the players operating in the medical device connectivity market. Consolidation is mostly the preferred strategy adopted by healthcare to increase the patient base and optimization of resource utilization is opening new ways to operate in the coming years.
 
Designing and developing of products involves high cost and long screening process for government regulations, are giving tough challenges to the market of medical device connectivity. 
 
The emergence of the COVID-19 pandemic hampered the normal workings of every business unit. The transportation sector was totally ceased by governmental bodies across the world to decrease the spread of infectious viruses across the world. The prolonged lockdown, many hospitals are now shifting to home care settings or other temporary setups for expanding patient monitoring to provide optimal care. Also, the demands for remote monitoring and patient engagement solutions have been increased are increasing the demands for global medical device connectivity market.
 
Based on product and services, the global medical device connectivity market is segmented into telemetry systems, connectivity hubs, training services, interface devices, medical device connectivity services, medical device connectivity solutions, medical device integration solutions, and implementation & integration solutions.
 
Medical device connectivity solutions held the largest market share for global medical device connectivity in 2021 and are expected to remain largest through 2030. Factors attributing the growth of the segment is due to increase adoption of electronic health record (EHRs) and other interoperability solutions in healthcare organizations. Additionally, shift of point-of-care diagnostics from hospitals to home care and are driving the medical device connectivity solutions segment.
 
Based on application, the market is bifurcated into infusion pumps, vital signs and patient monitors, anesthesia machines and ventilators, and others. Among these, the vital signs and patient monitors segment captured the largest market share for global medical device connectivity in 2021 and is anticipated to remain largest during the coming forecast period.
 
Factors attributing to the growth of the segment are due to the increasing chronic diseases in aged-populations during emergency purposes and increasing uses of such monitors for monitoring patients continuously due are driving the medical device connectivity market. 
 
Based on technology, the market is bifurcated into wireless technologies, wired technologies, and hybrid technologies. Among these, wireless technologies hold the largest market share for medical device connectivity in 2021 and are anticipated to remain the largest during the forecast period. 
 
Factors attributed to the growth of wireless technologies is because it offers a better quality of healthcare as professionals constantly receive real-time updates for patients. In addition, reduction in healthcare expenditures are continuously boosting the market for wireless technologies.
 
Based on end-user, the medical device connectivity market is segmented into ambulatory care services, imaging diagnostic centers, hospitals, and others. The hospital segment captures the largest market share for the global medical device connectivity market in 2021 and is expected to remain largest during the coming forecast period.
 
Factors attributing to the growth of the hospital segment are the large volume of patients, increasing focus on offering high-quality patient service are driving the global medical device connectivity market.
 
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America dominated the medical device connectivity market in 2021 and is anticipated to remain dominant during the forecast period. Due to advanced technology and established healthcare systems, medical device connectivity solutions have become the first choice for deployment. Also, the rising number of coronavirus cases in the U.S. which are driving the global medical device connectivity market.
 
Recent market developments include:

• August 2021 – Noida medical device park received its final shape. The medical device park will have an incubation center on a five-acre land, which will be a boon for startups’ healthcare service providers. YEIDA has signed a MoU with IIT-Kanpur, for the incubation.
• August 2021 – Medical Device Innovation Consortium launched of Digital Health Initiative. 
• July 2021 – Cognizant and Philips collaborated to develop more end-to-end solutions. The collaboration enables life sciences companies and healthcare organizations to accelerate clinical trials and improve patient care.