Medical Device Connectivity Market Definition And Segments
Medical device connectivity refers to the ability of medical devices to securely and seamlessly communicate with healthcare devices, revolutionizing healthcare by enabling data sharing, remote monitoring, and improved patient care. This connectivity is used for the exchange of data between medical devices and electronic health record (EHR) systems, clinical decision support systems, and other healthcare IT systems by enabling remote monitoring, real-time data analysis, interoperability, and clinical decision-making, ultimately improving patient care, enhancing workflow efficiency, and supporting healthcare provider collaboration.
The main components of medical device connectivity are hardware, services, and software. The medical device connectivity hardware refers to the physical elements of a computer system or electronic device. The various technologies involved are wired technologies, wireless technologies, and hybrid technologies, which are used for vital sign monitoring systems, cardiology devices, ICU systems, oncology systems, home healthcare devices, and other applications by hospitals and clinics, diagnostic centers, healthcare research centers, other end users verticals.
The medical device connectivity market covered in this report is segmented –
1) By Component: Hardware, Services, Software
2) By Technology: Wired Technologies, Wireless Technologies, Hybrid Technologies
3) By Application: Vital Sign Monitoring Systems, Cardiology Devices, ICU Systems, Oncology Systems, Home Healthcare Devices, Other Applications
4) By End-Use Vertical: Hospitals And Clinics, Diagnostic Centers, Healthcare Research Centers, Other End Users
The medical device connectivity market size has grown exponentially in recent years. It will grow from $2.83 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to rise in chronic diseases, demand for streamlined healthcare operations, growing demand for telehealth services, growing demand for remote patient monitoring, focus on data analytics and predictive insights.
The medical device connectivity market size is expected to see exponential growth in the next few years. It will grow to $9.24 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to rising demands for seamless integration, increasing digitization of healthcare, growing aging population, increasing adoption of electronic health records, and increasing healthcare expenses. Major trends in the forecast period include IoT-enabled devices, electronic health records (EHR) systems, real-time patient data, patient engagement, remote diagnostics, and telemonitoring.
Growing Penetration Of Electronic Health Record (EHR) Growth In Medical Device Connectivity
Growing penetration of electronic health records is expected to propel the growth of the medical device connectivity market going forward. An electronic health record (EHR) is a digital version of a patient's paper chart containing real-time, patient-centered information that is securely available to authorized users. Medical device connectivity solutions facilitate the seamless data exchange between medical devices and EHR systems, allowing for real-time integration of patient monitoring data, diagnostic results, and treatment information. The integration of medical devices with EHRs enables healthcare providers to access comprehensive patient information at the point of care, enhancing clinical decision-making and care coordination. For instance, in 2021, according to the Office of the National Coordinator for Health Information Technology (ONC), a US-based national health information technology infrastructure, the adoption of certified electronic health record technology among non-federal acute care hospitals in the United States increased from 96% in 2021 to 97% in 2022. Therefore, the growing penetration of electronic health records (EHR) drives the medical device connectivity market.
Major companies operating in the medical device connectivity market are Amazon Web Services Inc., Google LLC, Microsoft Corporation, Siemens AG, Cisco Systems Inc., Qualcomm Technologies Inc., Abbott Laboratories, Oracle Corporation, Honeywell International Inc., Medtronic PLC, Thales Group, Koninklijke Philips N.V., Stryker Corporation, GE HealthCare Technologies Inc., Infosys Limited, TE Connectivity Ltd., Baxter International Inc., Wipro Limited, Drägerwerk AG & Co. KGaA, Masimo Corporation, OSI Systems, Inc., Digi International Inc., Ascom Holding AG, Lantronix Inc., NantHealth Inc., Spectrum Medical Ltd., Silex Technology Inc., iHealth Labs Inc., Iatric Systems Inc., LifeOmic Holdings LLC
Technological Advancements In Medical Device Connectivity
Major companies operating in the medical device connectivity market are focused on developing advanced technological solutions such as LocationAI, to enhance medical imaging, diagnosis, and treatment planning. LocationAI is a highly accurate, machine learning-powered location engine that achieves room-level accuracy without disturbing clinical workflows with complex installation processes or needing to place hardware in patient rooms that are typical of other systems. For instance, in March 2022, Cognosos Inc., a US-based company specializing in providing real-time asset visibility solutions, launched LocationAI into its real-time location system (RTLS) solution for healthcare, addressing common pitfalls in asset tracking systems. This integration enhances location accuracy within hospitals by utilizing machine learning to recognize signal patterns associated with different locations, ensuring precise tracking of tagged items.
Oracle Completes Acquisition Of Cerner
In June 2022, Oracle Corporation, a US-based computer technology company, acquired Cerner Corporation for approximately $28.3 billion. Through this acquisition, Oracle aims to provide medical professionals with better information systems that can enhance treatment decisions, improve patient outcomes, lower administrative workloads, and reduce overall healthcare costs. Cerner Corporation is a US-based provider of healthcare information technology solutions that is involved in advancing medical device connectivity.
North America was the largest region in the medical device connectivity market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device connectivity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the medical device connectivity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical device connectivity market consists of revenues earned by entities by providing services such as clinical decision support, interoperability services, standardization services, alerting and notification services, data analytics, and reporting automate workflows. The market value includes the value of related goods sold by the service provider or included within the service offering. The medical device connectivity market also includes sales of patient monitors, ventilators, heart rate monitors, pulse oximeters, breath monitors, blood glucose monitors, imaging equipment, electronic health record (EHR) systems, clinical decision support systems, central monitoring stations, and mobile health (mHealth) devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The medical device connectivity market research report is one of a series of new reports from The Business Research Company that provides medical device connectivity market statistics, including medical device connectivity industry global market size, regional shares, competitors with medical device connectivity market share, detailed medical device connectivity market segments, market trends, and opportunities, and any further data you may need to thrive in the medical device connectivity industry. This medical device connectivity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.