May 18, 2024
Medical Device Connectivity Market

Growing Adoption of Telehealth Solutions to Boost Growth of Medical Device Connectivity Market

The global Medical Device Connectivity Market is estimated to be valued at US$ 3.5 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The medical device connectivity market consists of products such as integration solutions, telemetry systems, and connectivity hubs which connect medical devices to each other as well as healthcare information systems. Medical device connectivity helps in effective management of patients, remotely monitoring of patients, easy and fast access to patient health records by physicians, reduced medical errors, and improve productivity of healthcare facilities through real-time visibility of patients health.

Market key trends:

One of the major trends in the medical device connectivity market is growing adoption of telehealth solutions. Telehealth solutions allow remote monitoring of patients and healthcare service delivery outside conventional clinical settings. With the onset of COVID-19 there has been significant rise in adoption of telehealth and remote patient monitoring solutions. This is expected to drive the demand for medical device connectivity solutions for effective utilization of telehealth solutions. Another key trend is growing popularity of medical device integration solutions. Medical device integration solutions help in integrating data from multiple medical devices onto a single platform. This eases the workflow of healthcare facilities and physicians.Integration solutions are anticipated to witness significant demand over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to the requirement of large capital investments, regulatory compliance standards, and established customer base of existing players.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative connectivity solutions for medical devices.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of a diverse range of component suppliers in the market.

Threat of new substitutes: The threat of substitutes is low as medical device connectivity offers critical real-time patient data transfer capabilities.

Competitive rivalry: The competitive rivalry in the market is high owing to the presence of numerous international and domestic players.

Key Takeaways

The Global Medical Device Connectivity Market Size is expected to witness high growth, exhibiting CAGR of 25% over the forecast period, due to increasing adoption of IoT-based medical devices and growing need for real-time data synchronization across hospitals.

Regional analysis: North America region is expected to dominate the Medical Device Connectivity Market owing to supportive regulatory policies, high adoption of integrated healthcare IT systems in the US and Canada. Asia Pacific region is anticipated to grow at the fastest rate during the forecast period due to rising medical tourism and increasing healthcare expenditure in countries such as China and India.

Key players operating in the Medical Device Connectivity Market are Medtronic, GE Healthcare, Capsule Tech Inc., Cerner Corporation, Koninklijke Philips N.V., Digi International Inc., Cisco System Inc., Siemens Healthineers, Honeywell International Inc., Medshift, and Drägerwerk AG & Co. KGaA. Key players are focusing on new product launches, mergers, acquisitions and partnerships to strengthen their global market presence. For instance, in 2021, Koninklijke Philips N.V. partnered with Carestream Health to provide seamless radiology data integration and workflow optimization across healthcare organizations.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it