MEDICAL DEVICE CONNECTIVITY MARKET ANALYSIS

Global Medical Device Connectivity market is estimated to be valued at US$ 3.5 Billion in 2023 and is expected to exhibit a CAGR of 25.8% during the forecast period (2023-2030). An increase in product launches by key market players is expected to drive market growth over the forecast period. Moreover, an increase in the prevalence of cancer is also expected to drive the market growth.

Analysts’ Views on Global Medical Device Connectivity Market:

The global medical device connectivity market growth can be driven by an increase in inorganic growth strategies such as acquisition by key market players. For instance, in January 2021, Koninklijke Philips N.V., a Netherland-based medical technology company, announced that it had acquired Capsule Technologies, Inc., a global provider of medical device integration, clinical surveillance, and patient monitoring for hospitals, to enter into patient monitoring market. Capsule’s Medical Device Information Platform - comprised of device integration, vital signs monitoring, and clinical surveillance services - connects almost all existing medical devices and EMRs in hospitals through a vendor-neutral system

Figure 1. Global Medical Device Connectivity Market Share (%), by Component, 2023

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Global Medical Device Connectivity Market- Driver

Increase in the prevalence of cancer

An increase in the prevalence of cancer which requires constant patient monitoring is expected to increase the demand for its early diagnosis and monitoring which in turn is expected to drive the global medical device connectivity market growth during the forecast period. For instance, according to data published by the American Cancer Society, in 2021, 1.9 Million new cancer cases were diagnosed in 2021 in the U.S. out of which 281,550 were breast cancer

An increase in product launches by key market players

Increasing product launches by key market players is expected to drive market growth over the forecast period. For instance, on April 27, 2023, Honeywell International Inc., a U.S.-based multinational conglomerate corporation, announced that they have launched a new real-time health monitoring system, which captures and records patients’ vital signs both within the hospital setting and remotely. It uses advanced sensing technology to monitor vital signs via a skin patch, which connects the data instantaneously to healthcare providers on mobile devices and an online dashboard.

Figure 2. Global Medical Device Connectivity Market Share (%), by Region, 2023

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Global Medical Device Connectivity Market- Regional Analysis

Among all regions, North America is expected to dominate the global market over the forecast period. This is attributed to North America holding a 34.8% market share and due to the presence of major players such as Medtronic, GE Healthcare, Cerner Corporation, Koninklijke Philips N.V., and others contributing to the development of the medical device connectivity market in North America.

The Asia Pacific region is expected to be the second dominating region over the forecast period, due to an increase in the number of chronic diseases such as cancer in this region. For instance, according to an article published in the National Library of Medicine, in August 2022, more than 2.3 million breast cancers (BC) were diagnosed in Asia Pacific region in 2020.

Global Medical Device Connectivity Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of drugs and vaccines from one place to another.

Quarantine, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending. Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources which were required to ensure safety in hospitals and provide treatment to patients with other diseases. This has impacted the overall healthcare market negatively. However, the COVID-19 pandemic had a positive impact on the global medical device connectivity market due increase in the usage of telehealth and remote patient monitoring during the COVID-19 pandemic, owing to the advantages of these methods. Wireless monitors, cloud-based platforms, and telemedicine have allowed health systems to seamlessly use at-home continuous pulse oximetry to monitor patients and help avoid hospitalizations.

Global Medical Device Connectivity Market Segmentation:

The global medical device connectivity market report is segmented into component, and end user

Based on component, the market is segmented into wired hardware, wireless hardware, and software. Out of which, the wireless hardware segment is expected to dominate the global medical device connectivity market during the forecast period and this is attributed to an increase in the product launches by key market players.

Based on end user, the market is segmented into hospitals, home healthcare, and others. Out of which, the hospital segment is expected to dominate the market over the forecast period and this is attributed to an increase in the number of hospitals globally.

Among all segmentation, the end user segment has the highest potential due to an increase in the number of hospitals. For instance, in 2022, according to the data published by American Hospital Association, there were 6,093 hospitals in the U. S. in 2020, and total admissions in all the U.S. hospitals were more than 33,356,853, in 2020

Global Medical Device Connectivity Market Cross-Sectional Analysis:

In the end user segment, hospitals segment held a dominant position in the Asia Pacific region due to an increase in the number of hospitals in this region. For instance, according to an article published by Asian Hospital & Healthcare Management, in December 2022, there were more than 36,570 hospitals in China, in year 2021

Global Medical Device Connectivity Market: Key Developments

In January 2023, Senet, a provider of cloud-based software and services platforms for healthcare organizations, and Telli Health, a medical remote patient monitoring devices manufacturer, jointly announced that they have launched the first remote patient monitoring (RPM) hardware powered by LoRaWAN. This device will connect remote patients with their caregivers or physicians

In June 2021, Max Healthcare Institute Limited, an India-based multispecialty hospital chain, announced the launch of the technologically advanced Max MyHealth+ platform, a device-integrated patient monitoring platform for monitoring the vital sign of patients across the globe.

Global Medical Device Connectivity Market: Restraint

High cost associated with medical device connectivity setup

The major factors that can hamper the growth of the global medical device connectivity market over the forecast period include the high cost of medical device connectivity setup for small healthcare organizations. The cost of interoperability and connectivity solutions for various medical devices is significantly high. Small-scale healthcare organizations need help to use internet connectivity to medical devices. This is mainly because of difficulties implementing multiple networks with health setups, wireless connectivity options, and the constant need to install subsequent security layers to prevent data breaches. The high price of this service is hampering the market growth. Key market players should focus on launching cost effective medical devices connectivity solution for small and medium scale organizations

Global Medical Device Connectivity Market: Key Players

Major players operating in the global medical device connectivity market include 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

Definition: Medical device integration entails integrating medical equipment into an existing hospital's technology infrastructure, whereas medical device connection refers to connecting medical devices to electronic medical records (EMRs) to allow the interchange of data