Global Medical Device Connectivity Market, By Component (Wired hardware, Wireless hardware (Wi-Fi, WMTS, Bluetooth), Software), By End User (Hospitals, Home healthcare, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The increase in the prevalence of cancer is expected to increase the demand for advanced technologies, enhancing wireless technology, as patients suffering from cancer need detailed care and constant monitoring, which is possible through this technology. Thus, it is expected to drive the growth of the global medical device connectivity market over the forecast period. For instance, according to an article published by the National Institute of Cancer Prevention and Research (NICPR), in June 2022, the estimates suggest that around 2.7 million people were living with cancer in India in 2020.
Global Medical Device Connectivity Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
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.
COVID-19 pandemic has led to increased demand for hospital beds and led to staff shortages, some healthcare centers have advised individuals with milder symptoms to stay home. Technological advances have made it feasible to monitor some of these patients and other patients remotely. 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. Thus, 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 monitory during the COVID-19 pandemic
Global Medical Device Connectivity Market: Key Developments
On April 19, 2023, Cadence Design Systems, Inc., a U.S.-based multinational computational software company, announced that they have launched a remote patient monitoring and responsive virtual care platform. This platform can connect with various medical devices and collects, analyzes, and responds to patients’ vitals such as heart rate, blood oxygen saturation and others, daily, outside of the clinic setting.
In October 2021, Koninklijke Philips N.V., a Netherland-based global electronic devices manufacturing company, announced that its Philips Capsule Medical Device Information Platform (MDIP) which is integrated into Philips HealthSuite Platform, is now installed in more than 3,000 healthcare facilities globally. Philips Capsule MDIP captures streaming clinical data and transforms it into actionable insights for patient care management aiming to improve collaboration between care teams, streamline clinical workflows, and increase productivity.
Browse 25 Market Data Tables and 25 Figures spread through 180 Pages and in-depth TOC on “Global Medical Device Connectivity Market”- Forecast to 2030, By Component (Wired hardware, Wireless hardware (Wi-Fi, WMTS, Bluetooth), Software), By End User (Hospitals, Home healthcare, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
http://www.coherentmarketresearch.in/market-insight/medical-device-connectivity-market-3948
Key Takeaways of the Global Medical Device Connectivity Market:
- The global medical device connectivity market is expected to exhibit a CAGR of 25.8% during the forecast period due to the increase in the platform and services launched by key market players for patient monitoring. For instance, in May 2022, Novant Health, a U.S.-based chain of outpatient centers and hospitals, announced that they have launched a new Bluetooth biometric monitoring device, to record their vital signs, report their symptoms, engage in educational content, and track their medication, and with an aim to prevent hospital readmission.
- Among component, wireless hardware segment is estimated to hold a dominant position in the global medical device connectivity market over the forecast period, owing to the advantages of wireless hardware over wired devices. Wireless technologies offer advantages such as remote patient monitoring, remote consultancy, real-time data analysis of patient’s vital, and other. Moreover, it reduces healthcare expenditure by limiting the hospital stay duration and by providing a remote patient care system. Thus, these advantages are expected to support the segment growth.
- Among end user, the hospital segment is estimated to hold a dominant position in global medical device connectivity over the forecast period, owing to the increase in the number of hospitals using medical device connectivity solutions. For instance, according to the fast facts on U.S. hospitals, 2023, by American Hospital Association, in the U.S., there are currently 6,129 hospitals.
- Major players operating in the global medical device connectivity 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
