According to our new research study on "Medical Device Connectivity Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product and Services, Technology, Application, End Use, and Geography," the market is expected to grow from US$ 2,161.68 million in 2022 to US$ 7,562.30 million by 2028; it is estimated to record a CAGR of 23.2% during 2023-2028. Growing penetration of electronic health records or electronic medical records and the massive acceleration of telehealth services amid the COVID-19 pandemic are driving the market.
The shift of point of care (PoC) from hospital to home provides good chances for better, consistent, and timely interaction between patient and doctor, making cloud and mobility-driven medical devices a foremost trend. Also, the COVID-19 crisis triggered the importance of AI in healthcare, which led to the growing emphasis on home-based care due to limited hospital bed capacity and a scarcity of skilled healthcare professionals. By monitoring the patient's vitals remotely, healthcare professionals can avoid hospital admission if cases can be handled virtually, thereby reserving hospital beds only for patients requiring critical care. Home monitoring, often known as remote patient monitoring (RPM), has a subset of applications that have different requirements and frequency of data delivery, including monitoring chronic diseases and tracking patients' health status.
Home healthcare provides great prospects for medical device connectivity. Solutions to inefficient, costly, and single-use devices for remote patient care can be provided through connected medical devices that utilize the cloud, machine-to-machine (M2M) connectivity, and cellular networks. Connected devices help transfer data to caregivers or clinicians, allowing proactive care delivery. Connectivity in the medical industry improves the quality and efficiency of patient health treatments.
The bolstering number of connected medical devices—along with improvements in the systems and software that support capture and transmission of medical-grade data, connectivity technologies, and services—has given rise to the Internet of Medical Things (IoMT). Through IoMT, the connectivity between sensors and devices is expected to aid in real-time patient care, even remotely, thereby improving communication within and between medical facilities. Owing to the aforementioned factors, the market for medical device connectivity is expected to proliferate during the forecast period.
Based on application, the global medical device connectivity market is segmented into vital signs and patient monitors, anesthesia machines and ventilators, infusion pumps, and others. In 2022, the vital signs and patient monitors segment accounted for the largest market share, and the same segment is expected to register a CAGR of 23.6% during the forecast period.
Vital signs are measurements of the body's most basic functions. The four main vital signs routinely monitored by medical professionals and health care providers while operating are body temperature, pulse rate, respiration rate, and blood pressure. These signs are useful in detecting or monitoring medical problems.
A patient monitor, also called a medical sign monitor, is a type of instrument used to measure a patient's vital signs. It obtains data from the patients and transmits it to the monitoring network. Commonly used patient monitoring devices are the systems used before and after an operation, for trauma care wards, for coronary heart diseases, and for neonates and premature infants. Vital signs of patients in intensive care units or in surgery must be measured frequently. In all these processes, the connectivity of the medical device plays a very important role in any successful procedures. The segment holds the largest market share of the medical device connectivity market. The increasing demand for medical device connectivity from healthcare institutions is likely to boost the growth of the market during the forecast period.
iHealth Labs Inc, Oracle Corp, Lantronix Inc., Infosys Ltd, Digi International Inc., Cisco Systems Inc, Medtronic Plc, Koninklijke Philips NV, GE HealthCare Technologies Inc, and Silicon & Software Systems Ltd are among the key companies operating in the medical device connectivity market are among the prominent players operating in the medical device connectivity market.
Companies are launching new and innovative products and services to sustain their position in the medical device connectivity market. In November 2022, MediView and GE Healthcare brought augmented reality solutions to medical imaging for the interventional space. This will integrate medical imaging with mixed-reality solutions by developing the OmnifyXRTM Interventional Suite System. This collaboration will advance precision care through intuitive visualization, remote collaboration, and evidence-based insights.
Medical Device Connectivity Market, by Region, 2022 (%)
Source: The Insight Partners Analysis
The report segments the global medical device connectivity market as follows:
Based on product and services, the medical device connectivity market is bifurcated into medical device connectivity solutions and medical device connectivity services. Based on technology, the medical device connectivity market is classified into wireless technologies, hybrid technologies, and wired technologies. By application, the medical device connectivity market is segmented into vital signs and patient monitors, Anesthesia machines and ventilators, infusion pumps, and others. Based on end use, the medical device connectivity market is classified into hospitals, ambulatory surgical centers, imaging and diagnostic centers, and homecare settings. By geography, the medical device connectivity market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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