At 25.2% CAGR, the Asia-Pacific Medical Device Connectivity Market is projected to be worth US$ 1,064.02 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia-Pacific medical device connectivity market was valued at US$ 275.61 million in 2022 and is expected to reach US$ 1,064.02 million by 2028, registering an annual growth rate of 25.2% from 2022 to 2028. Promising 5G technology to enhance medical device connectivity and inclination toward home healthcare are the critical factors attributed to the Asia-Pacific medical device connectivity market expansion. 

Telemedicine requires a network supporting high-quality videos while real-time remote patient monitoring. Using 4G or older networks for transferring larger files between departments can be time-consuming, forcing physicians spend their valuable time waiting for file transfer process to complete. Upgrading to 5G can eliminate these blocks and provide healthcare providers with a more effective network that can continue to adapt to new technology. 5G is the next generation of wireless technology that benefits all devices operating in a network by providing higher bandwidths, faster speeds, and greater capacity to connect devices. 5G technology offers 100–2,000 times faster speed than typical hospital wireless networks, as it allows for quick data transfer even for large data sets (i.e., low latency), which will help the medical device connectivity to work faster. Using connected medical devices paired with smart data applications and artificial intelligence (AI), doctors can remotely track the patient’s vitals and efficiently proceed with the diagnosis, prescription, and treatment plans. 5G technology has the ability to transform the healthcare sector with its high speed, low latency, and improved data accuracy. Thus, combining 5G technology and AI can greatly improve the healthcare sector. The importance of telehealth solutions was widely witnessed during the COVID-19 pandemic when maintaining social distancing was imperative. Remote patient monitoring aided in the proactive management of chronic diseases and the delivery of healthcare services. Moreover, 5G is a key enabling technology for digital health and the Internet of Things (IoT) and is quickly being incorporated into various medical devices. Wireless technology enables connectivity among devices in the hospital, at home, and wherever a point of need exists. 5G-enabled wearable devices can transmit large data packets throughout the day, driving improved patient outcomes through continuous remote monitoring. Thus, with increasing medical device connectivity usage, the need for a better network and technology also arises, and 5G is one such technology that offers growth opportunities to the market during the forecast period.

On the contrary, high risk of cyberattack hurdles the growth of Asia-Pacific medical device connectivity market.    

Based on product and services, the Asia-Pacific medical device connectivity market is segmented into medical device connectivity solutions and medical device connectivity services. The medical device connectivity solutions segment held 67.2% market share in 2022, amassing US$ 185.17 million. It is projected to garner US$ 693.70 million by 2028 to expand at 24.6% CAGR during 2022–2028.  

Based on technology, the Asia-Pacific medical device connectivity market is segmented into wireless technologies, hybrid technologies, and wired technologies. The wireless technologies segment held 68.0% market share in 2022, amassing US$ 187.48 million. It is projected to garner US$ 736.31 million by 2028 to expand at 25.6% CAGR during 2022–2028.

Based on application, the Asia-Pacific medical device connectivity market is segmented into vital signs and patient monitors, anesthesia machines and ventilators, infusion pumps, and others. The vital signs and patient monitors segment held 79.1% market share in 2022, amassing US$ 218.07 million. It is projected to garner US$ 856.13 million by 2028 to expand at 25.6% CAGR during 2022–2028.

Based on end user, the Asia-Pacific medical device connectivity market is segmented into hospitals, ambulatory surgical centres, imaging and diagnostic centres, and homecare settings. The hospitals segment held 44.4% market share in 2022, amassing US$ 122.41 million. It is projected to garner US$ 461.78 million by 2028 to expand at 24.8% CAGR during 2022–2028.

Based on country, the Asia-Pacific medical device connectivity market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia-Pacific. Our regional analysis states that China captured 29.3% market share in 2022. It was assessed at US$ 80.62 million in 2022 and is likely to hit US$ 308.03 million by 2028, exhibiting a CAGR of 25.0% during the forecast period.    

Key players dominating the Asia-Pacific medical device connectivity market are Cisco Systems Inc, Digi International Inc., GE HealthCare Technologies Inc, iHealth Labs Inc, Infosys Ltd, Koninklijke Philips NV, Lantronix Inc., Medtronic Plc, and Oracle Corp among others.  

• In January 2023, Philips expands partnership to advance patient monitoring capabilities. Royal Philips and Masimo have expanded their collaboration to advance patient monitoring capabilities in home telehealth applications with the W1 advanced health-tracking watch from Masimo.

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