At 22.8% CAGR, the North America Medical Device Connectivity Market is projected to be worth US$ 3,315.31 million by 2028, says Business Market Insights          

According to Business Market Insights’ research, the North America medical device connectivity market was valued at US$ 964.54 million in 2022 and is expected to reach US$ 3,315.31 million by 2028, registering an annual growth rate of 22.8% from 2022 to 2028. Growing penetration of electronic health record (EHR) or electronic medical records (EMR) and massive acceleration of telehealth services amid COVID-19 pandemic are the critical factors attributed to the North America medical device connectivity market expansion.                

With the increasing number of medical devices used in patient care, the ability to collect, manage, and use data from these devices has become more complex. Medical device connectivity refers to linking medical devices to electronic health records (EHRs) or electronic medical records (EMRs) to facilitate data exchange. An EHR is a digital version of a patient’s paper chart. EHRs are real-time, patient-centered records that make information available instantly and securely to authorized users. An EHR system is built to go beyond standard clinical data collected in a provider’s office and can include a broader view of a patient’s care. Integrating medical device and equipment data with EMR systems and clinical solutions is critical to modern healthcare. Initially, when the concept of EMR was introduced, the hospital staff had to manually store and check the data from the medical device, which was time-consuming. With the use of medical device connectivity, the data is transferred directly from a medical device to the EHR/EMR software, reducing the time from ~4 minutes to 20 seconds. Also, the integration is crucial for providing a comprehensive and up-to-date view of a patient’s health information, enabling providers to quickly make informed decisions and deliver better patient care, as well as the healthcare costs can be lowered. With the rise of wearable and portable medical devices and new medical equipment, healthcare providers increasingly integrate vast amounts of data into their EMR systems. The high adoption of EMR solutions and the growing emphasis of governments across various developed and developing countries on building nationwide healthcare information exchanges are expected to increase the demand for efficient medical device connectivity solutions. Thus, the growing use of EHR/EMR and medical devices is fueling the growth of the North America medical device connectivity market.

On the contrary, high risk of cyberattack hurdles the growth of North America medical device connectivity market.

Based on product and services, the North America medical device connectivity market is segmented into medical device connectivity solutions and medical device connectivity services. The medical device connectivity solutions segment held 74.1% market share in 2022, amassing US$ 714.59 million. It is projected to garner US$ 2,402.12 million by 2028 to expand at 22.4% CAGR during 2022–2028.  

Based on technology, the North America medical device connectivity market is segmented into wireless technologies, hybrid technologies, and wired technologies. The wireless technologies segment held 61.4% market share in 2022, amassing US$ 592.00 million. It is projected to garner US$ 2,063.20 million by 2028 to expand at 23.1% CAGR during 2022–2028.

Based on application, the North America 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 71.5% market share in 2022, amassing US$ 689.34 million. It is projected to garner US$ 2,403.98 million by 2028 to expand at 23.1% CAGR during 2022–2028.

Based on end user, the North America medical device connectivity market is segmented into hospitals, ambulatory surgical centres, imaging and diagnostic centres, and homecare settings. The hospitals segment held 50.7% market share in 2022, amassing US$ 488.61 million. It is projected to garner US$ 1,645.56 million by 2028 to expand at 22.4% CAGR during 2022–2028.

Based on country, the North America medical device connectivity market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.8% market share in 2022. It was assessed at US$ 817.64 million in 2022 and is likely to hit US$ 2,788.51 million by 2028, exhibiting a CAGR of 22.7% during the forecast period.    

Key players dominating the North America 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, Oracle Corp, and Silicon & Software Systems Ltd 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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