Medical Device Connectivity Market by Product (Medical Device Connectivity Solutions [Medical Device Integration Solutions, Interface Devices, Telemetry Systems, Connectivity Hubs]), Services (Implementation & Integration Services, Support & Maintenance Services, Training Services, and Consulting Services), Technology (Wired Technology, Wireless Technology, and Hybrid Technology), Application (Vital Signs & Patient Monitors, Anesthesia Machines & Ventilators, Infusion Pumps, and Others), End User (Hospitals, Home Care Centers, Diagnostic & Imaging Centers, and Ambulatory Care Centers): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026836 | Pages: 100 | Industry: Medical Device | Date: Oct 2022 | Type: Global

The market crossed US$ 2018.31 million mark in 2022 and is expected to hit US$ 9,748.81 million by 2030, recording a CAGR of 21.8% during the forecast period.

Market Dynamics

Accurate diagnosis of patient data for improving healthcare quality and outcomes

Since decades medical errors have been repeatable, and healthcare providers need to access data more quickly, with the removal of manual documentation intended for patient care. Medical device connectivity (MDC) is a proven technology for saving nursing time, positively impacting the accuracy and timeliness of documentation with improving overall patient safety and care. Additionally, the implementation of MDC assists in sending data from all devices connected to a patient directly through information systems. Further, capital costs, maintenance costs, and uncertain returns on investment are the top barriers in hospitals. However, a neutral medical device connectivity solution addresses such concerns as it eliminates the need to replace existing medical devices with models compatible with a specific device manufacturer or newly installed EMR. Therefore, the adoption of medical device connectivity in hospitals will meet many of the top clinical and IT initiatives accounting for the significant growth of the global medical device connectivity market during the forecast period of 2022-2028. 

Market Trends:

Technological Advancement of Global Medical Device Connectivity Market

Top competitive players in the global medical device connectivity market accelerate the adoption of such devices to their full potential during the analysis period of 2022-2028. Companies such as Stryker and Cerner (Oracle) continuously involve innovative product launches in medical device connectivity to enhance the global Medical Device Connectivity market growth. For instance, Stryker's "iSuite EHR connectivity" is powered by DataMediatOR. The iSuite EHR connectivity software acts as a central integration point between the electronic medical record (EMR), DICOM destinations, the iSuite media management system and surgical digital capture devices such as SDC3. Additionally, Cerner's device connectivity solutions encourage interoperability between medical devices, healthcare applications, and EHR, enabling clinicians to streamline workflows and focus more on patients. For example, the "CareAware" workflow-driven architecture integrates devices to offer healthcare professionals an electronic flow of patient and clinical information. Such a platform ensures that the right data is presented in real-time for improving healthcare outcomes. Such technological advancement of medical device connectivity acts as a standalone factor responsible for influential growth of overall global Medical Device Connectivity market during the analysis period of 2022-2028.

Key takeaways of medical device connectivity

The adoption of sensible healthcare technology management is to incorporate technology for improving patient outcomes. However, National Health Services (NHS) and other healthcare organizations are facing huge budgetary problems with non-investment in technology-based devices. Also, NHS struggles to fund the replacement of other healthcare-based technology devices, indicating hospitals are adopting old technology, ultimately impacting organizational efficiency, patient care, and unplanned costs. Utilizing up-to-date connectable vital signs monitoring allows for connected care, such as linking the patient data to an early warning score system (EWSS), thereby allowing medical and nursing staff to identify when a patient is improving or deteriorating and thus take appropriate action. Therefore, the adoption of new evidence-based, precise care through connected monitoring devices and therapies plays a major role in advancing the delivery of patient-generated health data. Such data will help scale precision medicine by giving providers comprehensive and continuous patient data that will guide preventative care and chronic disease management.

Market Segmentation

Within the report, the global Medical Device Connectivity market is segmented as products, services, technology, application, end user, and geography. On the basis of products, the market is segmented as medical device connectivity solutions. Further, medical device connectivity solution is sub-segmented as medical device integration solutions, interface devices, telemetry systems, and connectivity hubs. By connectivity services, the market is segregated as implementation and integration services, support & maintenance services, training services, and consulting services. By technology, the market is segregated as wired technologies, wireless technologies, and hybrid technologies. Further, by application, the market is segmented as vital signs & patient monitors, anesthesia machines & ventilators, infusion pumps, and other applications. Furthermore, by end user, the market is segmented as hospitals, home care centers, diagnostic & imaging centers, ambulatory care centers, Others. Geographically, the global Medical Device Connectivity market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Recent strategic developments in global medical device connectivity market

The global medical device connectivity market has undergone several significant developments, and a few of these have been mentioned below:

  • In January 2021, Philips announced the acquisition of Capsule Technologies, Inc., leading medical device integration and data technology provider for hospitals and healthcare organizations. The acquisition between the two companies will transform the delivery of care along with health continuum with integrated solutions.
  • In August 2020, Cerner announced a collaboration with Xealth to improve healthcare expenditure and empower patients to participate actively in their treatment and well-being. As a part of this agreement, Cerner and Xealth have invested around US$6 million in Xealth.

The global medical device connectivity market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Oracle (Cerner); Medtronic; Koninklijke Philips N.V.; GE Healthcare; Cisco Systems, Inc.; TE Connectivity; Drägerwerk AG & Co. KGaA; OSI Systems, Inc.; Lantronix Inc.; and Stryker are among the prominent players operating in the global Medical Device Connectivity market.

Target audience for the report:

  • Medical device connectivity service providers
  • Medical device connectivity related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • End users of medical device connectivity providers
  • Academic and Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Product:
    • Medical Device Integration Solutions
    • Interface Devices
    • Telemetry Systems
    • Connectivity Hubs
  • Services
    • Implementation & Integration Services
    • Support & Maintenance Services
    • Training Services
    • Consulting Services
  • Technology
    • Wired Technology
    • Wireless Technology
    • Hybrid Technology
  • Application
    • Vital Signs & Patient Monitors
    • Anesthesia Machines & Ventilators
    • Infusion Pumps
    • Others
  • End User
    • Hospitals
    • Home Care Centers
    • Diagnostic & Imaging Centers
    • Ambulatory Care Centers
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Oracle (Cerner)
    • Medtronic
    • Koninklijke Philips N.V.
    • GE Healthcare
    • Cisco Systems, Inc.
    • TE Connectivity
    • Drägerwerk AG & Co. KGaA
    • OSI Systems, Inc.
    • LANTRONIX, INC.
    • Stryker

The List of Companies
- Oracle (Cerner)
- Medtronic
- Koninklijke Philips N.V.
- GE Healthcare
- Cisco Systems, Inc.
- TE Connectivity
- Dr?gerwerk AG & Co. KGaA
- OSI Systems, Inc.
- LANTRONIX, INC.
- Stryker

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