by The global Medical Device Connectivity Market is estimated to be valued at US$ 3.5 Bn or Mn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical Device connectivity helps in integrating medical devices with hospital networks and electronic medical records for data accessibility and sharing. This enhances patient care and management.
Market key trends:
Growing integration of internet of things (IoT) solutions in healthcare is expected to drive the market growth over the forecast period. IoT integration helps in remote monitoring of patients, automated data transfer to electronic health records and connectivity of medical devices. Furthermore, increasing adoption of electronic health records and healthcare IT solutions provides opportunities for medical device connectivity solutions.
SWOT Analysis
Strength: Medical device connectivity facilitates integration and exchange of data across multiple devices and software applications. This improves clinical workflow and patient care.
Weakness: High initial costs associated with installation and configuration of connectivity platforms. Lack of common communication standards poses interoperability challenges.
Opportunity: Growing need to access and share medical device data across healthcare organizations for monitoring patients remotely. Adoption of connectivity solutions helps achieve digital transformation goals.
Threats: Data security and privacy concerns limits wider adoption of connectivity solutions. Lack of reimbursements and funding in some regions hinders market growth.
Key Takeaways
The Global Medical Device Connectivity Market Size is expected to witness high growth, exhibiting CAGR of 25% over the forecast period, due to increasing need for integrated healthcare delivery and remote patient monitoring.
Regional analysis: North America dominates the global medical device connectivity market currently due to established healthcare infrastructure and stringent regulatory guidelines regarding safety and efficacy of connected devices. Asia Pacific is expected to exhibit fastest growth over the coming years supported by rising healthcare expenditures, growing geriatric population and improving regulatory landscape in countries like China and India.
Key players operating in the medical device connectivity market are 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. Major players focus on new product launches, partnerships and mergers to strengthen their market position and gain deeper access in emerging regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
