Categories: Market Research

Engineering Software Market 2024 | Industry Report, Opportunity Analysis, Key Drivers, Share, Size And Forecast To 2033

Overview and Scope
Medical device connectivity refers to the ability of medical devices to securely and seamlessly communicate with healthcare devices, revolutionizing healthcare by enabling data sharing, remote monitoring, and improved patient care. This connectivity is used for the exchange of data between medical devices and electronic health record (EHR) systems, clinical decision support systems, and other healthcare IT systems by enabling remote monitoring, real-time data analysis, interoperability, and clinical decision-making, ultimately improving patient care, enhancing workflow efficiency, and supporting healthcare provider collaboration.

Sizing and Forecast
The medical device connectivity market size has grown exponentially in recent years. It will grow from $2.83 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to rise in chronic diseases, demand for streamlined healthcare operations, growing demand for telehealth services, growing demand for remote patient monitoring, focus on data analytics and predictive insights.

The medical device connectivity market size is expected to see exponential growth in the next few years. It will grow to $9.24 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to rising demands for seamless integration, increasing digitization of healthcare, growing aging population, increasing adoption of electronic health records, and increasing healthcare expenses. Major trends in the forecast period include IoT-enabled devices, electronic health records (EHR) systems, real-time patient data, patient engagement, remote diagnostics, and telemonitoring.

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The medical device connectivity market covered in this report is segmented –

1) By Component: Hardware, Services, Software
2) By Technology: Wired Technologies, Wireless Technologies, Hybrid Technologies
3) By Application: Vital Sign Monitoring Systems, Cardiology Devices, ICU Systems, Oncology Systems, Home Healthcare Devices, Other Applications
4) By End-Use Vertical: Hospitals And Clinics, Diagnostic Centers, Healthcare Research Centers, Other End Users

North America was the largest region in the medical device connectivity market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device connectivity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

Growing penetration of electronic health records is expected to propel the growth of the medical device connectivity market going forward. An electronic health record (EHR) is a digital version of a patient’s paper chart containing real-time, patient-centered information that is securely available to authorized users. Medical device connectivity solutions facilitate the seamless data exchange between medical devices and EHR systems, allowing for real-time integration of patient monitoring data, diagnostic results, and treatment information. The integration of medical devices with EHRs enables healthcare providers to access comprehensive patient information at the point of care, enhancing clinical decision-making and care coordination. For instance, in 2021, according to the Office of the National Coordinator for Health Information Technology (ONC), a US-based national health information technology infrastructure, the adoption of certified electronic health record technology among non-federal acute care hospitals in the United States increased from 96% in 2021 to 97% in 2022. Therefore, the growing penetration of electronic health records (EHR) drives the medical device connectivity market.

Key Industry Players

Major companies operating in the medical device connectivity market are Amazon Web Services Inc, Google LLC, Microsoft Corporation, Siemens AG, Cisco Systems Inc, Qualcomm Technologies Inc, Abbott Laboratories, Oracle Corporation, Honeywell International Inc, Medtronic PLC, Thales Group, Koninklijke Philips N.V., Stryker Corporation, GE HealthCare Technologies Inc, Infosys Limited, TE Connectivity Ltd, Baxter International Inc, Wipro Limited, Drägerwerk AG & Co. KGaA, Masimo Corporation, OSI Systems, Inc, Digi International Inc., Ascom Holding AG, Lantronix Inc, NantHealth Inc., Spectrum Medical Ltd, Silex Technology Inc, iHealth Labs Inc, Iatric Systems Inc, LifeOmic Holdings LLC

The medical device connectivity market report table of contents includes:

1. Executive Summary

2. Medical Device Connectivity Characteristics

3. Medical Device Connectivity Trends And Strategies

4. Medical Device Connectivity – Macro Economic Scenario

5. Global Medical Device Connectivity Size and Growth

…..

32. Global Medical Device Connectivity Competitive Benchmarking

33. Global Medical Device Connectivity Competitive Dashboard

34. Key Mergers And Acquisitions In The Medical Device Connectivity

35. Medical Device Connectivity Future Outlook and Potential Analysis

36. Appendix