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Medical Device Connectivity Market

Market Study on Medical Device Connectivity: Application in Home Healthcare Devices to Be High

Medical Device Connectivity Market by Component (Solutions and Services), Portable Monitoring Devices Market is forecasted to expand rapidly at a CAGR of 29.8% through 2033.

Medical Device Connectivity Market Outlook (2023 to 2033)

The global medical device connectivity market was valued at US$ 1.98 billion in 2022 and is projected to surge to US$ 23.26 billion by the end of 2033, racing ahead at a CAGR of 25.2% from 2023 to 2033.

Medical device connectivity refers to the integration of medical devices with healthcare information technology systems such as electronic health records (EHS) and hospital information systems (HIS). The market includes various types of medical devices such as wearable devices, diagnostic equipment, and therapeutic devices that are connected to these systems to enhance patient care and improve clinical outcomes. Medical device connectivity accounts for 2% share of the global medical devices market at present.

The market is expected to grow rapidly due to the increasing demand for efficient healthcare delivery and the need for better patient outcomes. Key players in the market include GE Healthcare, Philips Healthcare, Medtronic, and IBM Watson Health, among others.

North America held 25.9% share of the global market in 2022 and is forecasted to retain its leading position through 2033. Demand for medical device connectivity in the European region accounted for around 19.3% of the global market share in 2022.

Medical Device Connectivity Market Size (2023)

US$ 2.45 Billion

Projected Market Value (2033)

US$ 23.26 Billion

Global Market Growth Rate (2023-2033)

25.2%

Integration & Deployment Services Market Share (2022)

62.2%

India Market Growth Rate (2022)

27.3%

Vital Sign Monitoring Systems Market CAGR (2022)

19.4%

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Which Factors Will Dent the Growth of the Market for Medical Device Connectivity?

“Integrating Medical Devices with IT Systems Can Be Complex”

Integrating medical devices with healthcare IT systems can be complex due to several factors, including the need for interoperability between different types of devices, compatibility with different data formats, ensuring the secure transfer of sensitive patient data, and compatibility with existing infrastructure and software.

Additionally, the integration of medical devices with healthcare IT systems requires specialized expertise, while ongoing maintenance and support can also be challenging. Technical complexities in medical device connectivity can hinder the smooth flow of patient data and limit the full potential of medical device connectivity in improving patient care and clinical outcomes.

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Country-wise Insights

Why is Demand for Medical Device Connectivity Surging in the United States?

“Shift toward Patient-centred Care Has Led to Growing Demand for Medical Devices”

The shift toward patient-centered care in the United States has emphasized the importance of patient involvement and empowerment in their own health management. This has led to the growing demand for medical devices that can provide real-time data and help healthcare providers make informed decisions about patient care.

Medical device connectivity solutions enable the integration of medical devices with healthcare IT systems, which allows for the seamless flow of patient data and improved patient engagement. This can result in improved patient outcomes and a better overall healthcare experience. Demand for medical device connectivity solutions is expected to continue to grow as the healthcare industry continues to shift toward a more patient-centered approach.

Why is India Set to be a Lucrative Market for Medical Device Connectivity?

“Technological Advancements and Large Pool of IT Professionals”

Technological advancements, large pool of IT professionals, and growing technology sector in India have created a favorable environment for the development and implementation of medical device connectivity solutions. This will help boost the market for medical device connectivity by providing the necessary resources and expertise to design, develop, and implement medical device connectivity solutions.

The presence of a large and growing IT sector can also drive innovation in medical device connectivity, helping bring new and improved solutions into the market. These factors have contributed to making India a favorable market for medical device connectivity and are expected to drive further growth at a CAGR of 27.3% over the forecasted period.

Why is Demand for Medical Device Connectivity Increasing in France?

“French Government Actively Promoting Adoption of Connected Medical Devices through Regulations & Financial Incentives”

The French government has been promoting the adoption of connected medical devices through regulations and financial incentives to ensure the safe and effective use of these devices in the healthcare sector. The regulatory framework aims to protect patient data and ensure the privacy and security of information transmitted by connected medical devices.

Financial incentives such as tax credits and grants are provided to encourage the development and adoption of these devices, especially for small- and medium-sized enterprises (SMEs) in the digital health sector. These initiatives have helped create a favorable environment for the growth of medical device connectivity in France, which accounts for 16.6% share in the European market.

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Category-wise Insights

Why are Vital Sign Monitoring Systems in Such High Demand?

“Rapid Advancements in Technology of Vital Sign Monitoring Systems”

Advancements in technology are one of the key factors that are driving the growth of the vital sign monitoring systems market. Technological advancements have made it possible to accurately and remotely monitor vital signs, providing healthcare providers with real-time health data and allowing for better patient management and care.

This has led to an increased demand for these systems, boosting the market. Additionally, the development of wearable and portable monitoring devices such as smartwatches and fitness trackers has further fuelled segment growth, which is forecasted to expand rapidly at a CAGR of 29.8% through 2033.

How are Integration and Deployment Services Aiding Market Expansion?

“Rising Use of Integration & Deployment Services is Medical Device Connectivity”

Increasing use of integration and deployment services is expected to drive the market for medical device connectivity solutions. Integration services help connect various medical devices and systems, making it possible to share and exchange data in real time.

Deployment services, on the other hand, help manage and maintain connected systems, ensuring that they function effectively and securely. The combination of these services will lead to improved patient outcomes, streamlined processes, and reduced costs, making medical device connectivity more attractive to healthcare providers.

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Competitive Landscape

Leading providers of medical device connectivity solutions are acquiring small- and medium-sized companies for the enhancement of new sophisticated healthcare technologies that will be more helpful for treating patients and handy for medical practitioners.

  • In December 2021, Oracle Corporation acquired Cerner, a prominent provider of digital data systems used in hospitals to allow health experts to deliver better healthcare to patients and societies.
  • In October 2022, Medtronic PLC Healthcare Technology Corporation launched the Neuro-vascular Co-Lab Platform to speed up innovation in stroke care and treatment.
  • In January 2021, Philips, an international leader in healthcare technology, declared the acquisition of Capsule Technologies, Inc., a prominent supplier of a combination of medical devices and data technologies for healthcare institutions and hospitals.
  • In January 2023, GE HealthCare announced an agreement to procure IMACTIS, which covers a variety of treatment areas and is a quickly expanding field of computed tomography (CT) interventional guidance.

Recent developments related to key players providing medical device connectivity solutions have been tracked by analysts at Persistence Market Research, which will be accessible in the full report.

Medical Device Connectivity Industry Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia & New Zealand
  • GCC Countries
  • Turkey
  • Israel
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Component
  • Connectivity Technology
  • Application
  • By End-use Vertical
  • Region

Key Companies Profiled

  • Capsule Technologies Inc.
  • Stryker Corporation
  • Philips Healthcare
  • iHealth Labs Inc.
  • Lantronix
  • S3 Connected Health
  • Cerner Corporation
  • GE Healthcare
  • Medtronic
  • Cisco Systems
  • Infosys
  • Nuvon
  • NantHealth

Pricing

Available upon Request

Key Segments of Medical Device Connectivity Industry Research

By Component:

  • Solutions
    • Interface Devices
    • Medical Device Connectivity Hubs
    • Medical Telemetry Solutions
    • Others
  • Services
    • Consultation Services
    • Integration and Deployment Services
    • Support and Maintenance Services

By Connectivity Technology:

  • Wired Connectivity
  • Wireless Connectivity

By Application:

  • Vital Sign Monitoring Systems
  • Cardiology Devices
  • ICU Systems
  • Oncology Systems
  • Home Healthcare Devices
  • Others

By End-use Vertical:

  • Hospitals & Clinics
  • Diagnostic Centers
  • Healthcare Research Centers
  • Other End Users

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • Capsule Technologies Inc.
  • Philips Healthcare.
  • iHealth Labs Inc.
  • Lantronix
  • S3 Connected Health
  • Cerner Corporation
  • GE Healthcare
  • Medtronic
  • Cisco Systems
  • Infosys
  • Stryker Corporation
  • Nuvon
  • NantHealth

- Frequently Asked Questions -

The global medical device connectivity market was valued at US$ 1.98 billion in 2022.

The market for medical device connectivity is estimated to surge at 25.2% CAGR through 2033.

Demand for medical device connectivity is forecasted to climb to US$ 23.26 billion by 2033-end.

Demand for medical device connectivity in India is projected to rise at a CAGR of 27.3% over the forecast period.

North America held a dominant market share of 25.9% in 2022.

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