Medical Device Connectivity Market by Product (Integration Solutions, Interface Devices, Telemetry, Connectivity Hub, Services) Technology (Wired, Wireless, Hybrid) End User (Hospitals, Home, Ambulatory Care, Diagnostic Centres) - Global Forecast to 2023
The medical device connectivity market is projected to reach USD 2,670.3 million by 2023 from USD 939.4 million in 2018, at a CAGR of 23.2%. The growth in this market is attributed to the increasing penetration of EHRs & health information exchange systems in healthcare organizations, growing focus on care quality and patient safety, healthcare IT initiatives driving the integration of medical devices with hospital information systems, and the growing need to curtail healthcare costs through a connected healthcare environment.
The medical device connectivity services segment is expected to grow at the highest CAGR during the forecast period
On the basis of products and services, the medical device connectivity market is segmented into medical device connectivity solutions and medical device connectivity services. The medical device connectivity services segment is expected to register the highest CAGR during the forecast period. This market is primarily driven by the need for effective implementation and demand for maximum utilization of connectivity solutions.
The wireless technology segment is expected to register the highest CAGR during the forecast period
On the basis of technology, the market is segmented into three segments, namely, wired technologies, hybrid technologies, and wireless technologies. The wireless technologies segment is expected to register the highest CAGR during the forecast period. The high adoption of wireless technologies is mainly attributed to the various advantages it offers such as increased efficiency/productivity of workers, reduced operating costs, improved quality of care, and faster treatments.
The hospitals segment accounted for the largest share of the medical device connectivity market in 2017
Based on end user, the global medical device connectivity market is segmented into hospitals, home healthcare, ambulatory care settings, and imaging & diagnostic centers. In 2017, the hospitals segment dominated the medical device connectivity market. The large share of this segment is attributed to the rising need to improve the operational efficiency of healthcare organizations by reducing medical errors, increasing demand for high-quality care, rising need for curtailing healthcare costs, and growing emphasis on interoperability in healthcare organizations.
North America to register the highest growth rate in the medical device connectivity market during the forecast period
North America accounted for the largest share of the medical device connectivity market, followed by Europe. North America is also expected to grow at the highest CAGR during the forecast period. Factors such as increasing funding towards innovation in the medical sector, need to curtail the escalating healthcare costs in the US, the presence of a large number of healthcare IT companies, increasing investments in the healthcare industry by key market players, and growing awareness about advanced technologies are driving the growth of the market.
Break of primary participants was as mentioned below:
By Company Type - Tier 1-42%, Tier 2-38% and Tier 3-20%
By Designation - C-level-40%, Director Level-35%, Others-25%
By Region - North America-35%, Europe-30%, Asia Pacific-20%, RoW-15%
The major players in the medical device connectivity market are GE Healthcare (US), Qualcomm (US), Cerner Corporation (US), Philips (Netherlands), Medtronic (Ireland), Cisco Systems (US), Infosys Limited (India), Digi International (US), NantHealth (US), Bernoulli Enterprise (US), True Process (US), iHealth Labs (US), and Lantronix (US).
The report analyzes the medical device connectivity market and aims at estimating the market size and future growth potential of this market based on various segments such as product & service, technology, and end user. The report also includes an in-depth regulatory analysis for various regions across the globe and competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies. This report also provides market information on North America, Europe, Asia Pacific, and the Rest of the World.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help garner a greater share. Firms purchasing the report could use one or any combination of the below mentioned five strategies.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on product and service portfolios offered by the top players in the medical device connectivity market. This report analyzes the market by product and service, technology, end user, and region
Product Development/Innovation: Detailed insights on the upcoming trends and product and service launches in the medical device connectivity market
Market Development: Comprehensive information about the lucrative emerging markets for medical device connectivity
Market Diversification: Exhaustive information about new products and services, growing regions, recent developments, and investments in the medical device connectivity market
Competitive Assessment: In-depth assessment of market shares, growth strategies, products, services, and technological capabilities of the leading players in the medical device connectivity market