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%. Growth in market is attributed to increasing penetration of EHRs & health information exchange systems in healthcare organizations, growing focus on care quality & patient safety, healthcare IT initiatives driving integration of medical devices with hospital information systems, & growing need to curtail healthcare costs through a connected healthcare environment.
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Rising healthcare costs, growing adoption of electronic medical records, strong government support and initiatives, increasing need for data analytics in healthcare, and growing focus on quality of care and patient safety are factors driving market connectivity across globe. Medical device connectivity market in this report is segmented by product & service, technology, & end user.
This report also provides market information on major regional segments of market, namely, North America, Europe, Asia Pacific, & Rest of the World.
Key Target Audience
- Hospitals and clinics
- Home care agencies
- Assisted-living facilities and home-settings
- Diagnostic & imaging centers
- Government bodies
- Healthcare payers
Medical device connectivity solutions dominated the market in 2017. The large share of the medical device connectivity solutions segment can be attributed to the growing digitization in the health continuum, increased adoption rate adoption of EHRs and other interoperability solutions in healthcare organizations in emerging countries, and the increasing need to curtail healthcare costs while delivering quality patient care.
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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.
1 Medical Device Connectivity Market: Overview
2 Global Market, By End User & Region
3 Geographical Snapshot of the Global Market
4 Global Market: Regional Mix
5 Medical Device Connectivity Solutions Market, By Type (2018 vs 2023)
The global medical device connectivity market is fragmented and highly competitive, it consists of several large to medium-sized companies that compete with each other for increasing their foothold in different segments of the market. The top five players operating in this market include Qualcomm Life (US), Cerner Corporation (US), GE Healthcare (US), Philips (Netherlands), and NantHealth (US).
Other leading players in this market include Medtronic (Ireland), Cisco Systems (US), Infosys Limited (India), Digi International (US), Bernoulli Enterprise (US), and Lantronix Inc (US).
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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.
2 Strategic Benchmarking
3 Market Share Analysis
4 Competitive Situations and Trends
5 Partnerships, Agreements, Alliances, & Collaborations
6 Product Launches and Enhancements
7 Acquisitions & Mergers
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