Northbrook, IL 60062 -- (SBWIRE) -- 02/07/2023 -- The medical device connectivity market is rapidly growing as the need for remote medical care and the integration of medical devices into larger healthcare systems become more prevalent. Connectivity solutions allow medical professionals to access data from medical devices such as monitors, imaging equipment, and other medical devices from anywhere.

The medical device connectivity market includes a variety of different services and solutions, such as cloud storage, data integration, and device management. These services enable medical professionals to access and manage data from medical devices remotely, allowing for greater efficiency and fewer mistakes. Additionally, these solutions enable healthcare organizations to reduce costs and improve patient care.

Currently, Medical Device Connectivity Market is projected to reach USD 4.9 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 24.4%. The growth of this market is influenced by the increasing need for integration in continually expanding hospitals and other healthcare organizations that require connectivity tools for building interfaces between various departments/systems. The importance of integrating increasingly complex data sets is increasing with the growing adoption of electronic medical records and the implementation of a number of healthcare IT initiatives and healthcare reforms. The high burden of COVID-19, increasing healthcare costs, strong government support and initiatives, increasing need for data analytics in healthcare, and the growing focus on the quality of care and patient safety are further driving the market for medical device connectivity solutions across the globe.

The global medical device connectivity market is fragmented and highly competitive. Some of the major players governing the overall medical device connectivity market include Cerner Corporation (US), Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), Lantronix Inc. (US), Infosys (India), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), Hill-Rom Holdings Inc. (US), Iatric Systems Inc. (US), and Silex Technology (Japan). However, in the last few years, a number of smaller players have emerged from niche markets and are competing with global players based on price and technological innovation.

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The medical device connectivity market is highly competitive, with a variety of different vendors offering services and solutions. Some of the leading players in the market include Apple Health, IBM Watson Health, Microsoft HealthVault, and Cisco Systems. These companies are actively developing and deploying advanced medical device connectivity solutions to healthcare providers.

The medical device connectivity solutions segment is expected to account for the largest share of the medical device connectivity market in 2020

Based on product and services, the medical device connectivity market is segmented into medical device connectivity solutions and medical devices connectivity services. The medical device connectivity solutions accounted for the largest share of the medical device connectivity. The large share of this segment can be attributed to the increased adoption of EHRs and other interoperability solutions in healthcare organizations, growing regulatory requirements and healthcare reforms, the shift of point-of-care diagnostics from hospitals to home care settings, and the growing need for integrated healthcare systems to improve the quality and outcome of healthcare.

The wireless technologies segment accounted for the largest share of the medical device connectivity market in 2020

Based on technology, the medical device connectivity market is segmented into wired technologies, wireless technologies, and hybrid technologies. In 2020, the wireless technologies segment accounted for the largest share of the medical device connectivity market. Wireless technologies offer a better quality of healthcare as doctors constantly receive real-time updates about patients, enabling faster treatments. These technologies also enable shorter hospital stays and reduced healthcare expenditure through remote patient monitoring without hampering the efficiency of the treatment. These advantages are supporting the growth of the wireless technologies segment.

The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2020

Based on applications, the medical device connectivity market has been segmented into vital signs & patient monitors, anesthesia machines & ventilators, infusion pumps, and other applications. The other applications segment comprises imaging systems, implantable cardiac devices, respiratory devices, neurological devices, and fetal monitoring devices. The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2020. This can be attributed to the widespread use of such monitors for continuous patient monitoring due to the rising incidence of chronic disorders among the aging populations and its need in emergency settings and operating rooms. Also, the increasing adoption of such monitors for remote patient monitoring during the COVID-19 pandemic is propelling the market growth.

The hospitals segment accounted for the largest share of the medical device connectivity market in 2020

Based on end users, the medical device connectivity market is segmented into hospitals, home healthcare centers, diagnostic & imaging centers, and ambulatory care centers. In 2020, the hospitals segment accounted for the largest share of the medical device connectivity market. The large share of this segment can be attributed to the large patient volume, the high purchasing power of hospitals to buy advanced medical device connectivity solutions, decreasing margins in hospitals, and increasing focus on offering high-quality patient care and safety. Also, the increasing focus on remote patient monitoring devices for continuous monitoring of patients affected by COVID-19 and the increasing incidence of various chronic respiratory diseases is driving the adoption of medical device connectivity solutions and services in this segment

The medical device connectivity market is expected to grow significantly over the next few years as more hospitals and healthcare providers adopt connected medical devices. As the demand for remote medical care increases, the need for integrated medical device connectivity solutions will also increase. Additionally, the increasing demand for connected healthcare systems, as well as the increasing number of connected medical devices, will drive further growth in the medical device connectivity market.

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Recent Developments

In 2021, Koninklijke Philips N V signed an agreement to acquire Capsule Technologies Inc. This strategy expanded Philips & leadership in patient care management connectivity solutions for hospitals, as Capsule Technologies is a leading provider of medical device integration and data technologies for hospitals and healthcare organizations.

In 2021, Masimo Corporation launched iSirona, a connectivity solution for EMR integration, surveillance monitoring, alarm management, mobile notifications, smart displays, and analytics.

In 2021, Lantronix launched EDS3000, a multi-serial port for ethernet services that delivers next-generation hybrid ethernet terminal/multi-serial port device server connectivity for easy remote access and management of virtually any IT/networking equipment or edge device (ideal for medical devices).
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