Dublin, August 24, 2021 (GLOBE NEWSWIRE) – The “Medical Device Connectivity Market Research” report has been added to ResearchAndMarkets.com offer.
The global medical device connectivity market is expected to reach USD 4.9 billion by 2026, up from USD 1.7 billion in 2021, with a CAGR of 24.4%.
The growth of this market is primarily due to rising healthcare costs, the importance of integrating increasingly complex data sets, the growing adoption of electronic medical records, and the implementation implementing a number of IT initiatives and healthcare reforms. The increase in COVID-19 cases and the growing attention to quality of care and patient safety are further driving the market for medical device connectivity solutions across the globe.
However, the high installation costs of medical device connectivity platforms and the reluctance of healthcare professionals to adopt advanced healthcare IT solutions are expected to limit the growth of this market to some extent.
On the basis of products and services, medical device connectivity solutions accounted for the largest share 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.
Medical device connectivity solutions accounted for the largest share of medical device connectivity, which is attributed to the increased adoption of EHRs and other interoperability solutions in healthcare organizations. Growing regulatory requirements, healthcare reforms, and the shift of point-of-care diagnostics from hospitals to home care facilities are also contributing to the growth of this market.
Based on technology segment, wireless technologies accounted for the largest share during the forecast period
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 provide better quality of care as physicians are constantly receiving real-time patient updates, enabling faster treatments. These technologies also allow shorter hospital stays and reduced healthcare costs through remote monitoring of patients without compromising the effectiveness of treatment. These advantages support the growth of the wireless technology segment.
Based on application segment, Vital signs and patient monitors segment accounted for the largest share during the forecast period
On the basis of applications, the medical device connectivity market has been segmented into vital signs and patient monitors, anesthesia machines and ventilators, infusion pumps, and other applications. The other applications segment includes imaging systems, implantable cardiac devices, respiratory devices, neurological devices, and fetal monitoring devices.
Vital signs and 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 these monitors for continuous patient monitoring due to the incidence growing chronic conditions among aging populations and its need in emergency departments and operating rooms.
In addition, the increasing adoption of such monitors for remote monitoring of patients during the COVID-19 pandemic is propelling the market growth.
Based on end-user segment, hospitals accounted for the largest share during the forecast period
Based on end users, the medical device connectivity market is segmented into hospitals, home care centers, diagnostic and imaging centers, and ambulatory care centers. In 2020, the hospital segment accounted for the largest share of the medical device connectivity market.
The large share of this segment can be attributed to the large volume of patients, the high purchasing power of hospitals to purchase advanced medical device connectivity solutions, the declining margins in hospitals and the increased focus on providing high quality patient care and safety.
In addition, the growing attention to remote patient monitoring devices for continuous monitoring of patients affected by COVID-19 and the increasing incidence of various chronic respiratory diseases are driving the adoption of device connectivity solutions and services. medical in this segment.
North America accounted for the largest share of the medical device connectivity market during the forecast period
In 2020, North America accounted for the largest share of the medical device connectivity market, followed by Europe, Asia-Pacific, Latin America, Middle East and Africa.
The large share of this region can be attributed to factors such as increasing consolidation among healthcare providers, widespread adoption of connectivity solutions and clinical device interoperability to reduce rising healthcare costs. health, the growing number of coronavirus patients in the United States and strict regulations and guidelines set by various government and non-government authorities such as the Health Insurance Portability and Accountability Act (HIPPA), the Federal Communications Commission (FCC) and the Centers for Medicare and Medicaid Services (CMS).
The presence of a large number of players in the region is also a key factor contributing to North America’s significant share of the medical device connectivity market.
- Growing number of COVID-19 cases and need for continuous patient monitoring to drive market growth
- Hospitals accounted for the largest share of the Asia-Pacific market in 2020
- China To Record Highest Revenue Growth During Forecast Period
- North America will continue to dominate the medical device connectivity market during the forecast period
- Developing markets will register higher growth rate during the forecast period
- Transition to cloud-based solutions
- Integration of medical device data into healthcare delivery processes
- Growing need for semantic interoperability thanks to connectivity solutions for medical devices
- Transition of Poc diagnostics from hospitals to home settings
- Growing adoption of telehealth solutions
- Shift from pay-for-performance models to pay-for-results models drives demand for connectivity solutions for medical devices
- M2M communications and artificial intelligence boom in healthcare
- Low power and advanced connectivity solutions in software architecture
- Rising global prevalence of COVID-19
- Growing penetration of Ehrs and health information exchange systems in healthcare facilities
- Cost Benefits of Connected Healthcare Environments Versus Rising Healthcare Spending
- Growing integration of medical devices into hospital information systems
- Support and favorable government initiatives
- Growing focus on quality of care and patient safety
- Medical device connectivity aids in data analysis
- Growing investments to improve health infrastructure
- High cost of deployment for small healthcare organizations
- Reluctance of healthcare professionals to adopt advanced IT solutions for healthcare
- Growing consolidation in the healthcare sector
- Growing inclination towards home health care
- Growing Telehealth and Remote Patient Monitoring Markets
- Emerging Markets
- Integration between various hospital information systems and medical devices
- Data security concerns
- Lack of qualified health IT professionals
- Ascom Holdings AG: Company presentation
- Bridge-Tech Medical, Inc.
- Cerner Corporation
- Cisco Systems
- Digi International Inc.
- Dragerwerk AG & Co. KGaA
- GE Healthcare
- Hill-Rom Holdings Inc.
- Honeywell International Inc
- Iatric Systems, Inc.
- Ihealth Labs Inc.
- Koninklijke Philips NV
- Masimo Company
- Medicollector LLC
- Medtronic plc
- Osi Systems, Inc.
- S3 connected health
- Silex Technology, Inc.
- Specter Medical Ltd.
- Stryker Company
- Te Connectivity Ltd.
- True Process (a subsidiary of Baxter International)
- Wipro Limited
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