The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global medical device connectivity market is projected to reach USD 4.3 billion by 2025 from USD 1.4 billion in 2020, at a CAGR of 25.7% during the forecast period. The market for medical device connectivity is primarily driven by the rising prevalence of coronavirus disease, increasing penetration of EHRs and health information exchange systems in healthcare organizations, and growing focus on care quality and patient safety. However, the high cost of installation for small healthcare organizations will restrain market growth.
“The support and maintenance services segment accounted for the largest share of the medical device connectivity services market.”
On the basis of type, the medical device connectivity services market is segmented into implementation and integration services, support and maintenance services, training services, and consulting services. The support and maintenance services segment accounted for the largest share of the medical device connectivity services market in 2019. Support and maintenance services take care of interoperability and software complexity issues. These services ensure that clients (healthcare providers) obtain access to the vendor company’s technical knowledge base, gain support from its product support team, and acquire application management skills. These factors are supporting the growth of the support and maintenance services.
“Hospitals are the largest end users of the medical device connectivity market.”
On the basis of end user, the hospitals segment accounted for the largest share of the global medical device connectivity market in 2019. The large share of this segment can be attributed to the large patient volume, 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.
“APAC is projected to witness the highest growth during the forecast period.”
The APAC market is estimated to register the highest CAGR during the forecast period. Favorable government initiatives for implementing IT in the healthcare industry, growing medical tourism, rising need for advanced telehealth and eHealth solutions to monitor the huge volume of patients with COVID-19 infection, and the rising demand for quality healthcare at low costs are driving the growth of this market.
The breakdown of primary participants is mentioned below:
- By Company Type: Tier 1–45%, Tier 2–35%, and Tier 3–20%
- By Designation: C-level–40%, Director Level–35%, and Others–25%
- By Region: North America–35%, Europe–30%, Asia Pacific–15%, Latin America–10%, and the Middle East & Africa–10%
Prominent players in this market include Capsule Technologies Inc. (US), Cerner Corporation (US), Philips Healthcare (Netherlands), GE Healthcare (US), Medtronic Inc. (Ireland), Cisco Systems (US), Infosys Limited (India), Digi International (US), Masimo Corporation (US), Hill-Rom Holdings Inc. (US), and Lantronix (US).
The report analyzes the various medical device connectivity products & services and their adoption patterns. It aims at estimating the market size and future growth potential of the medical device connectivity market for different segments, such as product & service, technology, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
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 them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global medical device connectivity market
- Product Development/Innovation: Detailed insights on upcoming trends, R&D activities, and product launches in the global medical device connectivity market
- Market Development: Comprehensive information on the lucrative emerging regions by product & service, technology, and end user
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global medical device connectivity market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the global medical device connectivity market