Market Size –
The medical device connectivity market size has grown exponentially in recent years. It will grow from $2.83 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to rise in chronic diseases, demand for streamlined healthcare operations, growing demand for telehealth services, growing demand for remote patient monitoring, focus on data analytics and predictive insights.
The medical device connectivity market size is expected to see exponential growth in the next few years. It will grow to $9.24 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to rising demands for seamless integration, increasing digitization of healthcare, growing aging population, increasing adoption of electronic health records, and increasing healthcare expenses. Major trends in the forecast period include IoT-enabled devices, electronic health records (EHR) systems, real-time patient data, patient engagement, remote diagnostics, and telemonitoring.
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Scope Of Medical Device Connectivity Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Medical Device Connectivity Market Overview
Market Drivers –
Growing penetration of electronic health records is expected to propel the growth of the medical device connectivity market going forward. An electronic health record (EHR) is a digital version of a patient’s paper chart containing real-time, patient-centered information that is securely available to authorized users. Medical device connectivity solutions facilitate the seamless data exchange between medical devices and EHR systems, allowing for real-time integration of patient monitoring data, diagnostic results, and treatment information. The integration of medical devices with EHRs enables healthcare providers to access comprehensive patient information at the point of care, enhancing clinical decision-making and care coordination. For instance, in 2021, according to the Office of the National Coordinator for Health Information Technology (ONC), a US-based national health information technology infrastructure, the adoption of certified electronic health record technology among non-federal acute care hospitals in the United States increased from 96% in 2021 to 97% in 2022. Therefore, the growing penetration of electronic health records (EHR) drives the medical device connectivity market.
Market Trends –
Major companies operating in the lentiviral vectors market are focusing on developing LV vector production platforms, such as LentiSure, to enhance the efficiency and robustness of producing lentivirus vectors for cell-based immuno-oncology therapies. LentiSure is the LV vector production platform producing lentiviral vectors used in cell-based immuno-oncology therapies. It is designed to enhance efficiency and robustness in generating vectors. For instance, in May 2023, Yposkesi sk pharmteco, a France-based manufacturer of viral vectors, launched LentiSure, an advanced platform designed to enhance the production of lentiviral (LV) vectors, aiming to improve the resilience and efficiency of lentivirus production. This platform addresses the growing demand for robust and economically scalable viral-vector manufacturing technologies in cell and gene therapies. It offers consistent product quality with average titers at cell culture harvest at 10e7 IG/mL bioreactor volume, ensuring higher productivity and success for cell therapy developers.
The medical device connectivity market covered in this report is segmented –
1) By Component: Hardware, Services, Software
2) By Technology: Wired Technologies, Wireless Technologies, Hybrid Technologies
3) By Application: Vital Sign Monitoring Systems, Cardiology Devices, ICU Systems, Oncology Systems, Home Healthcare Devices, Other Applications
4) By End-Use Vertical: Hospitals And Clinics, Diagnostic Centers, Healthcare Research Centers, Other End Users
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Regional Insights –
North America was the largest region in the medical device connectivity market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device connectivity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the medical device connectivity market are Amazon Web Services Inc., Google LLC, Microsoft Corporation, Siemens AG, Cisco Systems Inc., Qualcomm Technologies Inc., Abbott Laboratories, Oracle Corporation, Honeywell International Inc., Medtronic PLC, Thales Group, Koninklijke Philips N.V., Stryker Corporation, GE HealthCare Technologies Inc., Infosys Limited, TE Connectivity Ltd., Baxter International Inc., Wipro Limited, Drägerwerk AG & Co. KGaA, Masimo Corporation, OSI Systems, Inc., Digi International Inc., Ascom Holding AG, Lantronix Inc., NantHealth Inc., Spectrum Medical Ltd., Silex Technology Inc., iHealth Labs Inc., Iatric Systems Inc., LifeOmic Holdings LLC
Table of Contents
1. Executive Summary
2. Medical Device Connectivity Market Characteristics
3. Medical Device Connectivity Market Trends And Strategies
4. Medical Device Connectivity Market – Macro Economic Scenario
5. Global Medical Device Connectivity Market Size and Growth
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31. Medical Device Connectivity Market Other Major And Innovative Companies
32. Global Medical Device Connectivity Market Competitive Benchmarking
33. Global Medical Device Connectivity Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medical Device Connectivity Market
35. Medical Device Connectivity Market Future Outlook and Potential Analysis
36.Appendix
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