Global Medical Device Connectivity Market Set to Grow at Healthy CAGR by 2026

Posted by nileshdbmr on December 5th, 2019

Global medical device connectivity market is expected to rise to an estimated value of USD 10.54 billion by 2026, registering a healthy CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the rising adoption of remote monitoring capabilities in healthcare services along with increasing the quality of services and safety of patients.

Medical device connectivity is the application of digital technology which involves connecting the medical devices providing treatment and being used for servicing the patients to be connected with a central network, this technology is then used to control the usage, administer therapeutics, supply continuous remote monitoring and accompanying data, etc. The application of this technology results in lower cost of treatment, as well as providing better diagnosis based on the collected patient data.

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Segmentation: Global Medical Device Connectivity Market

• By Product & Service (Solutions, Services)
• By Components (Wireless Hardware, Wired Hardware, Software)
• By Technology (Wired Technologies, Wireless Technologies, Hybrid Technologies)
• By End-User (Hospitals, Home Healthcare, Ambulatory Care Centers, Imaging & Diagnostic Centers)
• By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)

Competitive Analysis: Global Medical Device Connectivity Market

Global medical device connectivity market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of medical device connectivity market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Market Competitors: Global Medical Device Connectivity Market

Few of the major competitors currently working in the global medical device connectivity market are GENERAL ELECTRIC COMPANY; Cisco; Koninklijke Philips N.V.; iHealth Labs Inc.; Capsule Technologies, Inc.; Baxter; Cerner Corporation; Bernoulli; Medtronic; Silex Technology, Inc.; McKesson Corporation; NantHealth, Inc.; Infosys Limited; Lantronix, Inc.; Spectrum Medical; Digi International Inc.; Siemens Healthcare GmbH; eDevice and Drägerwerk AG & Co. KGaA.                                                                                          

Market Drivers

• High rates of infiltration of digital services such as EHR's and patient data in healthcare organizations; this factor is expected to drive the growth of the market
• Rising levels of policies adoption resulting in better healthcare IT services; this factor is expected to drive the growth of the market
• Connectivity of medical devices and services being provided to patients in healthcare settings provide lower costs and helps provide better analysis of patient data; this factor is expected to drive the growth of the market

Market Restraints

• Large costs associated with the integration of these services in case of small-scale healthcare organizations; this factor is expected to restrain the growth of the market
• Unwillingness in preference and adoption of digital healthcare IT services; this factor is expected to restrain the growth of the market

Reasons to Purchase this Report

• Current and future of global medical device connectivity market outlook in the developed and emerging markets
• The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
• Regions/Countries that are expected to witness the fastest growth rates during the forecast period
• The latest developments, market shares, and strategies that are employed by the major market players

Customization of the Report:

• All segmentation provided above in this report is represented at country level
• All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)

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