Medical Device Connectivity is fastest growing segment fueling the growth of Medical Device Connectivity Market
The global Medical Device Connectivity Market is estimated to be valued at US$ 3.5 Bn in 2023 and is expected to exhibit a CAGR of 25 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical Device Connectivity facilitates integration of medical devices with
electronic health records and other health IT systems. This enables real-time
patient monitoring, data sharing between care teams, improved clinical
workflows and regulatory compliance.
Market key trends:
The increasing adoption of medical device connectivity software and
protocols helps reduce medical errors, improve patient care, and facilitate
clinical decision making. Growing investments from healthcare IT companies and
hospitals to upgrade legacy systems are also driving market growth. Additionally,
factors such as rising healthcare costs, and increasing need for integrated
healthcare systems are expected to boost the medical device connectivity market
over the forecast period.
Segment
Analysis
The medical
device connectivity market is segmented based on type, technology, application,
and end-user. Based on type, it is segmented into wired and wireless
connectivity. Wired connectivity dominates the market as it is more secure and
facilitates faster data transfer compared to wireless connectivity. Based on
technology, it is segmented into WLAN, WPAN, WWAN, and wired technologies. WLAN
dominates as it facilitates seamless and faster data transfer within a limited
range.
Key Takeaways
The
Global Medical Device Connectivity Market Size is expected to witness
high growth, exhibiting CAGR of 25%
over the forecast period, due to increasing adoption of IoT in healthcare
sector.
Regional analysis: North America dominates the market due to presence of
advanced healthcare infrastructure and rising adoption of digital healthcare
solutions in the region. Asia Pacific is expected to grow at the fastest pace
due to increasing healthcare expenditure and growing medical tourism industry
in emerging countries of the region.
Key players: Key players operating in the medical device connectivity market
are Medtronic, GE Healthcare, Capsule Tech Inc., Cerner Corporation,
Koninklijke Philips N.V., Digi International Inc., Cisco System Inc., Siemens
Healthineers, Honeywell International Inc., Medshift, and Drägerwerk AG &
Co. KGaA. Medtronic dominates the market due to its wide product portfolio and
global sales network.
Get more insights on this topic:
https://www.marketwebjournal.com/medical-device-connectivity-market-insights-trends/
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