Medical Device Connectivity Market Overview:
The Medical Device Connectivity Market is projected to reach USD 4.9 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 24.4%. Growth in this market is majorly due to growth in the telehealth and remote patient monitoring markets, and the growing inclination towards home healthcare is expected to provide significant growth opportunities for players operating in the medical device connectivity market. The high burden of COVID-19, increasing healthcare costs, strong government support and initiatives and the growing focus on the quality of care and patient safety are further driving the market for medical device connectivity solutions across the globe. However, concerns related to integration between various hospital information systems and medical devices and the reluctance of healthcare professionals to adopt advanced healthcare IT solutions are expected to limit the growth of this market to a certain extent.
COVID-19 Impact on Medical Device Connectivity Market
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. The pandemic has led to a significant increase in the demand for remote monitoring and patient engagement solutions. Most hospitals/healthcare facilities are currently trying to expand patient monitoring to home care settings or other temporary setups to provide optimal care. COVID-19 has led to a significant surge in demand for medical device connectivity integration in patient monitoring systems and devices, both in the hospital and home care settings, and manufacturers are increasingly focusing on expanding their portfolios to meet the increasing need for medical device connectivity solutions. During the first quarter of 2020, the market witnessed an increase in demand for certain products that are correlated to the response to COVID-19, including respiratory, wireless monitoring solutions, and point-of-care cardiac monitoring products. However, the demand and adoption of medical device connectivity solutions have been constant throughout the year, and the trend has continued well in the first half of 2021. The pandemic has sparked a sudden interest in wireless medical devices and EHR systems and telemetry solutions for remote monitoring of COVID-19 patients, with the major adoption being witnessed in non-hospital settings
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The hospitals segment accounted for the largest share of the medical device connectivity market in 2020
Based on end users, the medical device connectivity market is segmented into hospitals, home healthcare centers, diagnostic & imaging centers, and ambulatory care centers. In 2020, the hospitals segment accounted for the largest share of the medical device connectivity market. The large share of this segment can be attributed to the large patient volume, the 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. Also, the increasing focus on remote patient monitoring devices for continuous monitoring of patients affected by COVID-19 and the increasing incidence of various chronic respiratory diseases is driving the adoption of medical device connectivity solutions and services in this segment
North America is expected to register the highest CAGR in the medical device connectivity market
The North America market is expected to grow at the highest CAGR from 2021 to 2026. This can be attributed to factors such as growing consolidation among healthcare providers, widespread adoption of clinical device connectivity and interoperability solutions to curtail the rising healthcare costs, rising number of coronavirus patients in the US, and stringent regulations and guidelines laid down by the various government and non-government authorities and the presence of a large number of players in the region.
The prominent players in the medical device connectivity market include Cerner Corporation (US), Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), Lantronix Inc. (US), Infosys (India), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), Hill-Rom Holdings Inc. (US), Iatric Systems Inc. (US), Silex Technology (Japan), Digi International Inc. (US), True Process (US), TE Connectivity (Switzerland), Bridge-Tech Medical (US), Medicollector LLC (US), Dragerwerk AG & CO. KGAA (Germany), Honeywell International (US), Ascom Holdings AG (Switzerland), Wipro Ltd. (India), and OSI Systems (US).
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