According to our new research study on "Medical Device Connectivity Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and Services, Technology, Application, End Use, and Geography," the market is expected to grow from US$ 2,161.68 million in 2022 to US$ 7,562.30 million by 2028; it is estimated to record a CAGR of 23.2% during 2023–2028. Factors driving the medical device connectivity market are the growing penetration of electronic health records or electronic medical records and the massive acceleration of telehealth services amid the COVID-19 pandemic.
Based on technology, the global medical device connectivity market is segmented into wireless technologies, wired technologies, and hybrid. In 2022, the wireless technologies segment held the largest share of the medical device connectivity market. The same segment is expected to register the highest CAGR from 2023 to 2028.
Medical Device Connectivity Market, by Region, 2022 (%)
Medical Device Connectivity Market Forecast to 2028 - Global Analysis By Product and Services (Medical Device Connectivity Solutions and Medical Device Connectivity Services), Technology (Wireless Technologies, Hybrid Technologies, and Wired Technologies), Application (Vital Signs and Patient Monitors, Anesthesia Machines and Ventilators, Infusion Pumps, and Others), and End Use (Hospitals, Ambulatory Surgical Centers, Imaging and Diagnostic Centers, and Homecare Settings)
Medical Device Connectivity Market Growth Report | 2023-2028
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Source: The Insight Partners Analysis
Wireless systems will play an important part in future healthcare technology. Wireless medical devices have created a variety of systems for greater efficiency, improved patient safety, data accuracy and analysis, and enhanced mobility. All these benefits drive higher levels of care while reducing costs and allowing hospitals to handle a high volume of patients. Devices such as bed monitors that detect a fall or movement can notify nurses when there is a change in patient activity.
iHealth Labs Inc, Oracle Corp, Lantronix Inc., Infosys Ltd, Digi International Inc., Cisco Systems Inc, Medtronic Plc, Koninklijke Philips NV, GE HealthCare Technologies Inc, and Silicon & Software Systems Ltd are among the key companies operating in the medical device connectivity market.
Companies are launching new and innovative products and services to sustain their position in the medical device connectivity market. This is boosting the medical device connectivity market growth. In November 2022, S3 Connected Health received Frost & Sullivan's Award for helping medical device companies create custom connected medical device solutions. The company has broad expertise in wireless connectivity, software development, software-as-a-medical-device (SaMD), Internet of Medical Things (IoMT), medical device regulations, and data security.
The report segments the global medical device connectivity market as follows:
Based on product and services, the medical device connectivity market is bifurcated into medical device connectivity solutions and medical device connectivity services. Based on technology, the medical device connectivity market is classified into wireless technologies, hybrid technologies, and wired technologies. By application, the medical device connectivity market is segmented into vital signs and patient monitors, Anesthesia machines and ventilators, infusion pumps, and others. Based on end use, the medical device connectivity market is classified into hospitals, ambulatory surgical centers, imaging and diagnostic centers, and homecare settings. By geography, the medical device connectivity market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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