June 16, 2024
Medical Device Connectivity Market

Medical Device Connectivity Market is Estimated to Witness High Growth Owing to Growing adoption of medical device connectivity solutions

The Medical Device Connectivity Market involves connecting medical devices such as patient monitors, clinical monitors, and even diagnostic equipment, electronically to hospital information systems. This connectivity enables real-time capture and integration of the medical device data into hospital electronic health records for efficient clinical workflow and patient care. Medical device connectivity solutions facilitate uninterrupted data flow between clinical systems and medical devices, enabling improved collaboration between care teams.

The Global Medical Device Connectivity Market is estimated to be valued at US$ 4.04 Bn in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Medical Device Connectivity Market Growth Connectivity are ACS Material, American Elements, Arkema Group, BASF SE, Cabot Corporation, CHASM Advanced Materials Inc., Chengdu Organic Chemicals Co. Ltd (Timesnano), Jiangsu Cnano Technology Co. Ltd, LG Chem, Nano-C, Nanocyl SA, Nanophase Technologies Corporation, OCSiAl, Raymor Industries Inc., Showa Denko K.K., And Zyvex Technologies.

Key opportunities in the medical device connectivity market include integration of medical device data with hospital EHR and cloud systems for improved clinical outcomes. Medical device connectivity solutions allow for remote monitoring of patients, resulting in better management of chronic conditions. This reduces hospital readmissions and healthcare costs.

The medical device connectivity market is witnessing high growth in regions such as North America, Europe, Asia Pacific owing to increasing governmental initiatives and investments toward development of digital healthcare infrastructure and services. Growing adoption of connected healthcare devices and systems in middle income countries is expected to drive the global expansion of the medical device connectivity market during the forecast period.

Market drivers

One of the key drivers for the medical device connectivity market is the growing adoption of medical device connectivity solutions by healthcare providers to improve clinical workflow and patient care. Connecting medical devices to EHRs allows for real-time data exchange between care teams, enabling optimized treatment decisions and reduction in diagnostic errors. This is the major factor expected to further propel the demand for medical device connectivity solutions during the forecast period from 2024 to 2031.

PEST Analysis

Political: Medical device connectivity is regulated by national and international regulatory bodies like FDA and European Medicines Agency. Favorable government policies for connected healthcare devices is driving market growth.

Economic: Rising healthcare costs and aging population is putting pressure on governments to promote efficient healthcare delivery. Connected medical devices are helping improve care coordination and reduce costs.

Social: Increasing acceptance of telehealth and remote patient monitoring is positively impacting adoption of connected medical devices. Growing awareness about benefits of digital healthcare is a key social driver.

Technological: Advancements in wireless technologies, interoperability standards, cloud infrastructure and data analytics are facilitating seamless integration of medical devices with digital platforms. Integration of AI and IoT opens new opportunities.

The geographic region with the highest market concentration in terms of value for the medical device connectivity market is North America. Favorable regulations, advanced healthcare infrastructure and presence of major players have led to North America dominating the market.

The fastest growing regional market for medical device connectivity is expected to be Asia Pacific over the forecast period. Rising healthcare spending, large patient pool, growing telehealth adoption and government support for connected healthcare initiatives are driving rapid growth in Asia Pacific countries like China and India.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it