Medical devices are increasingly being developed with enhanced connectivity features to access patient data in real-time and leverage digital platforms for improved care coordination. Connected medical devices help clinicians access vital health metrics outside of clinical settings, monitor patients remotely, and integrate device data with electronic health records for comprehensive insights. This enables improved management of chronic conditions, facilitates care continuum across inpatient and outpatient settings, and lowers healthcare costs through preventive measures. The global Medical Device Connectivity Market is estimated to be valued at US$ 3.5 Bn in 2023 and is expected to exhibit a 14% CAGR over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the medical device connectivity market is propelled by the surge in medical data generated through connected devices. With the integration of sensors, wireless technologies and internet of things (IoT), modern medical devices are able to generate huge volumes of patient health data on a constant basis. This data holds valuable insights regarding patient conditions, treatment effectiveness and medication adherence. Leveraging big data analytics on this medical information helps clinicians gain a wholistic view of patient health, make informed care decisions and develop personalized treatment protocols. It also enables pharmaceutical companies and research institutes to conduct epidemiological studies and clinical trials on a wider population data for accelerated drug discovery and new therapy development. The abundant availability of connected medical device data thus acts as a key growth driver for the overall market.
Strength: The medical device connectivity market enables sharing of patient health information between different medical devices which helps healthcare providers in better treatment and clinical decision making.
Weakness: Data privacy and security concerns with sharing of sensitive patient health data. Interoperability issues between devices from different manufacturers.
Opportunity: Growing usage of electronic health records and wireless technologies. Increased adoption of value based care model which relies on integration of medical devices.
Threats: High costs associated with upgrading existing medical infrastructure. Lack of common connectivity standards can limit usage.
The Global Medical Device Connectivity Market Size is expected to witness high growth supported by increasing digitization of healthcare and focus on remote patient monitoring.
Regional analysis: The North America region holds the largest share in the medical device connectivity market owning to growing adoption of digital healthcare solutions across clinics and hospitals. Asia Pacific is anticipated to witness highest growth during forecast period driven by healthcare infrastructure developments, focus on cost containment through remote monitoring and increasing investments from market players.
Key players operating in the medical device connectivity market 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. These players are focused on new product launches and collaborations to strengthen their market position.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it