HOW BIG IS THE GLOBAL MEDICAL DEVICE CONNECTIVITY MARKET?
The global medical device connectivity market size is estimated to reach USD 5.4 billion by 2027.
WHAT IS MEDICAL DEVICE CONNECTIVITY?
Connectivity within medical devices is maintained for stable and rapid transfer of information and data within devices. For example, consider patient monitoring devices; for example, these devices monitor the patient’s condition 24/7 and transmit information about body rhythms every second. Connectivity to these devices can be both wired and wireless. The wireless is connected via WIFI, Bluetooth, etc., and the wired is connected via cables. The wired connection is considered the most stable connection in general. This connectivity and data transfer helps eliminate manual data transfer, making the patient care process more efficient and faster.
HOW DOES COVID-19 AFFECT MEDICAL DEVICE CONNECTIVITY?
The COVID-19 outbreak has several serious issues that have spread to many different parts of the world. First, the health sector has been hardest hit by the disruption of supply and demand networks due to the pandemic, which has resulted in lockdown restrictions due to an increase in the number of cases and patients and a lack of beds, medical supplies and health personnel to care for patients. As a result, attention has been diverted to COVID patients, delaying surgeries and less critical physical exams.
The pandemic has had a positive effect on the medical device connectivity market. The number of patients has steadily increased and the need for continuous covid patient minimization even in home care settings has led to increased demand for suitable connectivity devices. In addition, the need for appropriate remote patient monitoring and improved telemedicine devices, along with the growing interest of major market players in wireless devices and EHR systems for monitoring, has led to a market growth.
Therefore, the COVID-19 situation has fueled the market and helped create awareness about the need for continuous monitoring system, thereby supporting the medical device connectivity market.
WHAT ARE THE MEDICAL DEVICE CONNECTIVITY MARKET DRIVERS?
Growing geriatric populations and rates of chronic disease are driving the need for medical connectivity devices. The need to improve patient healthcare systems, regulations and IT health initiatives, while ensuring patient safety and good connectivity between healthcare environments, is propelling the growth of the market. Connectivity of medical devices helps to encourage telehealth systems and accurate and timely data collection. The connectivity also helps in analyzing the collected data, helping to understand each patient’s condition individually.
Increasing information exchange system, regulatory and patient safety needs, and high rates of acceptance by patients, governments, and healthcare institutions are driving the market growth and increasing the systems of EHR and the need for healthcare systems organizations to promote market growth. . Additionally, the increase in electronic health records to retain patient medical history data helps prevent medical errors and encourages a smooth flow of information in health systems. The process of manually entering and storing data can be tedious and, what is not mentioned, may include errors, but when it comes to storing data electronically, the risk of error is very low. This has resulted in strong adoption of EHRs; an example of acceptance is the US HITECH Act, the Health Information Technology for Economic and Clinical Health Act, which has prompted health systems to effectively use EHR systems to encourage their development.
WHAT ARE THE FACTORS HINDERING THE GROWTH OF THE MEDICAL DEVICE CONNECTIVITY MARKET?
The market is held back by the high cost of medical device connectivity, which makes it difficult for small healthcare structures to adopt it. Apart from this, the threat of data breach, lack of a standard interface to follow while using the devices, and interoperability issues are hindrances for the expansion of the market.
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WHICH PRODUCT & SERVICE SEGMENT DOMES THE MARKET?
The medical device connectivity solutions segment is expected to hold the largest market share during the forecast period. The dominance of this segment can be attributed to the increased need for integrated healthcare systems, the shift to home care facilities and better remote care services. Additionally, adoption of EHR services in healthcare systems to maintain good organizational flow and avoid medical errors is growing the segment.
WHICH SEGMENT BY TECHNOLOGY DRIVED THE MEDICAL DEVICE CONNECTIVITY MARKET IN 2021?
The wireless technology segment dominated the market in 2020 and is expected to continue to dominate the market over the forecast period owing to the ease of use of wireless technology along with its efficiency and quick response. Wireless devices provide healthcare professionals with real-time patient updates around the clock and are very useful in continuous monitoring and remote patient care situations. The technology also reduces hospital expenses and length of stay due to its rapid processing.
WHICH SEGMENT BY END-USER IS ANTICIPATED TO LEAD THE MEDICAL DEVICE CONNECTIVITY MARKET?
The hospital segment is expected to account for the largest market share during the forecast period. This dominance is due to the growing influx of patients in hospitals, the credibility of the people towards hospitals and the availability of quality technologies in hospitals. Moreover, hospitals provide patients with safety and quality, making it the most profitable segment.
WHAT ARE THE LARGEST REGIONAL AND FASTEST GROWING REGIONAL MARKETS IN THE GLOBAL MEDICAL DEVICE CONNECTIVITY MARKET?
Due to rising disposable income and rising healthcare costs, countries in North America are expected to dominate the market, growing number of coronavirus patients in the US, increasing consolidation of healthcare providers healthcare, widespread adoption of clinical device connectivity and interoperability solutions to reduce healthcare costs, and stringent regulations and guidelines established by various governmental and non-governmental authorities, including the Health Insurance Portability and Accountability (HIPPA) Act. Act), the Federal Communications Commission (FCC), and the Centers for Medicare and Medicaid Services (CMS) (CMS) are supporting the growth of the market. Another necessary explanation for North America’s large market share in the medical device connectivity space is the abundance of competitors in the region.
The European region accounted for the second largest share of the global market in 2021. Additionally, the medical device connectivity market has been boosted by the existence of crucial industry players with enhanced healthcare products.
Therefore, during the forecast period, Asia-Pacific is expected to experience the fastest growth. Rising R&D spending for creating state-of-the-art healthcare infrastructure is tied to the upside. Additionally, positive government actions and an increase in per capita income will support market expansion.
WHICH COMPANIES PLAY A DOMINANT ROLE IN THE MEDICAL DEVICE CONNECTIVITY MARKET?
iHealth Labs Inc., Cisco Systems, Lantronix Inc., Infosys, S3 Connected Health, Spectrum Medical Ltd., Hill-Rom Holdings Inc., Iatric Systems Inc., Silex Technology, Digi International Inc., True Process, TE Connectivity, Bridge -Tech Medical, Dragerwerk AG & CO. KGAA, Honeywell International, Ascom Holdings AG, Wipro Ltd. and OSI are some of the major players in the medical device connectivity market.
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