Medical Device Connectivity Market by Product & Services, Technology, Application (Vital Signs & Patient Monitors, Ventilators, Anesthesia Machines, Infusion Pumps, Imaging Systems, Respiratory devices), End User, and Region - Global Forecast to 2028
Product & Services, Technology, Application and End-user
Regions covered
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
The global medical device connectivity market is projected to reach USD 7.4 billion by 2028 from USD 2.6 billion in 2023, at a CAGR of 21.5%. The market's growth is primarily fueled by the growing necessity to merge complex data sets due to the widespread adoption of electronic medical records and various healthcare IT initiatives. Factors like rising healthcare expenses, robust government support, the increasing demand for data analytics in healthcare, and the amplified emphasis on quality care and patient safety are boosting the global market for medical device connectivity solutions.
Nevertheless, challenges concerning the integration of hospital information systems with medical devices, the high initial costs of installing these connectivity platforms, and the hesitation among healthcare professionals to embrace sophisticated IT solutions are expected to somewhat constrain the market's growth.
"Based on the products and services, the medical device connectivity solutions accounted for the largest share during the forecast period."
Based on products and services, the medical device connectivity market is segmented into medical device connectivity solutions, peripheral technologies/ medical devices, and medical device connectivity services. The medical device connectivity solutions accounted for the largest share of the medical device connectivity. This segment's significant market share is due to the rising use of EHRs and similar interoperability solutions in healthcare groups. This trend is driven by increasing regulatory demands, changes in healthcare policies, the transition of diagnostics from hospitals to home care, and the rising necessity for unified healthcare systems to enhance healthcare quality and results.
"Based on the technology segment, wireless technologies accounted for the largest share during the forecast period."
The medical device connectivity market is categorized based on technology into wired, wireless, and hybrid technologies. In 2022, the segment pertaining to wireless technologies dominated the largest portion of the market share within medical device connectivity. Wireless technologies in healthcare provide enhanced care by ensuring doctors receive instant patient updates, facilitating quicker treatments. These tools also allow shorter hospital stays and cost savings through remote patient monitoring, all while maintaining treatment effectiveness. These advantages are driving the expansion of the wireless technologies segment in the industry.
"Based on application segment, vital signs & patient monitors segment accounted for the largest share during the forecast period."
Based on applications, the medical device connectivity market has been segmented into vital signs and patient monitors, ventilators, anesthesia machines, infusion pumps, imaging systems, respiratory devices, and others. The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2022. The reason behind this is the extensive utilization of these monitors for ongoing patient monitoring, primarily due to the increased occurrence of chronic illnesses among the aging demographic. Additionally, their necessity in emergency rooms and operating theaters contributes to their widespread use. Furthermore, the growing adoption of these monitors for remote patient monitoring during the COVID-19 pandemic is driving market growth.
"Based on end user segment, hospitals accounted for the largest share during the forecast period."
Based on end users, the medical device connectivity market is segmented into hospitals and surgical centers, maternity and fertility care, trauma and emergency care, tertiary care centers, home care settings, ambulatory & OPD, imaging and diagnostic centers, and others. In 2022, the hospitals segment accounted for the largest share of the medical device connectivity market. This segment holds a significant share due to several factors. Firstly, there is a high volume of patients, and hospitals have substantial financial capacity to invest in sophisticated medical device connectivity solutions. Additionally, declining hospital profit margins are pushing for heightened attention toward top-tier patient care and safety. Moreover, the rising usage of remote patient monitoring devices, especially for COVID-19 patients and those with chronic respiratory illnesses, is propelling the adoption of medical device connectivity solutions and services within this segment.
"North America accounted for the largest share in the medical device connectivity market during the forecast period."
In 2022, North America accounted for the largest share of the medical device connectivity market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The dominance of this region in the medical device connectivity market stems from several key factors. Notably, increased collaboration among healthcare providers and the extensive adoption of clinical device connections and interoperability solutions are aimed at managing escalating healthcare expenses. Additionally, strict regulations from bodies like HIPPA, FCC, and CMS play a pivotal role. Furthermore, the presence of numerous industry players significantly contributes to North America's substantial market share in medical device connectivity.
The break of primary participants was as mentioned below:
By Company Type - Tier 1-35%, Tier 2-45%, and Tier 3-20%
By Designation - C-level-35%, Director-level-25%, Others-40%
By Region - North America-45%, Europe-30%, Asia Pacific-20%, Latin America- 3%, Middle East and Africa-2%
Key players in the Medical Device Connectivity Market
The key players operating in the medical device connectivity market are include Ascom Holdings AG (Switzerland), Wipro Ltd. (India), Baxter International Inc. (US), Iatric Systems Inc. (US), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), TE Connectivity (Switzerland), Bridge-Tech Medical (US), Medicollector LLC (US), Silex Technology (Japan), Digi International Inc. (US), True Process (US), Oracle Corporation (US), Medtronic plc (Ireland), Masimo (US), Lantronix Inc. (US), Infosys (India), Dragerwerk AG & CO. KGAA (Germany), Honeywell International (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), and OSI systems (US).
Research Coverage:
The report analyzes the medical device connectivity market and aims at estimating the market size and future growth potential of this market based on various segments such as products & services, technology, application, end user, and region. The report also includes a product portfolio matrix of various medical device connectivity products & services available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a more significant share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers:
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Analysis of key drivers (rising geriatric population and the subsequent need to expand healthcare access, cost benefits of telehealth, ability to reduce burden on medical resources, advancements in telecommunications, and rising investments in telehealth solutions), restraints (variable regulatory standards across regional markets, healthcare fraud, informal usage of social media for healthcare practices), opportunities (impact of AI in remote patient monitoring market, RPM benefits againts infectious diseases), challenges (behavioral barriers and healthcare affordability, and data accessbility issues).
Market Penetration: Comprehensive information on product portfolios offered by the top players in the global medical device connectivity market. The report analyzes this market by products & services, technology, applications and end users.
Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global medical device connectivity market
Market Development: Comprehensive information on the lucrative emerging markets by products & services, technology, application, and end user
Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global medical device connectivity market
Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players in the global medical device connectivity market.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS & EXCLUSIONS
1.3 MARKET SCOPE
1.3.1 MARKETS COVERED
1.3.2 REGIONAL SEGMENTATION
1.4 YEARS CONSIDERED
1.5 CURRENCY
1.6 LIMITATIONS
1.6.1 SCOPE-RELATED LIMITATIONS
1.6.2 METHODOLOGY-RELATED LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
1.9 RECESSION IMPACT
2 RESEARCH METHODOLOGY
2.1 RESEARCH APPROACH
2.2 RESEARCH METHODOLOGY DESIGN
FIGURE 1 MEDICAL DEVICE CONNECTIVITY MARKET: RESEARCH DESIGN
2.2.1 SECONDARY RESEARCH
2.2.1.1 Key data from secondary sources
2.2.2 PRIMARY DATA
2.2.2.1 Primary sources
2.2.2.2 Key data from primary sources
2.2.2.3 Insights from primary experts
2.2.2.4 Breakdown of primary interviews: supply-side and demand-side participants
2.2.2.5 Breakdown of primary interviews: by company type, designation, and region
FIGURE 21 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR MEDICAL DEVICE CONNECTIVITY MARKET
5.4 INDUSTRY TRENDS
5.4.1 SHIFT TOWARDS CLOUD-BASED SOLUTIONS
5.4.2 INTEGRATION OF MEDICAL DEVICE DATA INTO CARE DELIVERY PROCESSES
5.4.3 GROWING NEED FOR SEMANTIC INTEROPERABILITY THROUGH MEDICAL DEVICE CONNECTIVITY SOLUTIONS
5.4.4 TRANSITION OF POC DIAGNOSTICS FROM HOSPITALS TO HOME SETTINGS
5.4.5 GROWING ADOPTION OF TELEHEALTH SOLUTIONS
5.4.6 SHIFT FROM PAYMENT-FOR-PERFORMANCE TO PAYMENT-FOR-OUTCOMES MODELS
5.4.7 M2M COMMUNICATIONS & ARTIFICIAL INTELLIGENCE BOOM IN HEALTHCARE
5.4.8 LOW-POWER CONNECTIVITY SOLUTIONS & ADVANCEMENTS IN SOFTWARE ARCHITECTURE
5.4.9 SUBSTITUTABLE MEDICAL APPLICATIONS, REUSABLE TECHNOLOGIES (SMART) ON FAST HEALTHCARE INTEROPERABILITY RESOURCES (FHIR)
5.5 VALUE CHAIN ANALYSIS
FIGURE 22 MEDICAL DEVICE CONNECTIVITY MARKET: VALUE CHAIN ANALYSIS
5.6 ECOSYSTEM ANALYSIS
FIGURE 23 MEDICAL DEVICE CONNECTIVITY MARKET: ECOSYSTEM ANALYSIS
5.7 TECHNOLOGY ANALYSIS
5.7.1 IOMT (INTERNET OF MEDICAL THINGS)
5.7.2 EDGE COMPUTING
5.8 TARIFF & REGULATORY ANALYSIS
5.8.1 TARIFF FOR MEDICAL DEVICE CONNECTIVITY SOLUTIONS
TABLE 2 LIST OF REGULATORY STANDARDS FOR MEDICAL DEVICE CONNECTIVITY SOLUTIONS
5.8.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.8.2.1 North America
5.8.2.1.1 US
TABLE 3 TESTS AND CERTIFICATION REQUIREMENTS FOR WIRELESSLY CONNECTED MEDICAL DEVICES
5.8.2.1.2 Canada
5.8.2.2 Europe
5.8.2.3 Asia Pacific
5.8.2.3.1 Japan
TABLE 4 CLASSIFICATION OF MEDICAL DEVICES IN JAPAN
5.8.2.3.2 China
5.8.2.3.3 India
5.9 PORTER'S FIVE FORCES ANALYSIS
TABLE 5 MEDICAL DEVICE CONNECTIVITY MARKET: PORTER'S FIVE FORCES ANALYSIS
5.9.1 INTENSITY OF COMPETITIVE RIVALRY
5.9.2 BARGAINING POWER OF SUPPLIERS
5.9.3 BARGAINING POWER OF BUYERS
5.9.4 THREAT OF NEW ENTRANTS
5.9.5 THREAT OF SUBSTITUTES
5.10 PATENT ANALYSIS
5.10.1 PATENT PUBLICATION TRENDS
FIGURE 24 PATENT PUBLICATION TRENDS: JANUARY 2011-NOVEMBER 2023
5.10.2 JURISDICTION ANALYSIS: TOP APPLICANTS (COUNTRIES) FOR MEDICAL DEVICE CONNECTIVITY PATENTS (2011-2023)
TABLE 6 JURISDICTION ANALYSIS: TOP APPLICANT COUNTRIES FOR MEDICAL DEVICE CONNECTIVITY PATENTS
FIGURE 25 NUMBER OF PATENT APPLICATION, BY JURISDICTION
5.10.3 MEDICAL DEVICE CONNECTIVITY MARKET: TOP APPLICANTS
FIGURE 26 TOP APPLICANTS FOR MEDICAL DEVICE CONNECTIVITY PATENTS (2011-2023)
5.10.4 MEDICAL DEVICE CONNECTIVITY MARKET: LIST OF PATENTS/PATENT APPLICATIONS
5.11 TRADE ANALYSIS
5.11.1 TRADE ANALYSIS FOR MEDICAL DEVICE CONNECTIVITY SOLUTIONS
FIGURE 27 IMPORTS OF PRODUCTS UNDER HSN CODE: 85176290, BY COUNTRY, 2022 (USD THOUSAND)
FIGURE 28 EXPORTS OF PRODUCTS UNDER HSN CODE: 85176290, BY COUNTRY, 2022 (USD THOUSAND)
5.12 CASE STUDY ANALYSIS
TABLE 7 CASE STUDY 1: PROVIDED A SOLUTION TO HOSPITALS TO OVERCOME NETWORK INFRASTRUCTURE CONNECTION CHALLENGES AND IMPROVE PATIENT CARE AND TRANSMISSION OF CRITICAL DEVICE OPERATIONAL DATA
TABLE 8 CASE STUDY 2: MEDICAL DEVICE INTEGRATION
5.13 KEY CONFERENCES & EVENTS
TABLE 9 LIST OF KEY CONFERENCES & EVENTS (2023-2024)
5.14 KEY STAKEHOLDERS & BUYING CRITERIA
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
TABLE 10 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR MEDICAL DEVICE CONNECTIVITY
TABLE 11 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR MEDICAL DEVICE CONNECTIVITY MARKET, BY PRODUCT & SERVICE
5.14.2 BUYING CRITERIA
FIGURE 29 KEY BUYING CRITERIA FOR MEDICAL DEVICE CONNECTIVITY MARKET, BY PRODUCT & SERVICE
TABLE 12 KEY BUYING CRITERIA FOR MEDICAL DEVICE CONNECTIVITY MARKET
5.15 PRICING ANALYSIS
TABLE 13 AVERAGE SELLING PRICE FOR MEDICAL DEVICE CONNECTIVITY SOLUTIONS, BY KEY PLAYER (2022)
TABLE 14 REGIONAL PRICING ANALYSIS OF REMOTE PATIENT MONITORING DEVICES, BY TYPE, 2021 (USD)
5.16 UNMET NEEDS ANALYSIS
TABLE 15 UNMET NEEDS IN MEDICAL DEVICE CONNECTIVITY MARKET
5.16.1 MEDICAL DEVICE CONNECTIVITY MARKET: END-USER EXPECTATIONS
TABLE 16 END-USER EXPECTATIONS IN MEDICAL DEVICE CONNECTIVITY MARKET
5.17 REIMBURSEMENT SCENARIO
TABLE 17 CPT CODES AND REIMBURSEMENT ANALYSIS OF US MEDICAL DEVICE CONNECTIVITY MARKET
5.18 INTEROPERABILITY STANDARDS
TABLE 18 KEY STANDARDS FOR INTEROPERABILITY IN MEDICAL DEVICE CONNECTIVITY MARKET
TABLE 19 QUALITATIVE ANALYSIS OF WIDELY USED DATA TRANSMISSION STANDARDS IN DIGITAL HEALTH SPECTRUM
5.19 MEDICAL DEVICE CONNECTIVITY BUSINESS MODELS
5.19.1 DEVICE MANUFACTURERS LICENSING MODELS
5.19.2 PAY-PER-USE OR PAY-PER-DEVICE MODELS
5.19.3 PLATFORM AS A SERVICE (PAAS) MODELS
5.20 MEDICAL DEVICE CONNECTIVITY INVESTMENT LANDSCAPE
FIGURE 30 INVESTOR DEALS AND FUNDING IN MEDICAL DEVICE CONNECTIVITY SOARED IN 2022
FIGURE 31 MOST VALUED MEDICAL DEVICE CONNECTIVITY FIRMS IN 2022 (USD BILLION)
6 MEDICAL DEVICE CONNECTIVITY MARKET, BY PRODUCT & SERVICE
6.1 INTRODUCTION
TABLE 20 MEDICAL DEVICE CONNECTIVITY MARKET, BY PRODUCT & SERVICE, 2021-2028 (USD MILLION)
6.2 MEDICAL DEVICE CONNECTIVITY SOLUTIONS
TABLE 21 MEDICAL DEVICE CONNECTIVITY SOLUTIONS MARKET, BY TYPE, 2021-2028 (USD MILLION)
TABLE 22 MEDICAL DEVICE CONNECTIVITY SOLUTIONS MARKET, BY COUNTRY, 2021-2028 (USD MILLION)
6.2.1 MEDICAL DEVICE INTEGRATION SOLUTIONS
6.2.1.1 Increasing demand for EHR implementation and need for accurate patient information to drive adoption
TABLE 23 MEDICAL DEVICE INTEGRATION SOLUTIONS OFFERED BY KEY MARKET PLAYERS
TABLE 24 MEDICAL DEVICE INTEGRATION SOLUTIONS MARKET, BY COUNTRY, 2021-2028 (USD MILLION)
6.2.2 TELEMETRY SYSTEMS
6.2.2.1 Rising demand for remote patient monitoring to drive adoption of telemetry systems
TABLE 25 TELEMETRY SYSTEMS OFFERED BY KEY MARKET PLAYERS
TABLE 26 TELEMETRY SYSTEMS MARKET, BY COUNTRY, 2021-2028 (USD MILLION)
6.2.3 CONNECTIVITY HUBS
6.2.3.1 Growing demand for remote patient monitoring and need to simplify workflows in healthcare settings to support growth
TABLE 27 CONNECTIVITY HUBS OFFERED BY KEY MARKET PLAYERS
TABLE 28 CONNECTIVITY HUBS MARKET, BY COUNTRY, 2021-2028 (USD MILLION)
6.2.4 INTERFACE DEVICES
6.2.4.1 Rising importance of health information exchange and EHR implementation to fuel market growth
TABLE 29 INTERFACE DEVICES OFFERED BY KEY MARKET PLAYERS
TABLE 30 INTERFACE DEVICES MARKET, BY COUNTRY, 2021-2028 (USD MILLION)
(Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments)**
12.1.1 KONINKLIJKE PHILIPS N.V.
TABLE 398 KONINKLIJKE PHILIPS N.V.: BUSINESS OVERVIEW
FIGURE 40 KONINKLIJKE PHILIPS N.V.: COMPANY SNAPSHOT (2022)
12.1.2 ORACLE CORPORATION
TABLE 399 ORACLE CORPORATION: BUSINESS OVERVIEW
FIGURE 41 ORACLE CORPORATION: COMPANY SNAPSHOT (2023)
12.1.3 GE HEALTHCARE
TABLE 400 GE HEALTHCARE: BUSINESS OVERVIEW
FIGURE 42 GE HEALTHCARE: COMPANY SNAPSHOT (2022)
12.1.4 MASIMO CORPORATION
TABLE 401 MASIMO CORPORATION: BUSINESS OVERVIEW
FIGURE 43 MASIMO CORPORATION: COMPANY SNAPSHOT (2021)
12.1.5 MEDTRONIC PLC
TABLE 402 MEDTRONIC PLC: BUSINESS OVERVIEW
FIGURE 44 MEDTRONIC PLC: COMPANY SNAPSHOT (2022)
12.1.6 CISCO SYSTEMS, INC.
TABLE 403 CISCO SYSTEMS, INC.: BUSINESS OVERVIEW
FIGURE 45 CISCO SYSTEMS, INC.: COMPANY SNAPSHOT (2023)
12.1.7 IHEALTH LABS INC.
TABLE 404 IHEALTH LABS: BUSINESS OVERVIEW
12.1.8 LANTRONIX, INC.
TABLE 405 LANTRONIX, INC.: BUSINESS OVERVIEW
FIGURE 46 LANTRONIX, INC.: COMPANY SNAPSHOT (2023)
12.1.9 INFOSYS LIMITED
TABLE 406 INFOSYS LIMITED: BUSINESS OVERVIEW
FIGURE 47 INFOSYS LIMITED: COMPANY SNAPSHOT (2022)
12.1.10 S3 CONNECTED HEALTH
TABLE 407 S3 CONNECTED HEALTH: BUSINESS OVERVIEW
12.1.11 SPECTRUM MEDICAL LTD.
TABLE 408 SPECTRUM MEDICAL LTD.: BUSINESS OVERVIEW
12.1.12 IATRIC SYSTEMS, INC.
TABLE 409 IATRIC SYSTEMS INC.: BUSINESS OVERVIEW
12.1.13 BAXTER INTERNATIONAL INC.
TABLE 410 BAXTER INTERNATIONAL INC.: BUSINESS OVERVIEW
FIGURE 48 BAXTER INTERNATIONAL INC.: COMPANY SNAPSHOT (2022)
12.1.14 SILEX TECHNOLOGY, INC.
TABLE 411 SILEX TECHNOLOGY, INC.: BUSINESS OVERVIEW
12.1.15 BRIDGE-TECH MEDICAL, INC.
TABLE 412 BRIDGE-TECH MEDICAL, INC.: BUSINESS OVERVIEW
12.1.16 MEDICOLLECTOR LLC
TABLE 413 MEDICOLLECTOR LLC: BUSINESS OVERVIEW
12.1.17 TE CONNECTIVITY LTD.
TABLE 414 TE CONNECTIVITY LTD.: BUSINESS OVERVIEW
FIGURE 49 TE CONNECTIVITY LTD.: COMPANY SNAPSHOT (2022)
12.1.18 TRUE PROCESS
TABLE 415 TRUE PROCESS: BUSINESS OVERVIEW
12.1.19 DIGI INTERNATIONAL INC.
TABLE 416 DIGI INTERNATIONAL INC.: BUSINESS OVERVIEW
FIGURE 50 DIGI INTERNATIONAL INC.: COMPANY SNAPSHOT (2022)
12.1.20 STRYKER CORPORATION
TABLE 417 STRYKER CORPORATION: BUSINESS OVERVIEW
FIGURE 51 STRYKER CORPORATION: COMPANY SNAPSHOT (2022)
*Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments might not be captured in case of unlisted companies.