BANGALORE, India, April 9, 2021 /PRNewswire/ -- The Medical Device Connectivity Market is segmented by Type (Wired, Wireless), by Application (Hospital, Clinics, Imaging & Diagnostic centers). Global Opportunity Analysis and Industry Forecast, 2020 - 2027. This report is published on Valuates Reports in the Medical Device & Equipment Category.
The global Medical Device Connectivity market size is projected to reach USD 19570 Million by 2026, from USD 4080.7 Million in 2019, at a CAGR of 25.1% during 2021-2026.
Medical Device Connectivity is the establishment and maintenance of a connection through which data is transferred between a medical device, such as a patient monitor and an information system.
Major factors driving the growth of medical device connectivity market size are:
The rising need for data analytics and the increasing adoption of digital services such as patient monitoring, real time patient care & EHRs in hospitals and healthcare organizations.
Growing demand for home healthcare and automation of medical devices.
TRENDS INFLUENCING THE MEDICAL DEVICE CONNECTIVITY MARKET SIZE
The increasing need for improved patient monitoring is expected to fuel market growth. The ability to link sensors and medical devices allow for enhanced real-time patient care, even from remote areas, while also enhancing connectivity within and between medical facilities. The massive amount of data generated creates opportunities for new models of care.
The increasing level of automation of medical devices is further paving a market for medical device connectivity. Increasing usage of automated devices, such as orthopedic navigation systems, portable imaging devices, automated microscopes, surgical robots, defibrillators, and therapeutic dispensing systems, all necessitate the need for medical device connectivity.
Another significant factor driving the medical device connectivity market size is the increased demand for home healthcare. In the event of a healthcare emergency in a home healthcare environment, the connected medical devices will send warnings to doctors or concerned citizens.
Furthermore, the increasing public expectations for more personalized, equitable, and convenient services are expected to fuel the growth of medical connectivity market size.
MEDICAL DEVICE CONNECTIVITY MARKET SHARE ANALYSIS
Based on type, the wireless segment is expected to be one of the most lucrative in the medical device connectivity market. Wireless innovations enhance the quality of healthcare by allowing physicians to receive real-time feedback on their patients. These innovations also allow for shorter hospital stays and lower healthcare costs by allowing for remote patient monitoring without compromising treatment quality.
Based on application, the hospital segment is expected to be one of the most lucrative in the medical device connectivity market. This is due to the rising number of hospitals and healthcare infrastructure. In addition, the segment's demand has been boosted by favorable reimbursement plans and insurance coverages.
Based on region, the North America region is expected to be the most lucrative region. Factors such as the consolidation among healthcare providers, widespread adoption of clinical device connectivity and interoperability solutions to reduce the healthcare costs, an increase in the number of coronavirus patients in the United States, and stringent regulations and guidelines imposed by various government and non-government authorities are propelling the medical device connectivity market size in North American region.
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MEDICAL DEVICE CONNECTIVITY MARKET SEGMENTATION
Rest of Europe
Rest of Asia-Pacific
Middle East & Africa
Rest of Middle East & Africa
Medical Device Connectivity Breakdown Data by Type
Medical Device Connectivity Breakdown Data by Application
Imaging & Diagnostic centers
The leading companies covered in this report are:
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