Medical Device Connectivity Market to See Booming Growth by Top Players Capsule Tech Inc., Cerner Corporation, Philips Healthcare, Digi International Inc., Cisco Systems Inc

Medical device connectivity (MDC) 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. It is also termed as biomedical device integration or biomedical device connectivity. The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

The global medical device connectivity market is estimated to account for US$ 39,380.4 Mn in terms of value in 2020 and is expected to reach US$ 122,271.5 Mn by the end of 2027.

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Global Medical Device Connectivity Market: Drivers

Implementation of standard regulations for the use of MDC in the healthcare sector is expected to propel growth of the global medical device connectivity market over the forecast period. For instance, in March 2020, The U.S. Department of Health and Human Services finalized the two sets of rules that fulfill the interoperability and information-blocking provisions of the landmark 21st Century Cures Act. The rules will govern how providers, payers and technology vendors must design their systems to give patients safe and secure access to their digital health data.

Moreover, collaborations to develop digital therapeutic solutions using connected devices is also expected to aid in growth of the market. For instance, in June 2020, SMi Group announces that AstraZeneca will lead a pre-conference workshop at Wearable Injectors and Connected Devices Conference 2020 on 6th October in London.

Wired hardware held dominant position in the global medical device connectivity market in 2019, accounting for 42.5% share in terms of value, followed by software and Wireless hardware, respectively

Global Medical Device Connectivity Market: Restraints

MDC is prone to cyber threat, which is expected to hinder growth of the market. Medical devices often operate with off-the-shelf software, which increases the risk of cyber threat.

Moreover, there are several instances where devices have limited memory and operate on old versions of operating system (OS), which further increases security risk, thereby limiting the market growth.

Global Medical Device Connectivity Market: Opportunities 

Initiatives to enhance internet connectivity is expected to offer lucrative growth opportunities for players in the global medical device connectivity market. For instance, in May 2019, SpaceX launched the first 60 operational satellites of its network of satellites called Starlink that is tasked to provide satellite Internet access.

Moreover, increasing prevalence of Covid-19 is also expected to aid in growth of the market. For instance, as of June 8, 2020, there have been 6,931,000 confirmed cases of COVID-19, including 400,857 deaths, as reported to the World Health Organization.

The global medical device connectivity market was valued at US$ 33,500.0 Mn in 2019 and is forecast to reach a value of US$ 122,271.5 Mn by 2027 at a CAGR of 17.6% between 2020 and 2027.

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Market Trends/Key Takeaways

Increasing adoption of patient surveillance is boosting growth of the market. For instance, May 2020, Yale New Haven Health System, U.S. deployed Capsule Technologies, Inc.’s Ventilated Patient Surveillance (VPS) workstation to deliver safe and effective patient care to its COVID-19 ventilated patients.

Major players in the market are focused on raising funds to enhance their market share. For instance, in October 2019, MedShift executed a new US$ 13.5 million credit facility with First National Bank to provide device acquisition capital to support MedShift’s projected growth.

Regulations

Global Medical Device Connectivity Market: Competitive Landscape

Major players operating in the global medical device connectivity market include, Capsule Tech Inc., Cerner Corporation, Philips Healthcare, Digi International Inc., Cisco Systems Inc., Siemens Healthcare, Honeywell HomeMed LLC, MedShift, Capsule Technologies, Inc., and Dräger Medical GmbH.

Global Medical Device Connectivity Market: Key Developments

Major players in the market are focused on launching new products to expand their product portfolio. For instance, in November 2019, Capsule Technologies, Inc. launched Capsule Neuron 3, an enhanced iteration of the company’s flagship clinical computing hub that includes secure capture of medical device data.

Similarly, in August 2019, Dräger Safety AG & Co. KGaA acquired a stake in Focus Field Solutions Inc., a provider of industrial safety solutions based in St. John’s, Newfoundland and Labrador, Canada.

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