Medical Device Connectivity Market is Estimated to Rise at USD 10.00 Billion at a CAGR of 24.9% During the Forecast Period 2029

Medical Device Connectivity Market report with its market research studies help anticipate next move of the competitors while keeping business in a better position to avert any possible damage from their end. Market research can help identify markets and geographical areas where business can expand to. It can also help to invest in ideas that have the most potential to succeed based on what customers are looking for and what the market is lacking. For any retail company, conducting market research can be useful to make out locations where the store can profit the most.

Surging growth in the telehealth and remote patient monitoring markets across the globe has largely impacted the market growth. Furthermore, the healthcare industry is embracing automation in all aspects of its operations, and medical device connection is a critical component of that automation. The market has shown a significant growth over the past few years, owing to the presence of these growth determinants. With the advent of COVID-19 pandemic, the demand for medical device connection has also increased, which will propel the growth and expansion of the market in near future.

Global Medical Device Connectivity Market was valued at USD 1.7 billion in 2021 and is expected to reach USD 10 billion by 2029, registering a CAGR of 24.9% during the forecast period of 2022-2029. The "medical device connectivity solutions" accounts for the largest product and service segment in the medical device connectivity market within the forecasted period as it is able to bring various healthcare facilities together. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Medical Device Connectivity Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

High Adoption Across Healthcare

Growth in the telehealth and remote patient monitoring markets and the growing inclination towards home healthcare are the most significant factors driving the growth for this market. Moreover, the high burden of COVID-19 will also accelerate the market's overall growth. The growth in the adoption of EHRs, which results in large volume of electronic data which needs to be managed effectively. This further accelerates the adoption of medical device connectivity.

Furthermore, the growing focus on the quality of care and patient safety are also expected to fuel market growth. Moreover, the cost benefits of the connected healthcare environment regarding the growing healthcare spending also cushion the market's growth within the forecasted period. The patient safety and medical device connectivity aids in the data analytics are also projected to bolster the growth of the market.

Opportunities

Growth Opportunities To Drive The Market

Moreover, the rising technological advancements, growing consolidation in the healthcare industry, and increase in the adoption of medical device connectivity in healthcare facilities are estimated to generate lucrative opportunities for the market. The favorable government support and the initiatives coupled with the increased attention towards patient care and quality will further expand the medical device connectivity market's growth rate in the future.

Global Medical Device Connectivity Market Scope

The medical device connectivity market is segmented on the basis of product and service, technology, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product and Service

Medical Device Connectivity Solutions

Medical Device Connectivity Services

Technology

Wired Technologies

Wireless Technologies

Hybrid Technologies

Application

Vital signs and patient monitors

Anesthesia machines and Ventilators

Infusion pumps

Others

End User

Hospitals

Home Healthcare Centers

Diagnostic Centers

Ambulatory Care Centers

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Medical Device Connectivity Market Regional Analysis/Insights

The medical device connectivity market is analyzed and market size insights and trends are provided by country, product and service, technology, application and end user as referenced above.

The countries covered in the medical device connectivity market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the medical device connectivity market because of the increasing consolidation amongst the healthcare providers and the extensive implementation of the clinical device connectivity and the strict guidelines by the several government and non-government authorities within the region.

Europe is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increasing disposable income and the rising healthcare expenses, advanced healthcare products, and the increasing disposable income within the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Medical Device Connectivity Market Share Analysis

The medical device connectivity market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to medical device connectivity market.

Some of the major players operating in the medical device connectivity market are Cerner Corporation (US), Medtronic (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), General Electric Company (US), Stryker (US), iHealth Labs Inc., (US), Cisco (US), Lantronix Inc. (US), Infosys Limited (India), Silicon & Software Systems Ltd. (Ireland), Spectrum Medical (UK), Hill-Rom Services Inc. (US), Iatric Systems Inc. (US), Silex technology, Inc. (Japan), Digi International Inc. (US), Baxter (US), TE Connectivity (Switzerland), Bridge-Tech (U.S), and Medicollector (US) among others.

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Research Methodology: Global Medical Device Connectivity Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis.

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