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Medical Device Connectivity Market Size, Share, Growth Analysis & Forecast 2024-2033 | Competitive Insights
Medical Device Connectivity Market Size
According to The Business Research Company's, The medical device connectivity market size has grown exponentially in recent years. It will grow from $2.83 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to rise in chronic diseases, demand for streamlined healthcare operations, growing demand for telehealth services, growing demand for remote patient monitoring, focus on data analytics and predictive insights.
The medical device connectivity market size is expected to see exponential growth in the next few years. It will grow to $9.24 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to rising demands for seamless integration, increasing digitization of healthcare, growing aging population, increasing adoption of electronic health records, and increasing healthcare expenses. Major trends in the forecast period include IoT-enabled devices, electronic health records (EHR) systems, real-time patient data, patient engagement, remote diagnostics, and telemonitoring.
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Market Drivers and Trends:
Growing penetration of electronic health records is expected to propel the growth of the medical device connectivity market going forward. An electronic health record (EHR) is a digital version of a patient's paper chart containing real-time, patient-centered information that is securely available to authorized users. Medical device connectivity solutions facilitate the seamless data exchange between medical devices and EHR systems, allowing for real-time integration of patient monitoring data, diagnostic results, and treatment information. The integration of medical devices with EHRs enables healthcare providers to access comprehensive patient information at the point of care, enhancing clinical decision-making and care coordination. For instance, in 2021, according to the Office of the National Coordinator for Health Information Technology (ONC), a US-based national health information technology infrastructure, the adoption of certified electronic health record technology among non-federal acute care hospitals in the United States increased from 96% in 2021 to 97% in 2022. Therefore, the growing penetration of electronic health records (EHR) drives the medical device connectivity market.
Major companies operating in the medical device connectivity market are focused on developing advanced technological solutions such as LocationAI, to enhance medical imaging, diagnosis, and treatment planning. LocationAI is a highly accurate, machine learning-powered location engine that achieves room-level accuracy without disturbing clinical workflows with complex installation processes or needing to place hardware in patient rooms that are typical of other systems. For instance, in March 2022, Cognosos Inc., a US-based company specializing in providing real-time asset visibility solutions, launched LocationAI into its real-time location system (RTLS) solution for healthcare, addressing common pitfalls in asset tracking systems. This integration enhances location accuracy within hospitals by utilizing machine learning to recognize signal patterns associated with different locations, ensuring precise tracking of tagged items.
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Major Key Players of the Market:
Amazon Web Services Inc, Google LLC, Microsoft Corporation, Siemens AG, Cisco Systems Inc, Qualcomm Technologies Inc, Abbott Laboratories, Oracle Corporation, Honeywell International Inc, Medtronic PLC, Thales Group, Koninklijke Philips N.V, Stryker Corporation, GE HealthCare Technologies Inc, Infosys Limited, TE Connectivity Ltd, Baxter International Inc, Wipro Limited, Drägerwerk AG & Co. KGaA, Masimo Corporation, OSI Systems, Inc, Digi International Inc, Ascom Holding AG, Lantronix Inc, NantHealth Inc, Spectrum Medical Ltd, Silex Technology Inc, iHealth Labs Inc, Iatric Systems Inc, LifeOmic Holdings LLC
Medical Device Connectivity Market 2024 Key Insights:
• The medical device connectivity market size is expected to see exponential growth in the next few years. It will grow to $9.24 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%.
• Growing Penetration Of Electronic Health Record (EHR) Growth In Medical Device Connectivity
• Technological Advancements In Medical Device Connectivity
• North America was the largest region in the medical device connectivity market in 2023
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