North America is expected to register the highest CAGR in the medical device connectivity market
Northbrook, IL -- (SBWIRE) -- 08/03/2021 -- According to the new market research report "Medical Device Connectivity Market by Product & Services (Integration Solutions, Telemetry, Connectivity Hubs), Technology (Wired, Hybrid), Application (Vital signs Monitors, Ventilators), End User (Hospitals), COVID-19 Impact - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 4.9 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 24.4%.
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The Growth in this medical device connectivity solutions market is majorly driven by the increasing consolidation among healthcare providers, growth in the telehealth and remote patient monitoring markets, and the growing inclination towards home healthcare are expected to provide significant growth opportunities for players operating in the medical device connectivity market. The high burden of COVID-19, increasing healthcare costs, strong government support and initiatives, increasing need for data analytics in healthcare, and the growing focus on the quality of care and patient safety are further driving the market for medical device connectivity solutions across the globe.
The overall growth of various sectors has been heavily impacted by COVID-19, specifically in countries with a high incidence rate of COVID-19, such as India, China, Brazil, the US, and several European countries (including Russia, Italy, and Spain). While industries such as oil and petroleum, aeronautics, and mining are experiencing a steep fall in revenues, the healthcare, biotechnology, and pharmaceutical industries are optimizing this situation to serve a maximum number of patients and healthcare professionals.
The pandemic has led to a significant increase in the demand for remote monitoring and patient engagement solutions. Most hospitals/healthcare facilities are currently trying to expand patient monitoring to home care settings or other temporary setups to provide optimal care. COVID-19 has led to a significant surge in demand for medical device connectivity integration in patient monitoring systems and devices, both in the hospital and home care settings, and manufacturers are increasingly focusing on expanding their portfolios to meet the increasing need for medical device connectivity solutions. During the first quarter of 2020, the market witnessed an increase in demand for certain products that are correlated to the response to COVID-19, including respiratory, wireless monitoring solutions, and point-of-care cardiac monitoring products. However, the demand and adoption of medical device connectivity solutions have been constant throughout the year, and the trend has continued well in the first half of 2021. The pandemic has sparked a sudden interest in wireless medical devices and EHR systems and telemetry solutions for remote monitoring of COVID-19 patients, with the major adoption being witnessed in non-hospital settings.
The medical device connectivity solutions segment is expected to account for the largest share of the medical device connectivity market in 2020
Based on product and services, the market is segmented into medical device connectivity solutions and medical devices connectivity services. The medical device connectivity solutions accounted for the largest share of the medical device connectivity. The large share of this segment can be attributed to the increased adoption of EHRs and other interoperability solutions in healthcare organizations, growing regulatory requirements and healthcare reforms, the shift of point-of-care diagnostics from hospitals to home care settings, and the growing need for integrated healthcare systems to improve the quality and outcome of healthcare.
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The wireless technologies segment accounted for the largest share of the market in 202
Based on technology, the medical device connectivity market is segmented into wired technologies, wireless technologies, and hybrid technologies. In 2020, the wireless technologies segment accounted for the largest share of the market. Wireless technologies offer a better quality of healthcare as doctors constantly receive real-time updates about patients, enabling faster treatments. These technologies also enable shorter hospital stays and reduced healthcare expenditure through remote patient monitoring without hampering the efficiency of the treatment. These advantages are supporting the growth of the wireless technologies segment.
The vital signs & patient monitors segment accounted for the largest share of the market in 2020
Based on applications, the medical device connectivity market has been segmented into vital signs & patient monitors, anesthesia machines & ventilators, infusion pumps, and other applications. The other applications segment comprises imaging systems, implantable cardiac devices, respiratory devices, neurological devices, and fetal monitoring devices. The vital signs & patient monitors segment accounted for the largest share of the market in 2020. This can be attributed to the widespread use of such monitors for continuous patient monitoring due to the rising incidence of chronic disorders among the aging populations and its need in emergency settings and operating rooms. Also, the increasing adoption of such monitors for remote patient monitoring during the COVID-19 pandemic is propelling the market growth.
The hospitals segment accounted for the largest share of the medical device connectivity market in 2020
Based on end users, the market is segmented into hospitals, home healthcare centers, diagnostic & imaging centers, and ambulatory care centers. In 2020, the hospitals segment accounted for the largest share of the market. The large share of this segment can be attributed to the large patient volume, the high purchasing power of hospitals to buy advanced medical device connectivity solutions, decreasing margins in hospitals, and increasing focus on offering high-quality patient care and safety. Also, the increasing focus on remote patient monitoring devices for continuous monitoring of patients affected by COVID-19 and the increasing incidence of various chronic respiratory diseases is driving the adoption of medical device connectivity solutions and services in this segment
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The North America market is expected to grow at the highest CAGR from 2021 to 2026. This can be attributed to factors such as growing consolidation among healthcare providers, widespread adoption of clinical device connectivity and interoperability solutions to curtail the rising healthcare costs, rising number of coronavirus patients in the US, and stringent regulations and guidelines laid down by the various government and non-government authorities and the presence of a large number of players in the region.
The prominent players in the global medical device connectivity market are Cerner Corporation (US), Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), Lantronix Inc. (US), Infosys (India), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), Hill-Rom Holdings Inc. (US), Iatric Systems Inc. (US), Silex Technology (Japan), Digi International Inc. (US), True Process (US), TE Connectivity (Switzerland), Bridge-Tech Medical (US), Medicollector LLC (US), Dragerwerk AG & CO. KGAA (Germany), Honeywell International (US), Ascom Holdings AG (Switzerland), Wipro Ltd. (India), and OSI Systems (US).