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Geographically, North America followed by Europe dominated the market for medical device connectivity worldwide in 2021.
HOW BIG IS THE GLOBAL MEDICAL DEVICE CONNECTIVITY MARKET?
The size of the medical device connectivity market worldwide is estimated to be worth USD 5.4 billion by 2027.
WHAT IS MEDICAL DEVICE CONNECTIVITY?
The connectivity inside the medical devices is maintained for stable and fast transfer of information and data within the devices. For example, consider patient monitoring devices; for instance, these devices monitor the patient's condition 24/7 and relay information about the bodily rates every second. The connectivity to these devices can be both wired and wireless. The wireless is connected through WIFI, Bluetooth, etc., and the wired is connected through cables. The wired connection is said to be the more stable connection in general. This connectivity and data transfer allow for the eradication of manual data transfer, making the patient care process more efficient and faster.
HOW DOES COVID-19 IMPACT THE MEDICAL DEVICE CONNECTIVITY?
The COVID-19 epidemic has several serious problems that spread to many different regions of the world. First, the healthcare industry was most severely hit by the pandemic's disruption of supply and demand networks, which resulted in lockdown restrictions due to a rise in cases and patients and a lack of beds, medical supplies, and healthcare staff to care for the patients. As a result, attention was diverted to the COVID patients, delaying the less critical surgeries and physicals.
The pandemic has had a positive effect on the medical device connectivity market. The number of patients kept increasing, and the need for continuous minoring of the covid patient even in homecare settings led to an increased demand for proper connectivity devices. In addition, the need for appropriate remote monitoring of patients and improved telemedicine devices, along with the rising interest of key market players in wireless devices and EHR systems for monitoring, has led to market growth.
Therefore, the COVID-19 situation fueled the market and helped spread awareness about the need for a continuous monitoring system, thus supporting the medical device connectivity market.
WHAT ARE THE FACTORS DRIVING THE MEDICAL DEVICE CONNECTIVITY MARKET?
Growing geriatric populations and the rate of chronic diseases are encouraging the need for medical connectivity devices. The need to improve patient healthcare systems, regulations, and I.T. health initiatives, along with ensuring patient safety and proper connectivity between healthcare environments, propel the market growth. Medical device connectivity helps encourage telehealth systems and accurate and fast data collection. The connectivity also assists in analyzing the data collected, helping understand each patient's condition individually.
The rise in the information exchange system, regulatory and safety needs for patients, and high rates of acceptance by patients, governments, and healthcare locations, is driving the market growth and increasing EHR systems and the need for organizations in healthcare systems to promote market growth. In addition, the rise in electronic health records to keep patient medical history data helps avoid medical errors and encourages good information flow in healthcare systems. The manual data entry and storage process can be tedious and, not mentioned, may include mistakes, but when it comes to electronic data storage, there is a very slim chance of errors. This has resulted in high adoption of the EHRs; one example of the acceptance is the U.S. HITECH Act, the health information technology for economic and clinical health act, which provided incentives to the healthcare systems efficiently utilize the EHR systems to encourage their development.
WHAT ARE THE FACTORS HAMPERING THE GROWTH OF THE MEDICAL DEVICE CONNECTIVITY MARKET?
The market is hindered due to the high costs of medical device connectivity which makes it difficult to be adopted by small-scale healthcare structures. Aside from this, the threat of data breaches, the lack of a standard interface to follow while using the devices, and the interoperability problems are barriers to expanding the market.
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WHICH SEGMENT BY PRODUCTS & SERVICES IS DOMINATING THE MARKET?
The medical device connectivity solutions segment is expected to hold the largest share of the market during the forecast period. This segment's dominance can be attributed to the increased need for integrated healthcare systems, the shift to home care settings, and better remote care services. Additionally, adopting EHR services in healthcare systems to maintain proper organizational flow and avoid medical errors is making the segment grow.
WHICH SEGMENT BY TECHNOLOGY LED THE MEDICAL DEVICE CONNECTIVITY MARKET IN 2021?
The wireless technologies segment dominated the market in 2020 and is expected to continue dominating the market during the forecast period due to the ease of use of wireless technology along with its efficiency and fast response. The wireless devices provide the healthcare specialists with a 24-hour real-time update on the patients and are very useful in continuous monitoring situations and remote patient care. The technology also reduces hospital expenditures and time of stay because of its fast processing.
WHICH SEGMENT BY END-USER IS ANTICIPATED TO LEAD THE MEDICAL DEVICE CONNECTIVITY MARKET?
The hospital's segment is expected to account for the largest market share during the forecast period. This dominance is due to the increasing influx of patients in the hospitals, the credibility of the population towards hospitals, and the availability of quality technology at hospitals. In addition, the hospitals offer patients safety and quality, making it the highest grossing segment.
WHICH ARE THE LARGEST REGIONAL MARKET AND FASTEST GROWING REGIONAL MARKETS IN THE GLOBAL MEDICAL DEVICE CONNECTIVITY MARKET?
Due to increased disposable income and rising healthcare costs, North American countries are predicted to dominate the market, Rising numbers of patients with coronavirus in the U.S., growing consolidation among healthcare providers, widespread adoption of clinical device connectivity, and interoperability solutions to reduce healthcare costs, and strict regulations and guidelines established by various government and non-government authorities, including the Health Insurance Portability and Accountability Act (HIPPA), the Federal Communications Commission (FCC), and the Centers for Medicare and Medicaid Services (CMS) (CMS) are supporting the growth of the market. Another necessary explanation for North America's significant market share in the medical device connectivity space is the abundance of competitors in the area.
The European region accounted for the second largest share in the global market in 2021. Furthermore, the market for medical device connectivity has been encouraged by the existence of crucial industry participants with enhanced healthcare products.
Therefore, during the forecast period, it is anticipated that the Asia-Pacific area will experience the fastest growth. Increasing R&D expenditures for creating technologically cutting-edge healthcare infrastructure are linked to the rise. Additionally, the government's positive actions and a rise in per capita income will promote market expansion.
WHAT ARE THE COMPANIES PLAYING A DOMINATING ROLE IN THE MEDICAL DEVICE CONNECTIVITY MARKET?
iHealth Labs Inc., Cisco Systems, Lantronix Inc., Infosys, S3 Connected Health, Spectrum Medical Ltd., Hill-Rom Holdings Inc., Iatric Systems Inc., Silex Technology, Digi International Inc., True Process, T.E. Connectivity, Bridge-Tech Medical, Dragerwerk AG & CO. KGAA, Honeywell International, Ascom Holdings AG, Wipro Ltd., and OSI are a few of the leading players in the medical device connectivity market.
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