U.S. markets open in 4 hours 19 minutes

  • S&P Futures

    4,484.50
    +9.00 (+0.20%)
     

  • Dow Futures

    35,325.00
    +44.00 (+0.12%)
     

  • Nasdaq Futures

    15,370.00
    +65.50 (+0.43%)
     

  • Russell 2000 Futures

    2,213.50
    +6.90 (+0.31%)
     

  • Crude Oil

    66.16
    +0.52 (+0.79%)
     

  • Gold

    1,803.70
    -2.60 (-0.14%)
     

  • Silver

    23.61
    -0.04 (-0.17%)
     

  • EUR/USD

    1.1733
    -0.0017 (-0.14%)
     

  • 10-Yr Bond

    1.2550
    0.0000 (0.00%)
     

  • Vix

    17.06
    -1.50 (-8.08%)
     

  • GBP/USD

    1.3708
    -0.0015 (-0.11%)
     

  • USD/JPY

    109.7770
    +0.0970 (+0.09%)
     

  • BTC-USD

    49,720.10
    -523.66 (-1.04%)
     

  • CMC Crypto 200

    1,259.57
    -3.87 (-0.31%)
     

  • FTSE 100

    7,101.13
    -7.89 (-0.11%)
     

  • Nikkei 225

    27,732.10
    +237.86 (+0.87%)
     

Global Medical Device Connectivity Markets, 2021-2026 - Growing Number of COVID-19 Cases and the Need for Continuous Patient Monitoring to Drive Growth

Research and Markets
·6 min read

Dublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The "Medical Device Connectivity Market Research" report has been added to ResearchAndMarkets.com's offering.

The global medical device connectivity market is projected to reach USD 4.9 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 24.4%.

Growth in this market is majorly driven by the increasing healthcare cost, the importance of integrating increasingly complex data sets, the growing adoption of electronic medical records and the implementation of a number of healthcare IT initiatives and healthcare reforms. The rising COVID-19 cases 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.

However, the high installation costs of medical device connectivity platforms and the reluctance of healthcare professionals to adopt advanced healthcare IT solutions are expected to limit the growth of this market to a certain extent.

Based on the products and services, the medical device connectivity solutions accounted for the largest share during the forecast period

Based on product and services, the medical device connectivity 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, which is attributed to the increased adoption of EHRs and other interoperability solutions in healthcare organizations. The growing regulatory requirements, healthcare reforms and the shift of point-of-care diagnostics from hospitals to home care settings are also contributing to the growth of this market.

Based on the technology segment, wireless technologies accounted for the largest share during the forecast period

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 medical device connectivity 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.

Based on application segment, vital signs & patient monitors segment accounted for the largest share during the forecast period

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 medical device connectivity 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.

Based on end user segment, hospitals accounted for the largest share during the forecast period

Based on end users, the medical device connectivity 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 medical device connectivity 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

North America accounted for the largest share in the medical device connectivity market during the forecast period

In 2020, North America accounted for the largest share of the medical device connectivity market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa.

The large share of this region 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 such as the Health Insurance Portability and Accountability Act (HIPPA), the Federal Communications Commission (FCC), and the Centers for Medicare and Medicaid Services (CMS).

The presence of a large number of players in the region is also a key factor contributing to the large share of North America in the medical device connectivity market.

Premium Insights

  • Growing Number of COVID-19 Cases and the Need for Continuous Patient Monitoring to Drive Market Growth

  • Hospitals Accounted for the Largest Share of the Asia-Pacific Market in 2020

  • China to Register the Highest Revenue Growth During the Forecast Period

  • North America Will Continue to Dominate the Medical Device Connectivity Market During the Forecast Period

  • Developing Markets to Register a Higher Growth Rate During the Forecast Period

Market Dynamics

Industry Trends

  • Shift Towards Cloud-Based Solutions

  • Integration of Medical Device Data into Care Delivery Processes

  • Growing Need for Semantic Interoperability Through Medical Device Connectivity Solutions

  • Transition of Poc Diagnostics from Hospitals to Home Settings

  • Growing Adoption of Telehealth Solutions

  • Shift from Payment-For-Performance to Payment-For-Outcomes Models is Boosting the Demand for Medical Device Connectivity Solutions

  • M2M Communications & Artificial Intelligence Boom in Healthcare

  • Low-Power Connectivity Solutions & Advancements in Software Architecture

Market Drivers

  • Growing Global Prevalence of COVID-19

  • Increasing Penetration of Ehrs & Health Information Exchange Systems in Healthcare Organizations

  • Cost Benefits of Connected Healthcare Environments Vis-A-Vis Rising Healthcare Expenditures

  • Increasing Integration of Medical Devices with Hospital Information Systems

  • Favorable Government Support and Initiatives

  • Growing Focus on Care Quality and Patient Safety

  • Medical Device Connectivity Aids in Data Analytics

  • Growing Investments to Improve Healthcare Infrastructures

Market Restraints

  • High Cost of Deployment for Small Healthcare Organizations

  • Reluctance of Medical Professionals to Adopt Advanced Healthcare It Solutions

Market Opportunities

  • Increasing Consolidation in the Healthcare Industry

  • Growing Inclination Towards Home Healthcare

  • Growing Telehealth and Remote Patient Monitoring Markets

  • Emerging Markets

Market Challenges

  • Integration Between Various Hospital Information Systems and Medical Devices

  • Data Security Concerns

  • Lack of Skilled Healthcare It Professionals

Companies Mentioned

  • Ascom Holdings Ag: Company Overview

  • Bridge-Tech Medical, Inc.

  • Cerner Corporation

  • Cisco Systems

  • Digi International Inc.

  • Dragerwerk AG & Co. KGaA

  • GE Healthcare

  • Hill-Rom Holdings Inc.

  • Honeywell International Inc

  • Iatric Systems, Inc.

  • Ihealth Labs Inc.

  • Infosys

  • Koninklijke Philips N.V.

  • Lantronix

  • Masimo Corporation

  • Medicollector LLC

  • Medtronic plc

  • Osi Systems, Inc.

  • S3 Connected Health

  • Silex Technology, Inc.

  • Spectrum Medical Ltd.

  • Stryker Corporation

  • Te Connectivity Ltd.

  • True Process (A Subsidiary of Baxter International)

  • Wipro Limited

For more information about this report visit https://www.researchandmarkets.com/r/lt6utw

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900


Recommended Stories

  • Why Coronavirus Stock Dynavax Crushed It Today

    Vaccine specialist Dynavax (NASDAQ: DVAX) climbed more than 14% higher on Monday. It's little wonder: The company announced the coronavirus jab it co-developed with Taiwan's Medigen has been rolled out in the populous Asian nation. Every Dynavax watcher knew this day was coming; still, it's encouraging that MVC-COV1901 has been efficiently produced and launched.

  • Oil Extends Gain After Rally With Investors Looking Past Delta

    (Bloomberg) -- Oil extended gains after jumping more than 5% amid a broader marker rally, despite the Covid-19 resurgence clouding the economic outlook.Futures in New York rose near $66 a barrel after surging for the first time in eight sessions on Monday, snapping the worst losing streak since October 2019. China has rapidly brought local virus cases down to zero and traffic is showing signs of recovery, although the delta variant continues to impact other regions.“The market is taking some com

  • FDA's approval of Pfizer vaccine already paving the way for mandates

    When Pfizer and BioNTech’s (PFE) COVID-19 vaccine on Monday became the first ever to receive full Food and Drug Administration approval, a slew of vaccine mandates followed. The uptick shows that legal experts were on target predicting that approval would embolden businesses, governments, and schools to make vaccination a requirement.

  • The FDA approval of Pfizer’s COVID-19 vaccine is a ‘critical step forward in vaccine confidence’: Doctor

    Dr. Ben Weston, Medical Director for the Milwaukee COVID-19 Emergency Operations Center, joins Yahoo Finance to discuss the latest on the coronavirus pandemic.

  • U.S. report finds multiple problems with Keystone pipeline

    WASHINGTON (Reuters) -A U.S. government watchdog found multiple problems with the construction, manufacture and design of the Keystone pipeline, validating President Joe Biden's decision to revoke the permit for a Keystone XL extension, leaders of several House Democratic committees said on Monday. The lawmakers requested the Government Accountability Office report in November 2019 after more than 11,000 barrels of oil leaked from the pipeline system in two releases in less than two years. "GAO found that preventable construction issues contributed to the current Keystone pipeline’s spills more frequently than the industry-wide trends," they said in a statement.

  • '[Humans] are creating the waves and the strains': Doctor on Delta variant spread

    Preventive Medicine Specialist & True Health Initiative President Dr. David Katz joins the Yahoo Finance Live panel to discuss the latest coronavirus developments as the FDA officially approves the first COVID-19 vaccine. 

  • Top Materials Stocks for September 2021

    These are the materials stocks with the best value, fastest growth, and most momentum for September 2021.

  • USD/CAD Exchange Rate Prediction – The Dollar Eases on Broad Profit Taking

    Existing home sales rise in July

  • Stock and Crypto Investor Sign-Ups Jump 45% Year-On-Year Across Rural India

    Previously untapped markets targeting young investors are continuing to see an increase in new user sign-ups, particularly in rural areas.

  • FDA approves Pfizer-BioNTech COVID vaccine

    The FDA has approved the first COVID-19 vaccine. Yahoo Finance breaks down the details.

  • Top Tech Stocks for September 2021

    These are the tech stocks with the best value, fastest growth, and most momentum for September 2021.

  • Watch Jessie J Use Her Toned Abs And Legs To Crush Two *Intense* Workouts

    "Focus on the mental and your mind and body will appreciate the benefits <3."

  • Chip Shortage Set to Worsen as Covid Rampages Through Malaysia

    (Bloomberg) -- The number of Covid-19 infections is surging in Malaysia, threatening to aggravate shortages of semiconductors and other components that have hammered automakers for months.The Southeast Asian country hasn’t historically had the kind of importance to technology supply chains that Taiwan, South Korea or Japan do. But in recent years, Malaysia emerged as a major center for chip testing and packaging, with Infineon Technologies AG, NXP Semiconductors NV and STMicroelectronics NV amon

  • Taiwan seeks again to reassure U.S. over tackling chip shortage

    Taiwan is doing all it can to address the global shortage of semiconductors, Economy Minister Wang Mei-hua said on Tuesday after talks with the newly-appointed de facto U.S. ambassador in Taipei, a problem that has idled some auto production lines. Democratic U.S. senators from Michigan and Ohio last week asked the Taiwanese government to help address the shortage,given that the island is a major semiconductor producer and seen as central to efforts to resolve the problem. Wang said the top U.S. diplomat in Taiwan, Sandra Oudkirk, had raised the issue of chip shortages during a meeting on Monday.

  • Ashley Graham shows off her 'pregnancy glow' in hot pink bikini

    The 33-year-old model is pregnant with her second child.

  • 3 Reasons to Buy Unity, and 1 Reason to Sell

    Unity Software (NYSE: U) was one of the most successful tech IPOs of 2020. The gaming engine company priced its initial public offering at $52 a share last September, the stock opened at $75 on the first day, and it's now trading above $120. Is Unity's stock worth buying after those big post-IPO gains?

  • ‘You Are Not A Cow’: FDA Warns People Not To Take Livestock Drugs To Treat COVID-19

    The FDA had no choice but to get a little sassy on main after a spike in poison control calls related to the human ingestion of horse dewormers. Yes, this is the world we live in. On Saturday, August 21, the Food and Drug Administration tweeted, “You are not a horse. You are not a []

  • Virus Experts Warn Don't Go Here Even if It's Open

    The Delta variant continues to surge nationwide, and being cautious is still important, whether you've been vaccinated against COVID-19 or not. Delta is far more contagious than the original coronavirus, and even if you've been vaccinated, it's possible to carry and transmit the virus. This can have serious consequences if you live with people who are immunocompromised, or children age 12 or under (who are not eligible for the vaccine). These are the places virus experts warn you shouldn't go, e

  • GM’s Chevy Bolt Battery Fires Open $1 Billion Rift With LG

    (Bloomberg) -- In June 2017, months after General Motors Co. beat Tesla Inc. to market with an affordable, long-range electric vehicle, it took out full-page newspaper ads touting how long its Chevrolet Bolt could travel between charges. The tagline: “Begin a long-distance relationship, now.”Four years later, the long-distance relationship between GM and its battery partner, LG Energy Solution, is being tested like never before. At issue: who will pick up a roughly $1 billion tab.GM last week re

  • Here Are Warren Buffett's Biggest Stock Picks

    Berkshire Hathaway's top holdings include a technology stock, two financial giants, and two of the best known consumer brands companies in the world.