About Medical Device Connectivity
Medical device connectivity is the integration of medical devices with information systems, which automates the workflow surrounding the medical device. This workflow automates data analysis or acquires and communicates data generated by devices to other information systems or users. The rising need for data analytics and the infiltration of digital services such as patient data & EHR's in hospitals and healthcare organizations is propelling the global medical device connectivity market growth in the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.6% |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market shortly. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Medical Device Connectivity market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Capsule Technologies Inc. (United States), Cerner Corporation (United States), GE Healthcare (United States), Philips Healthcare (Netherlands), Masimo Corporation (United States), Cisco Systems (United States), Lantronix (United States), Medtronic (Ireland), True Process (United States), Hill-Rom Inc. (United States), Infosys Limited (India), iHealth Labs (United States) and TE Connectivity (Switzerland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Bridge-Tech Medical Inc. (United States), MediCollector LLC (United States), Spectrum Medical Ltd. (UK), Silex Technology Inc. (Japan), Digi International Inc. (United States), S3 Connected Health (Ireland) and Iatric Systems, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Medical Device Connectivity market by and Region.
On the basis of geography, the market of Medical Device Connectivity has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Wired Technologies will boost the Medical Device Connectivity market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Support and Maintenance will boost the Medical Device Connectivity market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solution, the sub-segment i.e. Medical Device Integration will boost the Medical Device Connectivity market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospitals will boost the Medical Device Connectivity market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Medical Device Connectivity aids in Data Analytics
Market Growth Drivers:
Increasing Penetration of EHRs & Health Information Exchange Systems in Healthcare Organizations and Healthcare IT Initiatives are driving the Integration of Medical Devices with Hospital Information Systems
Challenges:
Data Security Concerns and Lack of Skilled Healthcare IT Professionals
Restraints:
High Cost of Deployment of Medical Device Connectivity for Small Healthcare Organizations
Opportunities:
Increasing Consolidation in the Healthcare Industry and Growing Telehealth and Remote Patient Monitoring Markets
Market Leaders and their expansionary development strategies
In January 2020, Masimo Corporation (US) entered into an agreement to acquire NantHealth’s connected care business.
In March 2020, Masimo Corporation (US) partnered with Imprivata (US) to integrate Imprivata’s medical device access technology into Masimo’s root patient monitoring & connectivity platform and Iris Gateway.
Key Target Audience
Medical Device Connectivity Providers, Research Organizations and Consulting Companies, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.