Medical device connectivity enables the integration of medical devices such as ECG machines, MRI scanners and other patient monitors with hospital networks and electronic health record systems. This allows clinicians to access physiological data from multiple devices at the bedside or remotely. The global medical device connectivity market offers products such as telemetry systems, integration software and interface devices that collect patient related data from various clinical devices and convert it into a usable digital data format. For example, telemetry systems in critical care and emergency departments track physiological signs of patients such as heart rate, blood pressure, blood glucose levels in real-time. This helps clinicians make timely treatment related decisions. The global medical device connectivity market is estimated to be valued at US$ 3.5 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for real-time patient monitoring: The growing need for continuous patient monitoring across several clinical departments is one of the major drivers propelling the growth of the MDC market. Real-time access to physiological data aids in streamlining clinical workflows and improving patient outcomes. With the help of medical device connectivity solutions, clinicians can track multiple patients simultaneously reducing monitoring lapses.
Telemedicine boom augmenting market growth: Another key factor boosting the medical device connectivity industry is the rapid adoption of telemedicine practices worldwide amid the ongoing COVID-19 pandemic. Integration of medical devices with remote monitoring systems has enabled virtual care delivery. This allows clinicians to monitor patients remotely while reducing exposure. Growing investments by hospitals to upgrade legacy systems and enable connected healthcare infrastructure will further support the medical device connectivity market growth during the forecast period.
Segment Analysis
The medical device connectivity market can be segmented based on product and service type, namely medical device connectivity solutions and medical device connectivity services. The medical device connectivity solutions segment dominates the market owing to the increasing adoption of connected medical devices across various healthcare facilities for seamless data exchange and integration.
PEST Analysis
Political: Regulatory landscape plays a crucial role in the medical device connectivity market. Various regulations such as Health Insurance Portability and Accountability Act (HIPAA) and General Data Protection Regulation (GDPR) govern privacy and security of patient data.
Economic: The medical device connectivity market has been witnessing significant growth driven by rising healthcare costs. integration of healthcare IT solutions helps reduce costs by enabling access to patient health records and centralized monitoring.
Social: Growing patient emphasis on safe and effective healthcare delivery is boosting demand for connected healthcare solutions. Medical device connectivity improves patient care quality and experience by allowing seamless data exchange between care providers.
Technological: Advancements in healthcare IT, networking technologies, and interoperability solutions are fueling medical device connectivity adoption. Integration of medical IoT, cloud computing and artificial intelligence is further enhancing connectivity capabilities.
Key Takeaways
The Global Medical Device Connectivity Market Size is expected to witness high growth over the forecast period.
b North America accounts for the largest share of the medical device connectivity market currently owing to favorable government support and initiatives. However, Asia Pacific region is expected to offer lucrative opportunities with growing medical tourism industry and emerging economies investing aggressively in improving healthcare standards.
Key players operating in the medical device connectivity market are ACS Material, American Elements, Arkema Group, BASF SE, and Chengdu Organic Chemicals Co. Ltd. The market is highly competitive with these players focusing on new product launches, agreements, partnerships and expansion to gain a competitive edge.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
