Medical Device Connectivity Market is Estimated To Witness High Growth Owing To Trends in Wireless Connectivity
The Medical Device Connectivity Market is estimated to be valued at US$ 3.5 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical device connectivity enables integration and communication between various medical devices, which allows patients and physicians to monitor health from remote locations. It helps access real-time patient data from different care settings through Electronic Health Records (EHRs).This improves clinical efficiency and outcomes as well as patient engagement and experience.
Market key trends:
The necessity of wireless connectivity in medical devices is driving the medical device connectivity market growth. Wireless connectivity offers flexibility, mobility and reduces installation costs by eliminating the need for cabling. It facilitates easy and quick transmission of data from medical devices to EHRs. This trend is prominent in home healthcare settings where patients want mobility and freedom of movement. Most new medical devices are being developed with wireless connectivity capabilities using technologies like Bluetooth, Wi-Fi and mobile networks. This allows monitoring of patients outside hospital premises conveniently and improves patient engagement. The need for secure, interoperable and flexible exchange of medical data between care teams and patients is fueling adoption of wireless connectivity solutions.
Porter’s Analysis
Threat of new entrants: The medical device connectivity market requires high initial investments for infrastructure development and maintenance of healthcare networks and systems, which poses a moderate threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for medical device connectivity services is consistent. However, the presence of many established players limits the buyers' influence over pricing.
Bargaining power of suppliers: Players operating in the medical device connectivity market rely on software and service providers for technologies. This dependence on suppliers gives them moderate bargaining power.
Threat of new substitutes: Currently, there are no cost-effective substitutes for medical device connectivity.
Competitive rivalry: The medical device connectivity market is moderately competitive due to the dominance of a few global players.
SWOT Analysis
trengths: Advanced technologies for streamlining healthcare workflows, growing need to integrate medical devices for improved patient care.
Weaknesses: High installation and maintenance costs, data security and privacy concerns.
Opportunities: Emerging markets growth, integration of IoT and 5G networks.
Threats: Lack of proper infrastructure in developing nations, interoperability issues.
Key Takeaways
The Global Medical Device Connectivity Market Size is expected to witness high growth, exhibiting CAGR of 25.% over the forecast period, due to increasing need for centralized clinical monitoring of high-risk patients.
Regional analysis: North America dominates the medical device connectivity market. Higher healthcare expenditure combined with stringent regulatory framework fuels regional market growth. Growing geriatric population that requires continuous monitoring further supports the regional market. Rising adoption of connected medical devices drives the Asia Pacific market exhibiting fastest growth.
Key players: Key players operating in the medical device connectivity include Medtronic, GE Healthcare, Capsule Tech Inc., Cerner Corporation, Koninklijke Philips N.V., Digi International Inc., Cisco System Inc., Siemens Healthineers, Honeywell International Inc., Medshift, and Drägerwerk AG & Co. KGaA. Leading players are focusing on strategic collaborations and new product launches to strengthen their market position.
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