April 22, 2024
Medical Device Connectivity Market

Medical Device Connectivity is driving patient care transformation

The global medical device connectivity market is estimated to be valued at US$ 4.04 Bn in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period of 2024 to 2031.

Medical device connectivity refers to the integration of medical devices like imaging equipment, physiologic monitors, and other diagnostic tools with electronic medical records and health IT systems to securely exchange health data. This enables seamless data transfer between medical devices and electronic health records, improves access to real-time patient data for healthcare providers, reduces medical errors and enhances clinical workflows. Medical devices connected with healthcare IT infrastructure improve patient outcomes by facilitating remote monitoring and timely interventions. The need for integrated healthcare IT solutions is growing due to rising healthcare costs, increased incidence of chronic diseases and growing geriatric population globally. The Global Medical Device Connectivity Market is expected to be driven by the need for standardized data exchange between medical devices and healthcare systems.

Key Takeaways

Key players operating in the Medical Device Connectivity Market Demand connectivity are ACS Material, American Elements, Arkema Group, BASF SE, Cabot Corporation, CHASM Advanced Materials Inc., Chengdu Organic Chemicals Co. Ltd (Timesnano), Jiangsu Cnano Technology Co. Ltd, LG Chem, Nano-C, Nanocyl SA, Nanophase Technologies Corporation, OCSiAl, Raymor Industries Inc., Showa Denko K.K., And Zyvex Technologies.

Growing demand for integrated healthcare IT solutions to improve patient care and reduce medical errors is fueling the market growth. The increasing penetration of electronic medical records and telehealth is driving the demand for medical devices with connectivity capabilities.

With increasing global burden of chronic diseases, medical device manufacturers are focusing on developing connectivity-enabled devices to facilitate remote patient monitoring. Several healthcare organizations are also implementing digital healthcare transformation strategies to strengthen infrastructure for seamless real-time data exchange between medical devices and health records. This is expected to support the global expansion of the medical device connectivity market during the forecast period.

Market key trends

The trend of wireless medical devices is gaining popularity in the medical device connectivity market. Wireless connectivity allows patients to be monitored remotely without being physically tethered to devices. This offers flexibility, reduces hospital visits and length of stay. With advancements in low-power wireless technologies, more medical devices are being equipped with wireless capabilities like Bluetooth and Wi-Fi to transfer health data to central monitoring systems or electronic health records. This mobile healthcare trend driven by wireless medical devices is expected to continue dominating the medical device connectivity market over the forecast period.

Porter’s Analysis

Threat of new entrants: The medical device connectivity market requires huge investments in R&D activities and connectivity infrastructure which makes it difficult for new players to enter.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many manufacturers providing medical device connectivity solutions.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of component substitutes and lack of differentiation.

Threat of new substitutes: Threat of substitutes is low as medical device connectivity solutions have no close substitutes that can provide similar functionality.

Competitive rivalry: The market is highly competitive due to the presence of global and regional players offering a range of medical device connectivity solutions.

Geographical Regions

North America dominated the global medical device connectivity market in terms of value in 2021 due to supportive government policies regarding healthcare infrastructure development and implementation of healthcare IT solutions.

The Asia Pacific region is expected to be the fastest growing market during the forecast period due to increasing healthcare expenditure, rising aging population, growing incidence of chronic diseases, and government initiatives supporting digital healthcare transformation.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it