Medical Device Connectivity Market Worth $4.3 Billion by 2025 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, April 23, 2020 /PRNewswire/ -- According to the new market research report "Medical Device Connectivity Market by Product (Integration Solutions, Interface Devices, Telemetry, Hubs, Services), Technology (Wired, Wireless, Hybrid), End User (Hospitals, Home Healthcare, Diagnostic Centers, Ambulatory Care) - Global Forecast to 2025", published by MarketsandMarkets(TM), the Medical Device Connectivity Market is projected to reach USD 4.3 billion by 2025 from USD 1.4 billion in 2020, at a CAGR of 25.7% during the forecast period.
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The market for medical device connectivity is driven by the rising prevalence of novel coronavirus disease (COVID-19), increasing healthcare costs, strong government support and initiatives, increasing need for data analytics in healthcare, and the growing focus on the quality of care and patient safety are driving the market for medical device connectivity 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.
The medical device integration solutions segment accounts for the largest share of the medical device connectivity solutions market.
On the basis of type, the medical device connectivity solutions market is segmented into medical device integration solutions, interface devices, telemetry systems, and connectivity hubs. The medical device integration solutions segment accounted for the largest market share in 2019. The large share of this segment is mainly attributed to government support and initiatives to curtail the rising healthcare costs, growing need to integrate healthcare systems, and efforts from healthcare providers to maximize their returns on investment.
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164 - Tables
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The hybrid technologies segment is expected to grow at the highest CAGR during the forecast period.
Based on technology, the medical device connectivity market is segmented into wired technologies, wireless technologies, and hybrid technologies. The hybrid technologies segment is expected to grow at the highest CAGR during the forecast period. The high growth in this segment can be attributed to the high demand for network bandwidth management and network visibility within health setups, increasing demand for scalability, growing adoption of connected smart devices, and the increasing demand for hybrid technologies in hospitals and home care settings.
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North America dominates the medical device connectivity market.
In 2019, North America accounted for the largest share of the global medical device connectivity market, followed by Europe. The large share of North America can be attributed to the highly developed healthcare system in the US and Canada, the presence of a large number of leading medical device connectivity solution vendors, and the growing adoption of EHR and health information exchange systems in healthcare organizations in this region.
Prominent players in this market are GE Healthcare (US), Capsule Technologies, Inc. (US), Cerner Corporation (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), Cisco Systems, Inc. (US), Infosys Limited (India), Digi International Inc. (US), Masimo Corporation (US), Hill-Rom Holdings Inc. (US), True Process (US), iHealth Labs (US), and Lantronix Inc. (US).
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