The medical device connectivity market is a rapidly growing industry that is revolutionizing the way healthcare is delivered. By connecting medical devices to a central network, healthcare providers are able to access real-time patient data, monitor critical medical conditions, and quickly respond to patient needs. Additionally, medical device connectivity can reduce costs, improve patient outcomes, and streamline healthcare processes.
Currently, Medical Device Connectivity Market is projected to reach USD 4.9 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 24.4%. The growth of this market is influenced by the increasing need for integration in continually expanding hospitals and other healthcare organizations that require connectivity tools for building interfaces between various departments/systems. The importance of integrating increasingly complex data sets is increasing with the growing adoption of electronic medical records and the implementation of a number of healthcare IT initiatives and healthcare reforms.
Medical device connectivity technology is used in a variety of healthcare settings, from hospitals and medical practices to home care and assisted living facilities. This technology enables medical devices, such as heart monitors, respirators, and infusion pumps, to be connected to a central network, allowing medical staff to monitor and adjust settings remotely. By connecting medical devices to the same network, hospitals and medical practices can collect and analyze data from multiple devices, allowing them to make quicker, more informed decisions about patient care.
In addition to improving patient care, medical device connectivity can also help reduce costs and streamline healthcare processes. By connecting medical devices to a central network, healthcare providers can quickly access patient data and adjust settings remotely. This reduces the need for unnecessary trips to the hospital or clinic, saving both time and money. Additionally, medical device connectivity can help reduce the cost of healthcare by providing better data and analytics, allowing hospitals and medical practices to make more informed decisions about patient care.
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The medical device connectivity solutions segment is expected to account for the largest share of the medical device connectivity market in 2020
Based on product and services, the medical device connectivity market is segmented into medical device connectivity solutions and medical devices connectivity services. The medical device connectivity solutions accounted for the largest share of the medical device connectivity. The large share of this segment can be attributed to the increased adoption of EHRs and other interoperability solutions in healthcare organizations, growing regulatory requirements and healthcare reforms, the shift of point-of-care diagnostics from hospitals to home care settings, and the growing need for integrated healthcare systems to improve the quality and outcome of healthcare.
The wireless technologies segment accounted for the largest share of the medical device connectivity market in 2020
Based on technology, the medical device connectivity market is segmented into wired technologies, wireless technologies, and hybrid technologies. In 2020, the wireless technologies segment accounted for the largest share of the medical device connectivity market. Wireless technologies offer a better quality of healthcare as doctors constantly receive real-time updates about patients, enabling faster treatments. These technologies also enable shorter hospital stays and reduced healthcare expenditure through remote patient monitoring without hampering the efficiency of the treatment. These advantages are supporting the growth of the wireless technologies segment.
North America is expected to register the highest CAGR in the medical device connectivity market
The North America market is expected to grow at the highest CAGR from 2021 to 2026. This can be attributed to factors such as growing consolidation among healthcare providers, widespread adoption of clinical device connectivity and interoperability solutions to curtail the rising healthcare costs, rising number of coronavirus patients in the US, and stringent regulations and guidelines laid down by the various government and non-government authorities and the presence of a large number of players in the region.
Medical device connectivity is a rapidly growing market, and its impact on healthcare delivery is only beginning to be realized. With advancements in technology and increasing demand for connected medical devices, the medical device connectivity market is expected to continue to grow, revolutionizing the way healthcare is delivered.
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In 2021, Koninklijke Philips N V signed an agreement to acquire Capsule Technologies Inc. This strategy expanded Philips’ leadership in patient care management connectivity solutions for hospitals, as Capsule Technologies is a leading provider of medical device integration and data technologies for hospitals and healthcare organizations.
In 2021, Masimo Corporation launched iSirona, a connectivity solution for EMR integration, surveillance monitoring, alarm management, mobile notifications, smart displays, and analytics.
In 2021, Lantronix launched EDS3000, a multi-serial port for ethernet services that delivers next-generation hybrid ethernet terminal/multi-serial port device server connectivity for easy remote access and management of virtually any IT/networking equipment or edge device (ideal for medical devices).