Global Medical Device Connectivity Market Size Set to Touch USD 6.9 Billion by 2030

Published | 15 December 2023

Global Medical Device Connectivity Market is flourishing because of an increasing adoption of wireless networks and a growing focus on the treatment and management of increasing prevalence of cancer.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Medical Device Connectivity Market size at USD 3.1 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Medical Device Connectivity Market size to grow at a robust CAGR of 20.5% reaching a value of USD 6.9 billion by 2030. Major growth drivers for the Global Medical Device Connectivity Market include increasing implementation of electronic health records and health information exchange systems, a heightened demand for telehealth and telemedicine technologies, and advancements in wireless technologies and Bluetooth-enabled medical devices. Cox Communications, Inc. reported in May 2022 that Bluetooth Low Energy (BLE) has been developed and utilized to track information using Bluetooth technology. BLE employs software and gateways through devices like cell phones, enabling low-power wireless communication and prolonging battery life. Most smartphones and tablets are BLE compatible, facilitating close-range interactions. Also, in September 2021, the Faculty of Sexual and Reproductive Healthcare (FSRH) and the Royal College of Obstetricians and Gynecologists (RCOG) collaborated to launch a campaign promoting telemedicine for early medical abortion (EMA), further emphasizing the growing adoption of telemedicine services. This trend is directly influencing the expansion of the medical device connectivity market. Companies in this industry are actively engaged in launching new products and forming collaborations as part of their strategies to broaden their market presence. However, high cost of deployment for small healthcare organizations and cybersecurity concerns are anticipated to restrain the overall market growth during the period in analysis.

Opportunity - Collaborative Healthcare Initiatives and Technological Advancements

The market is expected to witness significant growth due to various initiatives undertaken by authorized organizations. One notable example is the United States Department of Health and Human Services (HHS), as highlighted by HealthIT.gov, which is actively pursuing initiatives to establish an interoperable health IT infrastructure. This emphasis on health IT infrastructure is directly contributing to the increased demand for solutions related to medical device connectivity. Additionally, there is a collaborative effort between India and Japan in the manufacturing of medical equipment, supported by a 5-year USD 42 billion investment and finance plan signed in March 2022. The agreement, inked by Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi, serves as a driving force behind the growth of the Global Medical Device Connectivity Market.

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Impact of Covid-19 on Global Medical Device Connectivity Market

Covid-19 pandemic had a positive impact on the Global Medical Device Connectivity Market. It led to substantial influx of patients requiring hospitalization due to the infection. Notably, an IoMT framework-driven COVID-19 self-assessment tool effectively captured signs and symptoms through a series of questions, storing the gathered data in a dedicated COVID-19 patient database. The system then analyzed this information to determine the necessity of COVID-19 testing or other appropriate actions. The demonstrated capability of medical device connectivity systems in improving health outcomes and streamlining operations during the pandemic underscored their advantages over manual systems. Consequently, hospitals recognized the value of medical device connectivity systems, leading to an increased demand and contributing to the overall growth of the market.

Global Medical Device Connectivity Market – By End User

On the basis of end user, the Global Medical Device Connectivity Market is divided into Hospitals, Home Healthcare Centers, Diagnostic Centers, Ambulatory Care Centers, Others (including Maternity & Fertility Care Centers, Tertiary Care Centers) segments. The hospitals segment holds the highest share in the Global Medical Device Connectivity Market by end user. It is primarily driven by the increasing number of hospitals and expanding healthcare infrastructure. Additionally, favorable reimbursement policies and comprehensive insurance coverage have contributed to the heightened demand within this segment. Concurrently, the growing geriatric population, along with the escalating costs of healthcare, has spurred the demand for the home healthcare ssegment. Hence, the home healthcare segment is also expected to witness increased traction owing to the growing prevalence of chronic disorders, such as diabetes, hypertension, and cardiac disorders.

Global Medical Device Connectivity Market – By Region

The in-depth research report on the Global Medical Device Connectivity Market covers the market in a number of major countries across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America region dominates the Global Medical Device Connectivity Market. It is primarily driven by the expanding prevalence of chronic diseases and the widespread adoption of advanced healthcare technologies. Telemedicine adoption is enhancing care management, improving patients' quality of life, and reducing healthcare expenditures. Notably, in 2021, Canadian health expenditure rose to USD 308.1 billion, while the United States witnessed a USD 4.3 trillion health expenditure in 2022. This escalating healthcare spending is expected to foster opportunities for telemedicine, driving market growth. Also, ongoing innovations and initiatives by governments and companies contribute to the positive outlook for the medical device connectivity market.

Competitive Landscape

Major players operating in the Global Medical Device Connectivity Market include Cisco Systems, Inc., Oracle Corporation, Qualcomm Technologies, Inc., Cerner Corporation, GE Healthcare, Medtronic, Inc., Philips Healthcare, Siemens Healthineers, IBM Corporation, Hewlett Packard Enterprise (HPE), Stryker Corporation, Honeywell International Inc., SAP SE, Infosys Limited, Digi International Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Medical Device Connectivity Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Medical Device Connectivity Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Medical Device Connectivity Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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