Medical Device Connectivity Market Size - By Product & Services (Solution, Services), Technology (Wireless, Wired, Hybrid), Application, End-use, Global Forecast (2023-2032)

Medical Device Connectivity Market Size - By Product & Services (Solution, Services), Technology (Wireless, Wired, Hybrid), Application, End-use, Global Forecast (2023-2032)

Medical Device Connectivity Market Size

Medical Device Connectivity Market size was valued at USD 1.8 billion in 2022 and is estimated to account for USD 11.4 billion by 2032. Medical device connectivity refers to the ability of various medical devices and equipment to communicate with each other or with healthcare information systems (HIS), such as electronic health records (EHRs).
 

For instance, Bluetooth Low Energy (BLE) technology utilizes software and gateways through mobile phones and other similar devices that enables energy-efficient wireless communication and extends the battery life of connected devices. This technology is well-suited for close-range interactions and is compatible with the majority of smartphones and tablets.The popularity of wearable health devices, such as fitness trackers and smartwatches, has led to an increased interest in connectivity for personal health monitoring. Patients can wear these devices to monitor their vital signs and health metrics, and the data can be transmitted in real-time to healthcare providers during remote consultations.

COVID-19 Impact

The COVID-19 pandemic had a positive impact on the market. The ability of these systems to enhance health outcomes and reduce complications during the pandemic had prompted hospitals to acknowledge the advantages of these systems over manual processes. Additionally, the pandemic experience also led to technological advancements and elevated investments in connectivity systems, resulting in a heightened demand for medical device connectivity systems.
 

Medical Device Connectivity Market Trends

The growing penetration of EHRs in healthcare organizations is a significant driving factor for the market. The widespread adoption of EHRs is closely intertwined with the demand for medical device connectivity.
 

• The integration of medical device data into EHRs enhances patient care, data accuracy, and efficiency, and it aligns with healthcare trends, such as telemedicine and data-driven decision-making.
   

Medical Device Connectivity Market Analysis

The market by product and services is categorized into solution and services. Solution segment is further segmented into medical device integration solution, interface devices, telemetry systems, connectivity hubs. This segment garnered USD 945.7 million revenue size in the year 2022.
 

• The highest share of the segment is primarily attributable to the increased adoption of EHRs and interoperability solutions among healthcare organizations.
   
• Connectivity solutions enable real-time monitoring and data collection from medical devices, allowing healthcare professionals to make precise decisions and respond promptly to changes in patient conditions. This can lead to better patient care and improved outcomes.
   

The medical device connectivity market by technology is categorized into wireless, wired, and hybrid technologies. Wireless technologies held over 46% of industry share in 2022.
 

• Growing technological advancements and an upsurge in the adoption of wireless medical device connectivity systems in healthcare sector.
   
• Additionally, shorter hospital stays and availability of remote patient monitoring to ensure patient safety and care are boosting segmental expansion.
   

The market by application is categorized into vital signs and patient monitors, anesthesia machines and ventilators, infusion pumps, and others. Vital signs and patient monitors segment garnered USD 649 million revenue size in the year 2022.
 

• Continuous innovation and technological advancements such as the development of wearable patient monitors and remote monitoring apps.
   
• Vital signs and patient monitors provide healthcare providers with real-time data that can be used to make critical clinical decisions.
   

The medical device connectivity market by end-use is categorized into hospitals, ambulatory care centers, and others. Hospitals segment garnered USD 856.9 million revenue size in the year 2022.
 

• Presence of skilled healthcare professionals, advanced equipment in hospital settings is projected to favor the business expansion.
   
• Beneficial reimbursement policies and insurance coverage is further anticipated to accelerate segmental demand.
   

U.S. medical device connectivity market accounted for USD 575.4 million revenue size in 2022.
 

• Technological advancements coupled with substantial healthcare expenditure are the factors driving the industry gains. The adoption of telemedicine of which the market size reached USD 71.5 billion in 2022, has improved patients’ quality of life, care management, and minimize healthcare spending. 
   

Thus, the aforementioned factors will boost the demand for medical device connectivity in the U.S. by 2032.
 

Medical Device Connectivity Market Share

The industry is consolidated in nature, with major companies competing to offer superior products in this business space. Prominent players such as Koninklijke Philips N.V., holds a significant share in the market. These companies are diligently directing their efforts towards continuous product innovation to gain substantial market share. For instance, in July 2022, Koninklijke Philips N.V., announced acquisition of Capsule Technologies Inc. This helped company to expand its patient care management connectivity solution for several healthcare facilities.
 

Some of the eminent market participants operating in the medical device connectivity industry include

• Koninklijke Philips N.V.
• Cerner Corporation
• Medtronic
• General Electric 
• Stryker
• iHealth Labs Inc.
• Cisco Systems, Inc
• Masimo 
• Infosys Limited
• Baxter
• TE Connectivity
• Lantronix Inc
• Hill-Rom Services Inc.
• Silex Technology America, Inc
• Digi International Inc.
   

Medical Device Connectivity Industry News

• In January 2021, Masimo introduced a versatile, compact connectivity hub iSirona to expand interoperability across the range of care. iSirona helps in connecting several patient monitors, pumps, anesthesia machines, and other medical devices in operating rooms and ICUs in which space is often restricted.
   
• In February 2021, Lantronix Inc. introduced the New EDS3000 Serial-to-Ethernet Servers, a multi-serial port for Ethernet services that offers connected devices and next-generation hybrid Ethernet terminals for easy remote access and management of almost any networking or IT equipment or edge device. Development of such servers help companies to acquire significant market share.
   

Medical device connectivity market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments

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By Product and Services, 2018-2032 (USD Million)

• Solution
  • Medical device integration solution
  • Interface devices
  • Telemetry systems
  • Connectivity hubs
• Services
  • Implementation and integration services
  • Support and maintenance services
  • Training services and consulting services

By Technology, 2018-2032 (USD Million)

• Wired technologies
• Wireless technologies
• Hybrid technologies

By Application, 2018-2032 (USD Million)

• Vital signs and patient monitors
• Anesthesia machines and ventilators
• Infusion pumps
• Other applications

By End-use, 2018-2032 (USD Million)

• Hospitals
• Ambulatory care centers
• Other end-users

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa