The Global Medical Device Connectivity Market is expected to value USD 2.05 Billion in 2021 and is expected to grow at a CAGR of 25.43% during the forecast period. Medical device connectivity is a connection used to maintain and establish a connection through which data is transferred between a medical device like a patient monitor and an information system to transmit or receive data from another device or internet.
The growing emphasis of governmental bodies across the various developed and underdeveloped countries for building nationwide healthcare information exchanges (NHEs) and adoption of electronic medical record (EMR) solutions are the reasons driving the medical device connectivity market.
Additionally, the high-cost structures for connectivity and interoperability solutions for various medical devices, small healthcare organizations struggling for proper internet connections, and also lack of wireless connectivity options are restraining the global medical device connectivity market growth.
The advanced technology in healthcare sectors with advanced IT tools is providing opportunities for the players operating in the medical device connectivity market. Consolidation is mostly the preferred strategy adopted by healthcare to increase the patient base and optimization of resource utilization is opening new ways to operate during the forecast period.
Product designing and development involves high cost and long screening process for government regulations, are giving tough challenges to the market of medical device connectivity.
Impact of COVID-19 on Global Medical Device Connectivity Market
The emergence of the Covid-19 pandemic hampered the normal workings of every business unit. The transportation sector was totally stopped by various governmental bodies to decrease the spread of infectious viruses across the world.
Due to prolonged lockdown, the demands for remote monitoring and patient engagement solutions have been increased. Several hospitals are now shifting to home care settings or other temporary setups for expanding patient monitoring to provide optimal care are increasing the demands for the global medical device connectivity market.
Global Medical Device Connectivity Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is dominating the medical device connectivity market in 2021 and is anticipated to remain dominant during the forecast period. Due to advanced technology and established healthcare systems, medical device connectivity solutions have become the first choice for deployment which are driving the global medical device connectivity market.
Also, the rising number of coronavirus cases in U.S. as well as guidelines and stringent regulations laid down by various government and non-government authorities such as the federal communications commission (FCC), the health insurance portability and accountability act (HIPPA) are boosting the North American medical device connectivity market.
Additionally, Asia Pacific is expected to be the fastest growing region for global medical device connectivity market because of developing countries doing investments in healthcare sectors along with increase efficiency of healthcare systems and workers. Also, the increasing use of remote monitoring and medical device connectivity solutions and services are attributing to the fastest growth of medical device connectivity market.
What Does This Report Provide?
This report provides a detailed understanding of the global medical device connectivity market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the global medical device connectivity market have been covered in the report. This report further includes the market shares of the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.
