insightSLICE.com announces the release of the report “Medical Device Connectivity Market Research Report By Component, End User and Geography“- Size, Share, SWOT Analysis and Forecast 2021-2031.
The Global Medical Device Connectivity Market size was estimated to be US$ 1.2 billion in 2019 and is expected to grow at a CAGR of 22% through 2030.
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Rising demand for EMRs to get access to the current patient information is driving the medical device connectivity market. The implementation of such solutions speeds up treatment procedures while improving the outcomes. Remote monitoring is a major trend in the healthcare sector and medical staffs use such technology to monitor patient’s blood pressure and blood sugar level with high accuracy while reducing human errors.
Growth driving factors of Global Medical Device Connectivity Market
Rising adoption of digitized healthcare infrastructure across the globe with increased demand and adoption of advanced technology in medical device connectivity is driving the market growth. The leading players operating in the market are focusing on business expansions through strategic partnerships in the form of mergers and acquisitions, which is anticipated to expedite competition in the market.
The software of medical device connectivity in component contributed the largest share of 33.5% to the global medical device connectivity market in terms of volume in 2019 and is anticipated to be a dominating segment throughout the forecast period. Growing demand for connected devices for immediate report analysis and instant treatment facilities is fuelling the medical device connectivity market. Additionally, the medical and technical companies are working together to obtain the desired product, thereby fuelling the growth of the global medical device connectivity market.
The leading market segments of Global Medical Device Connectivity Market
The global medical device connectivity market is segmented on the basis of component, end-user, and geography.
The wireless hardware is anticipated to be the fastest-growing component of medical device connectivity during the forecast period growing at a CAGR of 22.3% during the forecast period in terms of revenue. By end-user, the hospitals of medical device connectivity user-contributed US$ 0.47 Bn to the global medical device connectivity market in 2019 and is anticipated to witness prominent growth during the forecast period.
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North America held the largest share of the global medical device connectivity market in terms of revenue and volume in 2019 followed by Europe and Asia Pacific. The U.S. is the major consumer of connected devices with the presence of a large number of market players across the region. Asia Pacific contributed 29.8% share in global medical device connectivity market in 2019 owing to strong demand from the digitization of private hospitals and clinics across Asia.
Rising investment in the healthcare IT sector coupled with the collaboration of government authorities with private players across major countries, primarily Brazil for transforming the medical treatment procedures are anticipated to drive the growth of the South America medical device connectivity market in the coming years.
Major Players Active In The Global Medical Device Connectivity Market: Cerner Corporation, Digi International Inc., Philips Healthcare, Cisco Systems Inc., Honeywell HomeMed LLC, Siemens Healthcare, eDevice Inc., GE Healthcare Ltd., Cardiopulmonary Corporation and Qualcomm Inc.
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