Medical Device Connectivity Global Market Report 2024

The medical device connectivity market size has grown exponentially in recent years. It will grow from $2.83 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. Historic growth was driven by increased chronic diseases, streamlined healthcare operations, rising demand for telehealth and remote patient monitoring, and a focus on data analytics for predictive insights.

The medical device connectivity market size is expected to see exponential growth in the next few years. It will grow to $9.24 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. Forecasted growth is driven by rising demands for seamless integration, increasing digitization of healthcare, a growing aging population, increasing adoption of electronic health records, and rising healthcare expenses. Major trends expected in the forecast period include IoT-enabled devices, electronic health records (EHR) systems, real-time patient data, patient engagement, remote diagnostics, and telemonitoring.

The increasing adoption of electronic health records (EHRs) is set to propel the growth of the medical device connectivity market. EHRs, which digitize patient paper charts and offer real-time, patient-centered information securely accessible to authorized users, are becoming prevalent in healthcare settings. Medical device connectivity solutions play a crucial role in facilitating seamless data exchange between medical devices and EHR systems, enabling real-time integration of patient monitoring data, diagnostic results, and treatment information. This integration empowers healthcare providers to access comprehensive patient information at the point of care, thereby enhancing clinical decision-making and care coordination. For example, data from the Office of the National Coordinator for Health Information Technology (ONC) indicated a steady increase in the adoption of certified EHR technology among non-federal acute care hospitals in the United States, rising from 96% in 2021 to 97% in 2022, underscoring the pivotal role of EHR penetration in driving the medical device connectivity market.

Key players in the medical device connectivity market are focused on developing advanced technological solutions tailored to enhance medical imaging, diagnosis, and treatment planning. One such solution is LocationAI, a highly accurate, machine learning-powered location engine designed to achieve room-level accuracy without disrupting clinical workflows or requiring complex installation processes. For instance, Cognosos Inc. launched LocationAI into its real-time location system (RTLS) solution for healthcare in March 2022. This integration addresses common challenges in asset tracking systems by leveraging machine learning to recognize signal patterns associated with different locations, ensuring precise tracking of tagged items within hospitals.

In June 2022, Oracle Corporation bolstered its presence in the healthcare technology space by acquiring Cerner Corporation for approximately $28.3 billion. Through this acquisition, Oracle aims to provide medical professionals with enhanced information systems that can facilitate treatment decisions, improve patient outcomes, reduce administrative workloads, and lower overall healthcare costs. Cerner Corporation, a provider of healthcare information technology solutions, is actively involved in advancing medical device connectivity, aligning with Oracle's vision of delivering innovative healthcare solutions to meet evolving industry needs.

Major companies operating in the medical device connectivity market are Amazon Web Services Inc, Google LLC, Microsoft Corporation, Siemens AG, Cisco Systems Inc, Qualcomm Technologies Inc, Abbott Laboratories, Oracle Corporation, Honeywell International Inc, Medtronic PLC, Thales Group, Koninklijke Philips N.V., Stryker Corporation, GE HealthCare Technologies Inc, Infosys Limited, TE Connectivity Ltd, Baxter International Inc, Wipro Limited, Drägerwerk AG & Co. KGaA, Masimo Corporation, OSI Systems, Inc, Digi International Inc., Ascom Holding AG, Lantronix Inc, NantHealth Inc., Spectrum Medical Ltd, Silex Technology Inc, iHealth Labs Inc, Iatric Systems Inc, LifeOmic Holdings LLC.

North America was the largest region in the medical device connectivity market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the medical device connectivity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the medical device connectivity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Medical device connectivity involves the capability of medical devices to securely and seamlessly communicate with healthcare devices, significantly transforming healthcare by facilitating data sharing, remote monitoring, and enhanced patient care. This connectivity facilitates the exchange of data between medical devices and electronic health record (EHR) systems, clinical decision support systems, and other healthcare IT systems. It enables functionalities such as remote monitoring, real-time data analysis, interoperability, and clinical decision-making, ultimately leading to improvements in patient care, workflow efficiency, and healthcare provider collaboration.

The key components of medical device connectivity include hardware, services, and software. Medical device connectivity hardware encompasses the physical elements of a computer system or electronic device. Various technologies such as wired, wireless, and hybrid technologies are utilized in vital sign monitoring systems, cardiology devices, ICU systems, oncology systems, home healthcare devices, and other applications across hospitals and clinics, diagnostic centers, healthcare research centers, and other end-user verticals.

The medical device connectivity market research report is one of a series of new reports that provides medical device connectivity market statistics, including medical device connectivity industry global market size, regional shares, competitors with medical device connectivity market share, detailed medical device connectivity market segments, market trends, and opportunities, and any further data you may need to thrive in the medical device connectivity industry. This medical device connectivity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The medical device connectivity market consists of revenues earned by entities by providing services such as clinical decision support, interoperability services, standardization services, alerting and notification services, data analytics, and reporting automate workflows. The market value includes the value of related goods sold by the service provider or included within the service offering. The medical device connectivity market also includes sales of patient monitors, ventilators, heart rate monitors, pulse oximeters, breath monitors, blood glucose monitors, imaging equipment, electronic health record (EHR) systems, clinical decision support systems, central monitoring stations, and mobile health (mHealth) devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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