Medical Device Connectivity Market Global Industry Analysis, Size, Share, Growth, Trends and Forecas

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 Technology

Based on technology, the market is bifurcated into wireless technologies, wired technologies, and hybrid technologies. Among these, wireless technologies hold the largest market share in 2021 and anticipated to remain largest during the forecast period. Factors attributing the growth of wireless technologies is because it offers better quality of healthcare as professionals constantly receives real-time updates for patients, reduction in healthcare expenditures due to remote patient monitoring are continuously boosting the market for wireless technologies.

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