Medical Device Connectivity Market to Grow 10-Fold by 2031
The global medical device connectivity market is primed for explosive growth in the next 10 years as telehealth gains a stronger foothold among patients and providers and clinicians increasingly turn to remote patient monitoring to augment services.
Research Nester data indicates the global medical device connectivity market generated $1.51 billion in revenue last year. The market’s value is expected to balloon 10-fold in the next decade to reach $10.89 billion, due to governments worldwide promoting digital health. According to the World Health Organization (WHO), the Health Assembly, in the year 2013, adopted a resolution on the standardization and interoperability of eHealth. Additionally, in 2020, the global strategy on digital health 2020-2025 was endorsed by the 73rd World Health Assembly. Besides this, the market’s growth can also be attributed to the need for advanced diagnostics and therapies, as well as the growing concern for different types of noncommunicable diseases (NCDs), which according to WHO, kill 41 million people each year and constitute 71 percent of all global deaths. In addition, growing awareness for early disease diagnosis and increasing healthcare expenditures is expected to boost market growth.
Telehealth has undoubtedly been a boon for the healthcare industry during the pandemic. According to the Office of the Assistant Secretary for Planning and Evaluation (ASPE) of the U.S. Department of Health and Human Services (HHS), the share of Medicare visits conducted through telehealth in 2020 reached 52.7 million, up from 0.84 million in 2019—a 63-fold increase. With the growing adoption of telehealth and remote patient monitoring services, along with the increasing inclination towards home healthcare, there is a growing need amongst the healthcare service providers for the safe, secure, and effective information transfer of information across different medical equipment, thereby promoting the need for medical device connectivity.
The global medical device connectivity market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst these, the North American market generated the largest revenue of $534.18 million last year and is expected to reach $3.94 billion by the end of 2031. The North American market is forecast to grow due to increasing adoption of electronic health records (EHRs) and electronic medical records (EMRs), along with the increasing awareness of telehealth’s benefits. According to the statistics from the U.S. Centers for Disease Control and Prevention (CDC), in 2019, 89.9 percent of office-based physicians were using an EMR/HER system. Additionally, the statistics also stated that 72.3 percent of office-based physicians with a certified EMR/HER system. The market in the region is further segmented by country into the United States and Canada, out of which, the U.S. market is anticipated to expand with the highest compound annual growth rate (CAGR) of 23.24 percent and attain the largest revenue by the end of 2031.
The medical device connectivity market in the Asia Pacific region generated $364.69 million last year and is expected to garner the second-largest revenue of $2.96 billion by the end of 2031. The market in the region is further segmented by country into China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, and the Rest of Asia Pacific. Amongst the market in these nations, the Chinese market registered the largest revenue ($141.06 million last year) and is expected to reach $1.25 billion by the end of 2031. The Japanese market registered the second-largest revenue ($115.26 million in 2021) and is forecast to reach $907.0 million by the end of 2031.
The global medical device connectivity market is segmented on the basis of technology into wireless, wired, and hybrid. Amongst these segments, the wireless segment generated the largest revenue ($675.43 million last year) and is expected to reach $5.19 billion by the end of 2031. In North America, the segment is expected to garner the largest revenue—$1.89 billion by the end of 2031, up from $241.98 million last year. The Asia Pacific sector generated the largest revenue—$162.29 million last year and is forecast to reach $1.41 billion by the end of 2031.
The global medical device connectivity market is further segmented by end-user into hospitals, home care, and others. Amongst these segments, the hospitals segment registered the largest revenue ($1.09 billion last year) and is expected to reach $8.29 billion by the end of 2031. The North American segment is projected to generate the largest revenue—$2.95 billion by the end of 2031, up from $384.61 million in 2021. The European market is anticipated to generate the largest revenue—$2.23 billion by the end of 2031, up from $315.94 million last year.
Some of the prominent industry players in the global medical device connectivity market include Cerner Corporation (Oracle Corporation), General Electric Healthcare (General Electric Company), Infosys Limited, Cisco Systems Inc., Koninklijke Philips N.V., Medtronic plc, iHealth Labs Inc., Masimo, Capsule Technologies, Digi International Inc., True Process Inc. (Baxter International Inc.), LANTRONIX Inc., Hill-Rom Services Inc., and others.
Article source: MPO