Medical Device Connectivity Market to grow at a CAGR of 24.84% during 2024-2028
The Medical Device Connectivity Market is expected to grow at a CAGR of 24.84% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5260.83 million. The medical device connectivity market is poised for significant expansion due to the increasing trend of mergers and acquisitions among industry players. Vendors are adopting strategic business approaches, such as acquisitions, to expand their distribution networks and enhance their product offerings. For instance, in January 2021, Koninklijke Philips N.V. completed the acquisition of Capsule Technologies, Inc., a leading provider of medical device integration and data technologies for hospitals and healthcare organizations. This acquisition will enable Philips to strengthen its patient care management solutions for various care settings, including hospitals and remote patient care.
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Technavio analysts predict that the Wireless technologies subsegment will lead the Technology segment during 2024 and 2028 In the Medical Device Connectivity Market, wireless technologies are expected to remain the leading choice in technology by 2023 and beyond. Notably, Bluetooth technology is extensively utilized to link healthcare devices due to its widespread compatibility with mobile devices. This implementation not only reduces energy requirements and costs but also enables real-time data exchange. Furthermore, Real-Time Location Systems (RTLS) are integrated with Bluetooth technology to provide accurate, real-time information on the location of patients and their health status. Despite the adoption of other wireless technologies in the medical and healthcare sectors, the widespread use of mobile devices and Bluetooth technology offers a cost-effective solution for managing patients and their surroundings.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish emergence of digital healthcare services and healthcare 4.0
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The Medical Device Connectivity Market is experiencing significant growth due to the increasing adoption of Bluetooth Low Energy (BLE) technology in healthcare organizations. BLE-enabled medical devices, such as infusion pumps, ventilators, anesthesia machines, and diagnostic equipment, are increasingly being integrated with telemedicine technologies, electronic health records (EHR), and HCIT solutions. This integration enables seamless data exchange between healthcare facilities, including Ambulatory Care Centers, Diagnostic Centers, Home Healthcare Centers, Hospitals, and Telehealth platforms. The use of wireless technologies, including Bluetooth and Wi-Fi, is driving the market growth, allowing for remote patient monitoring, real-time data analytics, and improved patient safety. Hybrid technologies, combining wired and wireless connectivity, offer additional benefits, such as increased reliability and security. Healthcare IT initiatives, such as the adoption of electronic medical records and healthcare expenses, are also fueling the market growth. The integration of medical devices with healthcare IT systems enables quality care, improved patient outcomes, and cost savings. Data analytics and telehealth are key applications of medical device connectivity, offering healthcare providers valuable insights into patient health and enabling remote patient monitoring. Overall, the Medical Device Connectivity Market is poised for continued growth, driven by the need for efficient, cost-effective, and high-quality healthcare solutions.
According to Technavio, the global medical device connectivity market is a significant segment within the broader context of the global healthcare equipment market. This market encompasses organizations involved in the research and development (R&D) of various product categories, such as capital equipment, instruments, implants, accessories, and consumables. These products are utilized for the diagnosis, monitoring, and treatment of various diseases. The size of the global healthcare equipment market is determined by the combined revenue generated by manufacturers of diagnostic equipment and devices spanning diverse therapy areas. The healthcare equipment market consists of the following sectors: Devices - encompassing advanced, differentiated, and clinically validated data-driven devices.
The Medical Device Connectivity Market is experiencing significant growth, fueled by the emergence of digital healthcare services and healthcare 4.0. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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