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What is the Predicted Annual Growth Rate of the Medical Device Connectivity Market Over the Coming Decade?

In recent years, the size of the medical device connectivity market has seen an extraordinary expansion. Projections show an increase from the market’s 2024 worth of $3.58 billion to a value of $4.54 billion in 2025. This rise represents a compound annual growth rate (CAGR) of 27.0%. Factors such as a spike in chronic diseases, the need for efficient healthcare operations, the surging demand for telehealth services and remote patient monitoring, coupled with a concentration on data analytics and predictive insights, have all contributed to the robust growth observed in the historic period.

Expectations are high for a surge in the size of the medical device connectivity market in the coming years, with projected growth to $11.7 billion by 2029 at a compound annual growth rate (CAGR) of 26.7%. The predictive growth throughout the forecast period is linked to factors such as an increased need for smooth integration, an upswing in healthcare digitization, an aging population rise, a larger acceptance of electronic health records, and hiking healthcare expenses. Future trends that dominate the forecast period involve devices enabled by Internet of Things (IoT), systems for electronic health records (EHR), real-time patient data, patient involvement, diagnostics from remote locations, and telemonitoring.

Which Factors Are Enhancing the Growth of the Medical Device Connectivity Market?

The surge in the use of electronic health records (EHRs) is projected to stimulate the expansion of the medical device connectivity market in the future. EHRs are digitized versions of patient’s traditional paper charts with real-time data, concentrated on the patient and securely accessible to those granted authorization. Medical device connectivity solutions promote unhindered data sharing between medical instrumentation and EHR systems, paving the way for immediate integration of patient monitoring information, diagnostic findings, and therapy details. The merging of medical apparatus with EHRs allows healthcare professionals to obtain exhaustive information of patients when providing care, thereby boosting clinical judgments and collaboration in care. To illustrate, The London School of Hygiene & Tropical Medicine (LSHTM), a leading research and postgraduate teaching establishment in public and global health based in the UK, stated in August 2024 that more than 1.3 million individuals chose not to share their NHS data from May 31 to June 30, causing the overall opt-out rate to soar from 2.77% to 4.97% of the population in 2021. As a result, the escalating incorporation of electronic health records propels the growth of the medical device connectivity market.

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What Are the Major Players Making an Impact in the Medical Device Connectivity Market’s Growth?

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

Which Upcoming Trends Are Set to Influence the Medical Device Connectivity Market’s Path Forward?

Leading businesses in the medical device connectivity market are focusing on generating advanced technology solutions like LocationAI, intended to improve medical imaging, diagnosis, and treatment planning. LocationAI is a highly accurate, ML-powered location engine that provides room-level precision without disrupting clinical activities with intricate installation procedures or requiring hardware placement in patient rooms, a common feature of other systems. For example, in March 2022, Cognosos Inc., an American company known for delivering real-time asset visibility solutions, introduced LocationAI into its real-time location system (RTLS) for healthcare, which deals with typical problems in asset tracking systems. Thanks to this integration, location accuracy in hospitals is improved by using machine learning to identify signal patterns related to different locations, thereby ensuring accurate tracking of tagged items.

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Which Key Segments of the Medical Device Connectivity Market Are Poised for Growth and Innovation?

The medical device connectivity market covered in this report is segmented –

1) By Component: Hardware, Services, Software

2) By Technology: Wired Technologies, Wireless Technologies, Hybrid Technologies

3) By Application: Vital Sign Monitoring Systems, Cardiology Devices, ICU Systems, Oncology Systems, Home Healthcare Devices, Other Applications

4) By End-Use Vertical: Hospitals And Clinics, Diagnostic Centers, Healthcare Research Centers, Other End Users

Subsegments:

1) By Hardware: Medical Device Gateways, Connectivity Modules, Sensors And Actuators, Network Infrastructure (Routers, Switches)

2) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Managed Services

3) By Software: Device Connectivity Software, Cloud-Based Platforms, Data Analytics And Management Software, Security And Authentication Software

What Regions Are Steering Growth in the Medical Device Connectivity Sector?

North America was the largest region in the medical device connectivity market in 2024. 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.

How Is the Medical Device Connectivity Market Classified and Defined in Market Analysis?

Medical device connectivity refers to the ability of medical devices to securely and seamlessly communicate with healthcare devices, revolutionizing healthcare by enabling data sharing, remote monitoring, and improved patient care. This connectivity is used for the exchange of data between medical devices and electronic health record (EHR) systems, clinical decision support systems, and other healthcare IT systems by enabling remote monitoring, real-time data analysis, interoperability, and clinical decision-making, ultimately improving patient care, enhancing workflow efficiency, and supporting healthcare provider collaboration.

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