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What fueled the previous growth in the Medical Device Connectivity market?

The market size for medical device connectivity has seen rapid expansion in the past years. The market is projected to grow from a worth of $3.58 billion in 2024 to reach $4.54 billion in 2025, experiencing a compound annual growth rate (CAGR) of 27.0%. The significant growth witnessed in the historical period can be ascribed to the upsurge in chronic illnesses, the need for streamlined healthcare processes, increased demand for telehealth services, the rising need for remote patient monitoring, and prioritization of data analytics and predictive insights.

What will be the medical device connectivity market size in the future?

Expected to witness an immense surge in the coming years, the market size of medical device connectivity is estimated to reach $11.7 billion in 2029, with a compound annual growth rate of 26.7%. The expansion in the forecast period can be tied to a rise in seamlessness requirements, an increase in healthcare digitization, a spurt in the aging population, a surge in electronic health record adoption, and soaring healthcare costs. Upcoming trends in the projection period encompass IoT-driven devices, electronic health records (EHR) systems, real-time patient data analysis, patient engagement improvement, remote diagnosis, and telemonitoring advancement.

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What main drivers are fueling expansion in the medical device connectivity market?

The medical device connectivity market is poised for growth, spurred by the increasing adoption of electronic health records (EHRs). EHRs are digital renditions of a patient’s traditional paper chart, containing patient-focused data that is accessible in real-time to authorised users. Medical device connectivity solutions offer a flawless exchange of data between EHR systems and medical devices, supporting the real-time assimilation of monitoring data, diagnostic results, and treatment information. This interlinking of EHRs and medical devices enables healthcare professionals to retrieve comprehensive patient information at the point of care, aiding in clinical decision-making and care management. For example, The London School of Hygiene & Tropical Medicine (LSHTM), a premier UK-based institution specializing in public and global health research and postgraduate education, disclosed that over 1.3 million individuals chose to opt out of NHS data between May 31 and June 30 in 2024. This led to a rise in the overall opt-out rate, from 2.77% to 4.97% of the population in 2021. Consequently, the burgeoning use of electronic health records (EHRs) boosts the medical device connectivity market.

What key areas define the segmentation of the global medical device connectivity market?

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

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Who are the dominant players expanding their reach in the medical device connectivity market?

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

How are evolving market trends shaping medical device connectivity Strategies?

Key players in the medical device connectivity market are concentrating their efforts on creating innovative tech solutions like LocationAI, in order to improve medical imaging, diagnosis, and treatment strategies. LocationAI is a highly precise, machine learning-driven location engine that achieves pinpoint accuracy within rooms without disrupting clinical workflows through complicated installation procedures or the need for placing hardware in patient rooms, a characteristic common to other systems. For instance, in March 2022, Cognosos Inc., an American company that specializes in delivering real-time visibility of assets, integrated LocationAI into its real-time location system (RTLS) for healthcare, effectively tackling the usual problems seen in asset tracking systems. Through this integration, location accuracy within hospitals is significantly improved by harnessing machine learning to identify signal patterns linked with various locations, thus providing exact tracking of labelled items.

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Which regions are emerging as leaders in the medical device connectivity market?

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.

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