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What Is the Forecast for the Medical Device Connectivity Market Growth in 2025?

In recent times, there has been an incredible expansion in the scale of the medical device connectivity market. Its size is forecasted to swell from $3.58 billion in 2024 to $4.54 billion in 2025, marking a compound annual growth rate (CAGR) of 27.0%. The substantial growth witnessed during the historic period could be linked to an increase in chronic diseases, the necessity for streamlined medical operations, escalating demand for telehealth services, rising need for remote patient monitoring, and a concentrated emphasis on data analytics and predictive intelligence.

What Is the Forecast for the Medical Device Connectivity Market Size Through 2029?

The size of the medical device connectivity market is predicted to surge significantly over the upcoming years, reaching $11.7 billion in 2029, with a compound annual growth rate (CAGR) of 26.7%. The anticipated growth during the forecast period can be accredited to various factors such as amplified demand for smooth integration, the escalating digitization within the healthcare sector, the increasing aged population, the expanding use of electronic health records, and the rise in healthcare costs. Major upcoming trends during the forecast period comprise of IoT-enabled devices, electronic health record (EHR) systems, real-time patient data management, enhancement of patient engagement, remote diagnostic methods, and telemonitoring.

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What are the Key Market Players in Medical Device Connectivity Market and How They’re Evolving?

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

What Are the Primary Growth Drivers in the Medical Device Connectivity Market?

The escalation in the implementation of electronic health records (EHR) is projected to spur the expansion of the medical device connectivity market. EHR, a digital form of a patient’s paper records, is a real-time, patient-oriented system that is securely accessible to authorized users. The use of medical device connectivity solutions ensures a smooth exchange of data between medical devices and EHR systems, leading to real-time integration of patient monitoring data, diagnostic outcomes, and treatment details. This synchronization of medical devices with EHRs allows healthcare professionals to acquire comprehensive patient details at the care point, effectively enhancing clinical decisions and care management. For instance, The London School of Hygiene & Tropical Medicine (LSHTM), a leading UK-based institution in public and global health research and postgraduate education, gathered reports suggesting that more than 1.3 million people decided to opt out of NHS data between May 31 and June 30, which resulted in an increased overall opt-out percentage from 2.77% to 4.97% in 2021. Hence, the escalating implementation of electronic health records (EHR) fuels the growth of the medical device connectivity market.

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What Are the Leading Segments in the Global Medical Device Connectivity Industry?

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 Are the Key Market Trends in the Medical Device Connectivity Industry?

Big players in the medical device connectivity market are concentrating on the creation of state-of-the-art technology solutions like LocationAI, which is used to improve medical imaging, diagnostic processes, and treatment planning. As a location engine powered by machine learning, LocationAI provides a superior level of accuracy without impacting clinical workflows via complicated setups or the requirement for hardware placement in patient rooms, two common issues with other systems. An example is Cognosos Inc., a company based in the US that offers real-time asset visibility solutions, which in March 2022 incorporated LocationAI into its real-time location system (RTLS) for healthcare, to circumvent typical issues in asset tracking systems. This integration improves location precision in hospitals by leveraging machine learning to identify signal patterns linked to different locations, ensuring accurate tracking of tagged items.

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What Is the Regional Outlook for 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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This Report Delivers Insight On:

1. How big is the medical device connectivity market, and how is it changing globally?

2. Who are the major companies in the medical device connectivity market, and how are they performing?

3. What are the key opportunities and risks in the medical device connectivity market right now?

4. Which products or customer segments are growing the most in the medical device connectivity market?

5. What factors are helping or slowing down the growth of the medical device connectivity market?

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