Research Nester published a report titled “Medical Device Connectivity Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global medical device connectivity market in terms of market segmentation by technology, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global medical device connectivity market is anticipated to grow with a CAGR of 22.41% over the forecast period, i.e., 2022 – 2031. The market is segmented by technology into wireless, wired, and hybrid, out of which, the wireless segment is anticipated to garner the largest revenue of USD 5193.23 Million by the end of 2031. Moreover, in the year 2021, the segment generated a revenue of USD 675.43 Million.
The global medical device connectivity market is estimated to garner a revenue of USD 10897.22 Million by the end of 2031, up from a revenue of USD 1513.25 Million in the year 2021. Growing need for digital health transformation amongst the healthcare service providers, along with the increasing adoption of telehealth services are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, the global medical device connectivity market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America region is anticipated to garner the largest revenue of USD 3944.79 Million by the end of 2031. Moreover, in the year 2021, the market in the region generated a revenue of USD 534.18 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Need for Providing Quality Services Among the Healthcare Service Providers to Drive Market Growth
More than 15 Million people between the age of 30 and 69 years, die from a noncommunicable disease (NCD), according to the statistics by the World Health Organization (WHO).
Worldwide, with the growing concern for chronic diseases, there is a rising need amongst the healthcare service providers to improve their service quality and also optimize their existing processes. Besides this, healthcare service providers are increasingly adopting information technology (IT) solutions, such as hospital management solutions, electronic health records (EHRs), and others, which help these service providers to provide better services to the patients. Moreover, with the help of these additionally collected data, doctors and other healthcare practitioners can easily analyze details regarding their patients, which is also anticipated to drive the market growth.
However, the high cost of deployment in small healthcare organizations, and the concerns for cybersecurity are expected to operate as key restraint to the growth of global medical device connectivity market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global medical device connectivity market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global medical device connectivity market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.