In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
December 20th, 2021: Cerner Corporation announced that it has announced an agreement with Oracle Corporation where Oracle would acquire Cerner for an equity value of around USD 28.3 Billion.
January 19th, 2021: Koninklijke Philips N.V.’s subsidiary, Royal Philips, announced that it has signed an agreement with Capsule Technologies, Inc. to acquire the latter. The acquisition would help Royal Philips to expand its leadership in patient care management solutions for hospitals.
October 7th, 2020: Infosys Limited announced that it has been selected by the Switzerland-based Health Tech startup, Mobile Health AG, for enhancing the go-to-market (GTM) strategy for Consilium Care, the electronically patient-reported outcomes (ePRO) platform of Mobile Health.
November 24th, 2018: GE Healthcare announced that it has launched new applications and smart devices at the 104th annual meeting of the Radiological Society of North America (RSNA). The tools, namely AIRx, Critical Care Suit on Optima XR240amx, CT Smart Subscription, and the Automated Lesion Segmentation on LOGIQ E10, are built on the next generation intelligence platform Edison, and is expected to help the clinical partners of the company to develop algorithms.
The global medical device connectivity market is estimated to garner a revenue of USD 10897.22 Million by the end of 2031, by growing at a CAGR of 22.41% over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2021, the market generated a revenue of USD 1513.25 Million. The growth of the market can be attributed to the growing concern for different types of chronic diseases worldwide and the surge in utilization of advanced medical devices for the treatment of these diseases. According to the statistics by the World Health Organization (WHO), more than 15 Million people between the age of 30 and 69 years, die from a noncommunicable disease (NCD). Hospitals and other healthcare service providers nowadays are increasingly utilizing advanced technology, such as electronic health records (EHRs) and connected medical devices so as to enhance their quality of service and to optimize their operational costs. The increasing trend of internet of medical things (IoMT), also known as internet of things (IoT) in healthcare, followed by the growing need amongst the healthcare service providers for safe, secure, and effective information transfer, backed by the growing incidences of cybercrime, and to help doctors as well as other healthcare workers with advanced analytical tools for diagnosis of their patients, are some of the additional factors anticipated to drive the growth of the market in the coming years.
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On the other hand, the rising initiatives by the healthcare regulatory bodies for global digital health transformation, and the surge in adoption of telehealth services, backed by the restrictions set by the regulatory bodies due to the COVID-19 pandemic, are some of the additional factors anticipated to boost the market growth during the forecast period. The WHO, in its statistical report titled “Global Strategy on Digital Health 2020-2025” stated four strategic objectives that are intended to provide guidance and coordination to healthcare providers for digital health transformation. The four strategic objectives include: promote global collaboration and advance the transfer knowledge on digital health, advance the implementation of national digital health strategies, strengthen governance for digital health at global, regional, and national levels, and advocate people-centred health systems that are enabled by digital health.
Regionally, 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. The market in North America region is anticipated to garner the largest revenue of USD 3944.79 Million by the end of 2031, up from a revenue of USD 534.18 Million in the year 2021. The growth of the market in the region can primarily be attributed to the presence of a strong healthcare network, especially in the United States, followed by the growing awareness for the benefits associated with the adoption of digital transformation in health amongst the healthcare providers. In addition to this, the surge in adoption of EHRs and the increasing healthcare expenditure in the region are also expected to boost the market growth in the region. According to the Centers for Disease Control and Prevention (CDC), in the year 2019, 89.9% of office-based physicians used any type of electronic medical record (EMR) or electronic health record (EHR) system. Moreover, 72.3% of office-based physicians used a certified EMR/HER system. On the other hand, according to the statistics by the World Bank, the current health expenditure in North America touched 16.322% of GDP in the year 2019, up from 14.727% of GDP in the year 2008.
On the other hand, the market in the Asia Pacific is expected to garner the second-largest revenue of USD 2964.04 Million by the end of 2031, up from a revenue of USD 364.69 Million in the year 2021. The market in the region is further segmented by country into China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, and the Rest of Asia Pacific. The market in China is projected to garner the largest revenue of USD 1259.72 Million by the end of 2031, up from a revenue of USD 141.06 Million in the year 2021.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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).
The global medical device connectivity market is segmented by technology into wireless, wired, and hybrid. Out of these, the wireless segment is anticipated to garner the largest revenue of USD 5193.23 Million by the end of 2031, up from a revenue of USD 675.43 Million in the year 2021. By end-user, the market is segmented into hospitals, home care, and others. Out of these, the hospitals segment is anticipated to generate the largest revenue of USD 8297.25 Million by the end of 2031, up from a revenue of USD 1093.39 Million in the year 2021.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global medical device connectivity market that are included in our report are 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.
Ans: The widespread acceptance of medical device interoperability and connectivity solutions, and the rising demand for data analytics amongst healthcare service providers are anticipated to drive the growth of the market.
Ans: The market is anticipated to attain a CAGR of 22.41% over the forecast period, i.e., 2022 – 2031.
Ans: The high cost of deployment in small healthcare organizations, and the concerns for cybersecurity are estimated to hamper the market growth.
Ans: The market in North America region is anticipated to garner the largest revenue of USD 3944.79 Million by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Cerner Corporation (Oracle Corporation), General Electric Healthcare (General Electric Company), Infosys Limited, Cisco Systems Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by technology, end-user, and by region.
Ans: The wireless segment is anticipated to garner the largest revenue of USD 5193.23 Million by the end of 2031 and display significant growth opportunities.