Medical Device Connectivity Market Segmentation by Technology (Wireless, Wired, and Hybrid); and by End-User (Hospitals, Home Care, and Others) – Global Demand Analysis & Opportunity Outlook 2021-2031
Buy Now Report ID: 4030 | Published Date: Feb 16, 2023
Growth Drivers
Challenges
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.
Author Credits: Radhika Gupta, Shivam Bhutani
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.
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