Medical Device Connectivity Market size was valued at USD 2.43 billion in 2023 and is set to cross USD 28.34 billion by the end of 2036, registering more than 20.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of medical device connectivity is estimated at USD 2.83 billion.
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.
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.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
20.8% |
|
Base Year Market Size (2023) |
USD 2.43 billion |
|
Forecast Year Market Size (2036) |
USD 28.34 billion |
|
Regional Scope |
|
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 share of 18.32% by the end of 2036. 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 share of 29.27% by the end of 2036.
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. North America industry is expected to dominate 36% revenue share by 2036, attributed to presence of a strong healthcare network, especially in the United States, followed by 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.
On the other hand, the market in the Asia Pacific is expected to garner the second-largest revenue share of 10.45% by the end of 2036. 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 4.4% by the end of 2036
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.
Author Credits: Radhika Pawar
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