Global Medical Device Connectivity Market - 2024-2031

Global Medical Device Connectivity Market - 2024-2031

The global medical device connectivity market reached US$ 2.6 billion in 2023 and is expected to reach US$ 12 billion by 2031, growing at a CAGR of 21%% during the forecast period 2024-2031.

Medical device connectivity refers to linking medical devices to electronic medical records (EMRs) to facilitate the exchange of data, while medical device integration involves integrating medical devices into a hospital's existing technology infrastructure.

Medical device connectivity and integration are critical components of modern healthcare technology. With the increasing number of medical devices used in patient care, the ability to collect, manage, and use data from these devices has become more complex. It can make informed decisions faster, speeding up the delivery of treatment and helping to improve outcomes.

The market is driven by factors such as technological advancements in medical devices, an increase in the demand for telehealth and telemedicine technologies, and government favorable government support and initiatives.

Market Dynamics: Drivers

Technological advancements in medical devices

The demand for the global medical device connectivity market is driven by multiple factors. One of the key drivers is the technological advancements in medical devices. Continuous innovations in medical devices, such as the integration of IoT, cloud computing, and data analytics, have enhanced the functionality and efficiency of these systems.

The rise of Internet of Things (IoT) technology has enabled seamless connectivity and data exchange between medical devices and healthcare systems. These advancements are driving increased adoption by healthcare facilities seeking to streamline patient data management and improve overall operational efficiency.

Moreover, key players in the industry more focus on technological advancements in medical devices would propel this market growth. For instance, in May 2024, Vivalink, launched its comprehensive technology solution designed for Mobile Cardiac Telemetry (MCT) and Holter monitoring. The solution integrates remote patient monitoring (RPM) technologies and advanced arrhythmia detection algorithms, streamlining deployment and enhancing patient care to meet the increasing demand for efficient ambulatory ECG monitoring solutions. Using a common technology solution for both MCT and Holter, partners can streamline the delivery and reduce the cost of ambulatory cardiac monitoring services.

Also, in May 2024, Smart Meter launched Glucose Plus, an advanced version of its patented cellular-connected glucose meter. The new iGlucose Plus is designed to enhance diabetes management for patients and healthcare providers by offering real-time blood glucose monitoring and multi-language capabilities.

In addition, favorable government support and initiatives and key players' strategies such as innovative platform launches & startups would propel this market growth. For instance, in January 2024, India launches a single-window portal for medical device management. The Drugs Controller General of India launched the National Single Window System (NSWS) has been established as a 'genuine single-window system which acts as a one-stop shop for all approvals.

Also, in September 2023, India-based startup Bonatra launched a wearable smart ring, Smart Ring X1, which tracks various health parameters, including heart rate, blood oxygen (SpO₂), and sleep quality.

Restraints

Factors such as the high cost of deployment & integration, data privacy & security concerns, stringent regulatory requirements, lack of skilled persons, and lack of standardized protocols & interoperability are expected to hamper the market.

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Segment Analysis

The global medical device connectivity market is segmented based on product & services, technology, application, end-user, and region.

The wireless technologies segment accounted for approximately 49.6% of the global medical device connectivity market share

The wireless technologies segment is expected to hold the largest market share over the forecast period. Wireless technology includes controlling and programming a medical device, monitoring patients remotely, or transferring patient data from the medical device to another platform, such as a cell phone.

The major factors driving the growth of the market include rising technological advancements and an increase in the adoption of wireless medical device connectivity in the healthcare industry. For instance, in September 2023, Mindray, announced the launch of its TE Air Wireless Handheld Ultrasound, a new imaging solution that improves ultrasound accessibility. This compact, wireless technology enables healthcare professionals to carry comprehensive scanning capabilities in their pockets, adapting to a wide array of clinical scenarios.

Moreover, key players in the industry introducing innovative wireless technologies and new product launched helps to drive this segment growth. For instance, in July 2023, Fractus launched innovative antenna technology that now ventures into the realm of healthcare. The company has successfully developed an innovative wireless implantable device technology, revolutionizing the way doctors remotely monitor their patients and boosting the uptake of telehealth services by leveraging wireless connectivity.

Similarly, in January 2024, Fractus expanded its license for wireless antennas into the MedTech industry Fractus' antenna technology allows medical device manufacturers to reach optimal antenna performance within minimal space.

Geographical Analysis

North America accounted for approximately 45.6% of the global medical device connectivity market share

North America region is expected to hold the largest market share over the forecast period owing to the increasing prevalence of chronic diseases, such as cardiovascular disorders, diabetes, and respiratory diseases, which has led to demand for continuous patient monitoring driving this market growth in this region.

In the region, favorable government support & initiatives and well-advanced healthcare infrastructure drive this market growth. According to BGO Software in May 2024, in the US, the Health Information Technology for Economic and Clinical Health (HITECH) Act accelerated the adoption of electronic health records (EHRs) and interoperability standards. They implemented various policies and initiatives to promote the adoption of medical device connectivity solutions in this region.

Moreover, technological advancements in medical devices and major key player's presence in this region drive the market. For instance, in May 2024, the SmartHeart membership is a private pay program designed to revolutionize home-based access to cardiac care. It includes the innovative, user-friendly SmartHeart portable 12-lead ECG device, offering round-the-clock interpretation by board-certified cardiologists and on-demand telehealth visits.

Also, in March 2024, the US-based dating app company expanded its free HIV test distribution initiative to New Zealand, offering free OraQuick HIV tests from Orasure Technologies. The announcement comes as part of Grindr's initiative aimed at expanding LGBT+ access to healthcare services, dubbed Grindr for Equality.

In addition, key players introducing new product launches and approvals propel this market growth. For instance, in May 2024, Dexcom announced that it launched the Dexcom ONE+ continuous glucose monitor (CGM) in the UK, alongside a report that details high rates of anxiety and depression amongst type 2 diabetes (T2D) patients.

Also, in February 2024, Butterfly Network announced the commercial launch of Butterfly iQ3, its third-generation handheld point-of-care ultrasound (POCUS) system, in the U.S. The U.S. Food and Drug Administration (FDA)-approved Butterfly iQ3 system is built on the P4.3 ultrasound-on-chip technology with the world’s fastest digital data transfer rate.

Market Segmentation

By Product & Services
• Medical Device Connectivity Solutions
Medical Device Integration Solutions
Telemetry Systems
Interface Devices
Others
• Medical Device Connectivity Services

By Technology
• Wired Technologies
LAN (Local Area Network)
WAN (Wide Area Network)
• Wireless Technologies
Cloud-based
Bluetooth
Other Wireless
• Hybrid Technologies

By Application
• Vital Signs and Patient Monitors
• Anesthesia Machines and Ventilators
• Infusion Pumps
• Others

By End-User
• Hospitals
• Ambulatory Surgical Units
• Diagnostic & Imaging Centers
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the medical device connectivity market include Capsule Technologies, Inc., Koninklijke Philips N.V., GE HealthCare, Oracle, Cisco Systmes Inc., iHealth Labs Inc., NantHealth, Inc., LANTRONIX, INC, Infosys Limited, and Masimo among others.

Key Developments

 In March 2024, Butterfly Network introduced its third-generation digital ultrasound, the iQ3, marking a significant advancement in medical imaging technology.

 In December 2023, Lifespan launched its Therapeutic Drug Monitoring software for anti-infectives, laboratories can use the algorithm to gain measurements of antibiotics in patients' blood.

 In August 2023, Masimo initiated the Stork smart home baby monitoring system in the US. Available in multiple configurations, the baby monitor system features several components, such as Stork Vitals+ and Vitals. Stork Vitals+ features a video camera, a boot with a sensor, and a mobile app. The high-resolution camera delivers better nighttime vision and quality two-way audio, enabling parents to hear and talk to their babies.

 In August 2023, FluidAI Medical rolled out the new artificial intelligence (AI)-powered postsurgical monitor, Stream Platform, in Saudi Arabia and Canada. The Stream Platform’s global introduction was achieved through strategic collaborations between the company, Gulf Medical, and Canadian Hospital Specialties (CHS). By utilizing the Stream Platform, surgeons can precisely diagnose postoperative leaks and severe complications of digestive tract surgeries, leading to better treatment outcomes.

 In June 2023, STAT Health introduced a 24/7 in-ear wearable general wellness product that measures blood flow to the head to allow a better understanding of conditions in the body that occur upon standing.

 In April 2023, Molli launched the next iteration of the breast cancer detection device. The technology developed by Molli uses a sesame seed-sized marker to accurately localize tumors in breasts.

Why Purchase the Report?
• To visualize the global medical device connectivity market segmentation based on product & services, technology, application, end-user, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of global medical device connectivity market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The global medical device connectivity market report would provide approximately 70 tables, 72 figures, and 183 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies