Dublin, May 06, 2020 (GLOBE NEWSWIRE) -- The "Medical Device Connectivity Market by Product (Integration Solutions, Interface Devices, Telemetry, Hubs, Services), Technology (Wired, Wireless, Hybrid), End User (Hospitals, Home Healthcare, Diagnostic Centers, Ambulatory Care) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The medical device connectivity market is projected to reach USD 4,322.4 million by 2025 from USD 1,377.5 million in 2020, at a CAGR of 25.7%.
The market for medical device connectivity is primarily driven by the rising prevalence of coronavirus disease, increasing penetration of EHRs and health information exchange systems in healthcare organizations, and growing focus on care quality and patient safety. However, the high cost of installation for small healthcare organizations will restrain market growth.
The support and maintenance services segment accounted for the largest share of the medical device connectivity services market.
On the basis of type, the medical device connectivity services market is segmented into implementation and integration services, support and maintenance services, training services, and consulting services. The support and maintenance services segment accounted for the largest share of the medical device connectivity services market in 2019. Support and maintenance services take care of interoperability and software complexity issues. These services ensure that clients (healthcare providers) obtain access to the vendor company's technical knowledge base, gain support from its product support team, and acquire application management skills. These factors are supporting the growth of the support and maintenance services.
Hospitals are the largest end users of the medical device connectivity market.
On the basis of end user, the hospitals segment accounted for the largest share of the global medical device connectivity market in 2019. The large share of this segment can be attributed to the large patient volume, high purchasing power of hospitals to buy advanced medical device connectivity solutions, decreasing margins in hospitals, and increasing focus on offering high-quality patient care and safety.
APAC is projected to witness the highest growth during the forecast period.
The APAC market is estimated to register the highest CAGR during the forecast period. Favorable government initiatives for implementing IT in the healthcare industry, growing medical tourism, rising need for advanced telehealth and eHealth solutions to monitor the huge volume of patients with COVID-19 infection, and the rising demand for quality healthcare at low costs are driving the growth of this market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium insights
4.1 Medical Device Connectivity Market Overview
4.2 APAC: Medical Device Connectivity Market, by End User (2019)
4.3 Medical Device Connectivity Market: Geographic Growth Opportunities
4.4 Regional Mix: Medical Device Connectivity Market
4.5 Medical Device Connectivity Market: Developing Vs. Developed Markets
5 Market Overview
5.2 Market Dynamics
184.108.40.206 Rising Prevalence of Novel Coronavirus Disease (Covid-19)
220.127.116.11 increasing Penetration of Ehrs & Health information Exchange Systems in Healthcare Organizations
18.104.22.168 Cost-Benefits of Connected Healthcare Environment Vis--Vis Rising Healthcare Expenditure
22.214.171.124 Healthcare It initiatives are Driving the integration of Medical Devices With Hospital Information Systems
126.96.36.199 Favorable Government Support and initiatives
188.8.131.52 Growing Focus On Care Quality and Patient Safety
184.108.40.206 Medical Device Connectivity Aids in Data Analytics
220.127.116.11 High Cost of Deployment for Small Healthcare Organizations
18.104.22.168 Reluctance of Medical Professionals to Adopt Advanced Healthcare IT Solutions
22.214.171.124 increasing Consolidation in the Healthcare industry
126.96.36.199 Growing inclination towards Home Healthcare
188.8.131.52 Growing Telehealth and Remote Patient Monitoring Markets
184.108.40.206 Emerging Markets
220.127.116.11 integration Between Various Hospital information Systems and Medical Devices
18.104.22.168 Data Security Concerns
22.214.171.124 Lack of Skilled Healthcare IT Professionals
6 Industry Insights
6.2 Industry Trends
6.2.1 Shift towards Cloud-Based Solutions
6.2.2 integration of Medical Device Data into Care Delivery Processes
6.2.3 Growing Need for Semantic interoperability Through Medical Device Connectivity Solutions
6.2.4 Transition of Poc Diagnostics from Hospitals to Home Settings
6.2.5 Growing Adoption of Telehealth Solutions
6.2.6 Shift from Payment-for-Performance to Payment-for-Outcomes is Boosting the Demand for Medical Device Connectivity Solutions
6.2.7 Low-Power Connectivity Solutions & Advancement of Software Architecture
6.2.8 M2M Communications & Artificial intelligence Boom in Healthcare
6.3 Product Portfolio Analysis
6.4 interoperability Standards
6.5 Regulatory Analysis
6.6 Pricing Analysis
7 Medical Device Connectivity Market, by Product & Service
7.2 Medical Device Connectivity Solutions
7.2.1 Medical Device integration Solutions
126.96.36.199 Need for Accurate Patient information to Drive the Adoption of Medical Device integration Solutions
7.2.2 Telemetry Systems
188.8.131.52 Rising Shift of Point-of-Care Diagnostics from Hospitals to Home Care Settings to Drive the Adoption of Telemetry Systems
7.2.3 Connectivity Hubs
184.108.40.206 Growing Demand for Remote Patient Monitoring is Supporting the Growth of This Market Segment
7.2.4 interface Devices
220.127.116.11 increasing Importance of Health information Exchange Within Healthcare Organizations is Supporting Market Growth
7.3 Medical Device Connectivity Services
7.3.1 Support & Maintenance Services
18.104.22.168 Growing Trend of Outsourcing is Driving the Market for Support & Maintenance Services
7.3.2 Implementation & integration Services
22.214.171.124 Need to Comply With Regulatory Standards and the Requirement of Software interoperability to Boost Market Growth
7.3.3 Training Services
126.96.36.199 Training Services increase Healthcare Providers' Awareness of the Latest Medical Device Connectivity Solutions Available in the Market
7.3.4 Consulting Services
188.8.131.52 Consulting Services Deliver Optimum Guidance to Healthcare Providers for Implementing Device Connectivity Solutions
8 Medical Device Connectivity Market, by Technology
8.2 Wireless Technologies
8.2.1 Rising Need to Reduce Operating Costs & Growing Focus On offering Better Quality of Healthcare are Driving Market Growth
8.3 Wired Technologies
8.3.1 Rising Focus to Meet the Demand for Uninterrupted Network Connectivity for Continuous information Flow is Driving the Adoption of Wired Technologies
8.4 Hybrid Technologies
8.4.1 increasing Need for Mobility and Safety Along With Data Security and Reliability is Driving the Demand for Hybrid Technologies
9 Medical Device Connectivity Market, by End USer
9.2.1 Large Patient Volumes due to the Outbreak of Covid-19 and High Purchasing Power of Hospitals are Driving the Adoption of Medical Device Connectivity Solutions
9.3 Home Healthcare Centers
9.3.1 Rising Number of Long-Term Care Centers and Growing Benefits of Telehealth Solutions are Driving Market Growth
9.4 Ambulatory Care Centers
9.4.1 Rising Patient Volume due to Covid-19 At Ambulatory Care Centers is Driving Market Growth
9.5 Diagnostic & Imaging Centers
9.5.1 Growing Volume of Clinical Data & Rising Need to Streamline Imaging Workflows are Driving Market Growth
10 Medical Device Connectivity Market, by Region
10.2 North America
10.4 Asia Pacific
10.5 Latin America
10.6 Middle East & Africa
11 Competitive Landscape
11.2 Market Share Analysis
11.3 Competitive Leadership Mapping
11.3.1 Visionary Leaders
11.3.3 Dynamic Differentiators
11.3.4 Emerging Companies
11.4 Competitive Situation and Trends
11.4.1 Product Launches
11.4.2 Agreements, Partnerships, & Collaborations
12 Company Profiles
12.1 Cerner Corporation
12.2 Capsule Technologies, inc.
12.3 Ge Healthcare
12.4 Koninklijke Philips
12.5 Medtronic Plc
12.6 Ihealth Labs inc.
12.7 Cisco Systems
12.10 S3 Connected Health
12.11 Spectrum Medical Ltd.
12.12 Hill-Rom Holdings inc.
12.13 Masimo Corporation
12.14 Iatric Systems, inc.
12.15 Silex Technology, inc.
12.16 True Process
12.17 Medicollector Llc
12.18 Bridge-Tech Medical, inc.
12.19 Digi international inc.
12.20 Te Connectivity
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