Medical Device Connectivity Market to Witness an Extreme Upsurge in Revenue During Forecast Period

Medical Device Connectivity
  • Medical Device Connectivity Market

Medical Device Connectivity market was valued at {[Revenue_2021}} in 2021 and is projected to reach {[Revenue_2028}} by 2028, growing at a Compound Annual Growth Rate (CAGR) 23.6% from 2022-2028. Over the past decade, there has been a dramatic increase in the adoption of electronic health record (EHR) programs by healthcare organizations. This data needs to be managed effectively to ensure its optimal use in improving patient care quality. In this regard, medical equipment connectivity solutions have proven to be effective and are increasingly being used by a few healthcare organizations to improve clinical outcomes and reduce overall health care costs. In addition, these solutions facilitate data access, facilitate the flow of patient information to EHR systems, and help achieve meaningful use of EHR systems by eliminating manual manipulation, reducing medical errors, and increasing process efficiency.

The healthcare industry is increasingly integrated into the US, and major regional and national healthcare programs are growing in size. In the US, the implementation of the PPCA in 2010 authorized health organizations across the country to use advanced IT healthcare tools, which increased the financial burden on health care organizations. The healthcare industry is in dire need of information, where patient information is generated in all departments in all facilities within a healthcare organization. However, generating reliable information by combining large amounts of data plays an important role in creating complete and accurate patient records. With the use of a variety of medical tools and diagnostic tools within healthcare systems, there is a great need to integrate all of these systems to facilitate the timely response of health workers in different healthcare settings. Although, like every new technology integrated system which is sensitive with information, Medical Device Connectivity is also vulnerable to hacking. This is due to the difficulty of using multiple networks with health settings, the lack of wireless connection options, and the need to install billions of security layers to avoid data breaches. Additionally, support and maintenance services, which include software modification and development in line with changing user needs, represent a continuous expenditure under the total cost of ownership costs.

Based on the product and services, the Medical Device Connectivity market is divided into Medical Device Connectivity solutions and Medical Device Connectivity services. A large part of this phase may be due to increased EHR acquisition and other collaborative solutions in health care organizations, growing needs for control and health care, the transformation of disease care facilities from hospitals to home care facilities, and the growing need for integrated health care systems. improving the quality and impact of health care. Based on technology, the market is divided into wireless technology, wireless technology, and hybrid technology. Wireless technology provides better quality of health care as physicians regularly receive real-time updates from patients, enabling faster treatment. Based on the applications, the market is divided into critical types with patient monitors, anesthetics and ventilators, input pumps, and other applications. These other components of applications include photography systems, implanted cardiac devices, respirators, sensors, and baby monitoring devices. Based on end-users, the medical device connectivity market is segmented into hospitals, home health centers, diagnostic and psychiatric centers, and passenger care centers.

Major players in the Medical Device Connectivity market have covered the regional bases of North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. Some of these players include Medtronic plc (Ireland), Cerner Corporation (US), Koninklijke Philips N.V. (Netherlands), Masimo (US), Stryker Corporation (US), GE Healthcare (US), Cisco Systems (US), iHealth Labs Inc. (US), Infosys (India), Lantronix Inc. (US), Spectrum Medical Ltd. (UK), S3 Connected Health (Ireland), Hill-Rom Holdings Inc. (US), Silex Technology (Japan), Iatric Systems Inc. (US), Digi International Inc. (US), TE Connectivity (Switzerland), True Process (US), Bridge-Tech Medical (US), Dragerwerk AG & CO. KGAA (Germany), Medicollector LLC (US), Honeywell International (US), Wipro Ltd. (India), Ascom Holdings AG (Switzerland), and OSI Systems (US)..