Medical Device Connectivity Market : Increasing Consolidation in the Healthcare Industry

The medical device connectivity market is projected to reach USD 2,670.3 Million by 2023 from USD 763.1 Million in 2017, at a CAGR of 23.2% from 2018 to 2023. 

Rising healthcare costs, the growing adoption of electronic medical records, strong government support and initiatives, increasing need for data analytics in healthcare, and growing focus on the quality of care and patient safety are the factors driving the market connectivity across the globe.

By technology, the wired technologies segment accounted for the largest share of the medical device connectivity market in 2017. This dominant share is mainly attributed to the various advantages offered by wired solutions such as better physical control, enhanced data security and reliability, and high-speed networked connectivity.

In 2017, North America dominated the global market. Growth in this market can mainly be attributed to the strong IT infrastructure in the region, increasing investments and regulatory mandates favoring the implementation of eHealth solutions, presence of large healthcare IT companies, and increasing need to curtail healthcare costs. The North America region is also expected to grow at the highest CAGR during the forecast period.

However, various interoperability issues, lack of standard interfaces, and the high cost of ownership of these systems are some of the factors that are likely to hinder the growth of the global market to a certain extent.

The players in the market include GE Healthcare (US), Qualcomm (US), Cerner (US), Philips (Netherlands), Medtronic (Ireland), Cisco Systems (US), Infosys Limited (India), Digi International (US), NantHealth (US), Bernoulli Enterprise (US), True Process (US), iHealth Labs (US), and Lantronix (US).