Market Overview :
The global medical device connectivity market is projected to reach USD 4.3 billion by 2025 from USD 1.4 billion in 2020, at a CAGR of 25.7% during the forecast period. The market for medical device connectivity is primarily driven by the increasing healthcare costs, strong government support and initiatives, increasing need for data analytics in healthcare, and the growing focus on the quality of care and patient safety. However, the high cost of implementation and reluctance among medical professionals to adopt advanced healthcare IT solutions will restrain market growth.
Capsule Technologies Inc. (US) is the leading player in the medical device connectivity market. To strengthen its market position and to broaden its product offerings, the company majorly focuses on product launches and acquisitions. For example, in January 2019, the company acquired Bernoulli Health (US), wherein Bernoulli’s Clinical Surveillance solution will be integrated with Capsule Technologies’ Medical Device Integration platform.
Cerner Corporation (US) accounted for the second-largest share of the medical device connectivity market in 2019. The company offers a robust portfolio of device connectivity solutions. To sustain its strong position in the market, the company focuses on strengthening its medical device connectivity product offerings through inorganic growth strategies, such as collaborations. For instance, in October 2019, the company collaborated with ResMed (US). This collaboration enabled Cerner and ResMed to aid healthcare providers in delivering more seamless home care services, controlling costs, and making more informed treatment decisions. Also, Cerner planned to connect the ResMed digital health data platform to its EHR platform.
The global medical device connectivity market is projected to reach USD 4.3 billion by 2025 from USD 1.4 billion in 2020, at a CAGR of 25.7% during the forecast period. The market for medical device connectivity is primarily driven by the increasing healthcare costs, strong government support and initiatives, increasing need for data analytics in healthcare, and the growing focus on the quality of care and patient safety. However, the high cost of implementation and reluctance among medical professionals to adopt advanced healthcare IT solutions will restrain market growth.
North America accounted for the largest share of the medical device connectivity market in 2019
The market is segmented into five major regions, namely, North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of the medical device connectivity market. Factors such as growing consolidation among healthcare providers, widespread adoption of clinical device connectivity and interoperability solutions in order to curtail the rising healthcare costs, rising number of coronavirus patients in the US, and stringent regulations and guidelines laid down by the various government and non-government authorities are driving the growth of the medical device connectivity market in North America.Key Market Players
The key players in the global medical device connectivity market are Capsule Technologies, Inc. (US), Cerner Corporation (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), Cisco Systems, Inc. (US), Infosys Limited (India), Digi International Inc. (US), Masimo Corporation (US), Hill-Rom Technologies Inc. (US), True Process (US), iHealth Labs (US), and Lantronix Inc. (US).Capsule Technologies Inc. (US) is the leading player in the medical device connectivity market. To strengthen its market position and to broaden its product offerings, the company majorly focuses on product launches and acquisitions. For example, in January 2019, the company acquired Bernoulli Health (US), wherein Bernoulli’s Clinical Surveillance solution will be integrated with Capsule Technologies’ Medical Device Integration platform.
Cerner Corporation (US) accounted for the second-largest share of the medical device connectivity market in 2019. The company offers a robust portfolio of device connectivity solutions. To sustain its strong position in the market, the company focuses on strengthening its medical device connectivity product offerings through inorganic growth strategies, such as collaborations. For instance, in October 2019, the company collaborated with ResMed (US). This collaboration enabled Cerner and ResMed to aid healthcare providers in delivering more seamless home care services, controlling costs, and making more informed treatment decisions. Also, Cerner planned to connect the ResMed digital health data platform to its EHR platform.
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