Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Medical device connectivity (MDC) is the establishment and maintenance of a connection through which data is transferred between a medical device, such as a patient monitor, and an information system. It is also termed as biomedical device integration or biomedical device connectivity.

The global medical device connectivity market is estimated to account for US$ 39,380.4 Mn in terms of value in 2020 and is expected to reach US$ 122,271.5 Mn by the end of 2027.

Global Medical Device Connectivity Market: Drivers

Implementation of standard regulations for the use of MDC in the healthcare sector is expected to propel growth of the global medical device connectivity market over the forecast period. For instance, in March 2020, The U.S. Department of Health and Human Services finalized the two sets of rules that fulfill the interoperability and information-blocking provisions of the landmark 21st Century Cures Act. The rules will govern how providers, payers and technology vendors must design their systems to give patients safe and secure access to their digital health data.

Moreover, collaborations to develop digital therapeutic solutions using connected devices is also expected to aid in growth of the market. For instance, in June 2020, SMi Group announces that AstraZeneca will lead a pre-conference workshop at Wearable Injectors and Connected Devices Conference 2020 on 6th October in London.

Wired hardware held dominant position in the global medical device connectivity market in 2019, accounting for 42.5% share in terms of value, followed by software and Wireless hardware, respectively

Figure 1. Global Medical Device Connectivity Market Share (%), by Value, by Component 2019

Medical Device Connectivity  | Coherent Market Insights

Global Medical Device Connectivity Market: Restraints

MDC is prone to cyber threat, which is expected to hinder growth of the market. Medical devices often operate with off-the-shelf software, which increases the risk of cyber threat.

Moreover, there are several instances where devices have limited memory and operate on old versions of operating system (OS), which further increases security risk, thereby limiting the market growth.

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Medical Device Connectivity Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 33,500.0 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 17.6% 2027 Value Projection: US$ 122,271.5 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Component:
    • Wired hardware
    • Wireless hardware: Wi-Fi, WMTS, Bluetooth.
    • Software
  • By End User: Hospitals, Home healthcare, Others
Companies covered:

Capsule Tech Inc., Cerner Corporation, Philips Healthcare, Digi International Inc., Cisco Systems Inc., Siemens Healthcare, Honeywell HomeMed LLC, MedShift, and Dräger Medical GmbH

Growth Drivers:
  • Collaborations to develop digital therapeutic solutions
  • Favorable regulations
Restraints & Challenges:
  • Cyber Threats
  • Software Issues

Global Medical Device Connectivity Market: Opportunities 

Initiatives to enhance internet connectivity is expected to offer lucrative growth opportunities for players in the global medical device connectivity market. For instance, in May 2019, SpaceX launched the first 60 operational satellites of its network of satellites called Starlink that is tasked to provide satellite Internet access.

Moreover, increasing prevalence of Covid-19 is also expected to aid in growth of the market. For instance, as of June 8, 2020, there have been 6,931,000 confirmed cases of COVID-19, including 400,857 deaths, as reported to the World Health Organization.

The global medical device connectivity market was valued at US$ 33,500.0 Mn in 2019 and is forecast to reach a value of US$ 122,271.5 Mn by 2027 at a CAGR of 17.6% between 2020 and 2027.

Figure 2. Global Medical Device Connectivity Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

Medical Device Connectivity  | Coherent Market Insights

Market Trends/Key Takeaways

Increasing adoption of patient surveillance is boosting growth of the market. For instance, May 2020, Yale New Haven Health System, U.S. deployed Capsule Technologies, Inc.’s Ventilated Patient Surveillance (VPS) workstation to deliver safe and effective patient care to its COVID-19 ventilated patients.

Major players in the market are focused on raising funds to enhance their market share. For instance, in October 2019, MedShift executed a new US$ 13.5 million credit facility with First National Bank to provide device acquisition capital to support MedShift’s projected growth.

Regulations

Global Medical Device Connectivity Market: Competitive Landscape

Major players operating in the global medical device connectivity market include, Capsule Tech Inc., Cerner Corporation, Philips Healthcare, Digi International Inc., Cisco Systems Inc., Siemens Healthcare, Honeywell HomeMed LLC, MedShift, Capsule Technologies, Inc., and Dräger Medical GmbH.

Global Medical Device Connectivity Market: Key Developments

Major players in the market are focused on launching new products to expand their product portfolio. For instance, in November 2019, Capsule Technologies, Inc. launched Capsule Neuron 3, an enhanced iteration of the company’s flagship clinical computing hub that includes secure capture of medical device data.

Similarly, in August 2019, Dräger Safety AG & Co. KGaA acquired a stake in Focus Field Solutions Inc., a provider of industrial safety solutions based in St. John’s, Newfoundland and Labrador, Canada.

Medical device connectivity consists of establishment of connection of multiple medical devices. For instance, patient monitors need to be connected with information systems in order to keep a track of patients condition all the time remotely. These connections also need to be maintained all the time to have smooth flow of operations in clinical care.

Restraints of the Global Medical Device Connectivity Market

Major factors hampering the growth of the medical device connectivity market during the forecast period constitutes of cyber threat, and software issues.

Key features of the study:

  • This report provides in-depth analysis of the global medical device connectivity market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2019–2027), considering 2018, as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global medical device connectivity market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study include Capsule Tech Inc., Cerner Corporation, Philips Healthcare, Digi International Inc., Cisco Systems Inc., Siemens Healthcare, Honeywell HomeMed LLC, MedShift, Capsule Technologies, Inc., and Dräger Medical GmbH.
  • Insights from this report would allow marketers and the management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global medical device connectivity market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the market.

Detailed Segmentation

  • Global Medical Device Connectivity Market, By Component:
    • Wired hardware
    • Wireless hardware
      • Wi-Fi
      • WMTS
      • Bluetooth
    • Software
  • Global Medical Device Connectivity Market, By End User:
    • Hospitals
    • Home healthcare
    • Others
  • Global Medical Device Connectivity Market, By Geography:
    • North America
      • By Component
        • Wired hardware
        • Wireless hardware
          • Wi-Fi
          • WMTS
          • Bluetooth
        • Software
      • By End User
        • Hospitals
        • Home healthcare
        • Others
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Component
        • Wired hardware
        • Wireless hardware
          • Wi-Fi
          • WMTS
          • Bluetooth
        • Software
      • By End User
        • Hospitals
        • Home healthcare
        • Others
      • By Country:
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Component
        • Wired hardware
        • Wireless hardware
          • Wi-Fi
          • WMTS
          • Bluetooth
        • Software
      • By End User
        • Hospitals
        • Home healthcare
        • Others
      • By Country:
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • By Component
        • Wired hardware
        • Wireless hardware
          • Wi-Fi
          • WMTS
          • Bluetooth
        • Software
      • By End User
        • Hospitals
        • Home healthcare
        • Others
      • By Country
        • Brazil
        • Argentina
        • Mexico
        • Rest of LATAM
    • Middle East:
      • By Component
        • Wired hardware
        • Wireless hardware
          • Wi-Fi
          • WMTS
          • Bluetooth
        • Software
      • By End User
        • Hospitals
        • Home healthcare
        • Others
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Component
        • Wired hardware
        • Wireless hardware
          • Wi-Fi
          • WMTS
          • Bluetooth
        • Software
      • By End User
        • Hospitals
        • Home healthcare
        • Others
      • By Country/Region:
        • Central Africa
        • South Africa
        • North Africa
  • Company Profiles
    • Capsule Tech Inc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
    • Cerner Corporation
    • Philips Healthcare
    • Digi International Inc.
    • Cisco Systems Inc.
    • Siemens Healthcare
    • Honeywell HomeMed LLC
    • MedShift
    • Dräger Medical GmbH

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Component
      • Market Snippet, By End User
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Developments
    • Technological Advancement
    • Regulatory Scenario
  4. Global Medical Device Connectivity Market, By Component, 2017 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2019–2027
      • Segment Trends
    • Wired hardware
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
      • Segment Trends
    • Wireless hardware
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
      • Segment Trends
        • Wi-Fi
        • WMTS
        • Bluetooth
    • Software
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
      • Segment Trends
  5. Global Medical Device Connectivity Market, By End User, 2017 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2019–2027
      • Segment Trends
    • Hospitals
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
      • Segment Trends
    • Home healthcare
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
      • Segment Trends
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
      • Segment Trends
  6. Global Medical Device Connectivity Market, By Regions, 2017 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2019–2027
      • Segment Trends
    • North America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Europe
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2019 – 2027, (US$ Mn)
        • North Africa
        • Central Africa
        • South Africa
  7. Competitive Landscape
    • Company Profiles
      • Capsule Tech Inc.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Cerner Corporation
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Philips Healthcare
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Digi International Inc.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Cisco Systems Inc.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Siemens Healthcare
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Honeywell HomeMed LLC
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • MedShift
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Dräger Medical GmbH
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 32 market data tables and 27 figures on “Medical Device Connectivity Market – Global forecast to 2027.

Frequently Asked Questions

The global medical device connectivity market was valued at US$ 33,500.0 Mn in 2019 and is forecast to reach a value of US$ 122,271.5 Mn by 2027 at a CAGR of 17.6% between 2020 and 2027.
Major factor driving the growth of global medical device connectivity market during the forecast period include collaborations to develop digital therapeutic solutions, and favorable regulations.
Major factors hampering the growth of the medical device connectivity market during the forecast period constitutes of cyber threat, and software issues.
Wired hardware held dominant position in the global medical device connectivity market in 2019.
North America Medical Device Connectivity market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are Capsule Tech Inc., Cerner Corporation, Philips Healthcare, Digi International Inc., Cisco Systems Inc., Siemens Healthcare, Honeywell HomeMed LLC, MedShift, Capsule Technologies, Inc., and Dräger Medical GmbH.
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