Medical Device Connectivity Market

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MEDICAL DEVICE CONNECTIVITY MARKET ANALYSIS

• Medical Device Connectivity Market, By
  Component (Wired hardware, Wireless hardware
  (Wi-Fi, WMTS, Bluetooth), Software), By End User
  (Hospitals, Home healthcare, Others), and By
  Region (North America, Latin America, Europe,
  Asia Pacific, Middle East Africa) - Size,
  Share, Outlook, and Opportunity Analysis, 2020 -
  2027

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• 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.
• 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

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

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Figure 2. Global Medical Device
Connectivity Market Value (US Mn), and Y-o-Y
Growth (), 2019-2027
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• Market Trends
• 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 MedShifts projected growth.

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• 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 companys
  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. Johns, Newfoundland and Labrador,
  Canada

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