Medical device connectivity market size to expand at highest revenue

The establishment and maintenance of a connection between a medical device, such as a patient monitor, and an information system is known as medical device connectivity (MDC). It’s also known as biomedical device connectivity or biomedical device integration.

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 US Department of Health and Human Services has finalised two sets of regulations that implement the landmark 21st Century Cures Act’s interoperability and information-blocking provisions. The rules will dictate how providers, payers, and technology suppliers must design their systems to ensure that patients have safe and secure access to their digital health information.

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

Restraints: MDC is prone to cyber threat and that is expected to hinder growth of the market. Medical devices often use off-the-shelf software, increasing the risk of a cyber-attack.

Furthermore, there are many cases where devices have limited memory and run on outdated operating systems (OS), which increases the risk of security and therefore limits market growth.

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 has launched the first 60 operational satellites in its Starlink network, which is tasked with providing satellite Internet access.

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

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.

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.

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.

Key Developments: Major players in the market are focused on launching new products to expand their product portfolio. For instance, in November 2019, Capsule Neuron 3, an improved version of the company’s flagship clinical computing hub that includes secure capture of medical device data, was released by Capsule Technologies, Inc.

Similarly, in August 2019, Dräger Safety AG & Co. KG (Dräger Safety AG & Co. KG) is Focus Field Solutions Inc., a provider of industrial safety solutions based in St. John’s, Newfoundland and Labrador, Canada, was acquired by KGaA. Coherent Market Insights