Medical Device Connectivity Market: Market Segments: By Product & Service (Medical Device Connectivity Solutions and Medical Device Connectivity Services); By Technology (Wired Technologies, Wireless Technologies and Hybrid Technologies); By End User (Hospitals, Home Healthcare Centers, Diagnostic and Imaging Centers and Ambulatory Care Centers); and Region – Global Analysis of Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Medical Device Connectivity Market: Market Segments: By Product & Service (Medical Device Connectivity Solutions and Medical Device Connectivity Services); By Technology (Wired Technologies, Wireless Technologies and Hybrid Technologies); By End User (Hospitals, Home Healthcare Centers, Diagnostic and Imaging Centers and Ambulatory Care Centers); and Region – Global Analysis of Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Product Overview
Connectivity with Medical Devices is a general concept that also includes artificial intelligence and big data analytics. The demand for wireless tools in the medical sector is growing at a tremendous pace with increasing wireless communication in nearly every domain. In terms of patient care and dose monitoring, automation of hospitals and old age homes require significant applications of medical device connectivity. Alerts and emergency alarms often contain essential components that act as linked devices. Govt. supports interconnectivity in medical premises. The regulatory system makes it more popular.
Market Highlights
Medical Device Connectivity Market is expected to project a notable CAGR of 25.5% in 2030.
Medical Device Connectivity Market to surpass USD 4.7 billion by 2030 from USD 1.2 billion in 2018 at a CAGR of 25.5% throughout the forecast period, i.e., 2020-30. The connectivity market for medical devices is gaining importance as it enables better control of patients and the information system, which is the main market driver. In addition, the linked medical devices hold essential data such as the maintenance schedule and the device monitoring system via the real-time location system (RTLS). Owing to the introduction of technology such as mobile health, the demand for home healthcare is another main factor for the sector. In the event of a health emergency in a home healthcare setting, the linked medical devices will send warnings to doctors or concerned individuals.
Medical Device Connectivity Market: Segments
Wired technologies segment to grow with the highest CAGR during 2020-30
Medical Device Connectivity Market is segmented by technology into wired technologies, wireless technologies, and hybrid technologies Based on application, the wireless technologies segment held the leading position with a market share of around XX.X% in the Medical Device Connectivity market in 2018. When physicians continuously receive real-time information about patients, wireless devices deliver a higher quality of healthcare, allowing quicker treatments. Via remote patient monitoring, these technologies also allow shorter hospital stays and reduced healthcare spending without hampering treatment quality. These benefits allow the growth of the segment of wired technologies to grow. Also, the segment of wired and hybrid technologies is projected to expand at lucrative rates.
Hospitals segment to grow with the highest CAGR during 2020-30
Medical Device Connectivity Market is segmented by end-user into Hospitals, Home Healthcare Centers, Diagnostic and Imaging Centers, and Ambulatory Care Centers. The Hospital segment has been generating the largest revenue throughout the historical and forecast period owing to the increasing adoption of these techniques. This is attributed to the growing number of hospitals and the facilities for healthcare. In addition, the segment's demand was increased by favorable reimbursement plans and insurance coverage. Combined with rising healthcare prices, the burgeoning geriatric population has increased the market for the home healthcare segment. Due to the rising prevalence of chronic disorders including diabetes, hypertension, cardiac disorders, etc. the segment is also expected to gain prominence.
Medical Device Connectivity Market: Market Dynamics
Drivers
Increase in the Demand for Telehealth and Telemedicine Technologies
Increased adoption of electronic health records and health information sharing systems, increased demand for telehealth and telemedicine technologies, and technological developments in wireless and Bluetooth-enabled medical devices are key factors for market development. In the healthcare IT sector, electronic data is a rapidly evolving subject. The healthcare industry has generated tremendous quantities of data since its inception, powered by record-keeping, enforcement and regulatory requirements, and patient care. In order to drive precision medicine growth, EHR databases and software provide rich resources. It is also expected that the growing acceptance of telepathology, the increasing investment in healthcare in developed countries, the market penetration of key producers in developing countries, and the increasing emphasis on drug development will drive the market.
Restrain
High cost of Medical Device Connectivity systems
However, the development of the Medical Device Connectivity market is hindered by uncertain reimbursement policies, shortages of trained staff, and the reluctance of older pathologists to embrace modern technologies. While these systems can be afforded by large hospitals with substantial capital budgets, pathologists and academic institutions with small budgets or IT support often cannot afford them. The high cost of these systems combined with a shortage of trained workers to operate Medical Device Connectivity systems is expected to restrict the adoption of these systems.
Medical Device Connectivity Market: Regions
Medical Device Connectivity Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Medical Device Connectivity Market in North America held the largest market share of XX.X% in the year 2018 and it is expected to continue its market dominance in the future followed by the countries in the European region due to raised disposable income and growing healthcare expenditure. In addition, the emergence of major market players with improved healthcare products has strengthened the connectivity market for medical devices. During the forecast period, the Asia-Pacific region is projected to be the fastest-growing market. Growing R&D investments for the development of technologically advanced healthcare infrastructure are factors attributed to growth. In addition, the government's favorable policies, along with an increase in per capita income, would stimulate business growth.
Competitive Landscape:
The Medical Device Connectivity market, which is highly competitive, consists of several major players such as Capsule Technologies, Cerner Corporation, GE Healthcare holds a substantial market share in the Medical Device Connectivity market. Other players analyzed in this report are Koninklijke Philips, Medtronic plc, Cisco Systems, Infosys Limited, Digi International, Masimo Corporation, Hill-Rom Technologies, True Process, iHealth Labs, & Lantronix among others.
The market competition has been stepped up by the availability of many players offering Medical Device Connectivity. For Instance, In January 2020, Masimo Corporation (US) entered into an agreement to acquire NantHealth’s connected care business.
Medical Device Connectivity Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Medical Device Connectivity Market: Key Players
GE Healthcare
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Qualcomm Inc.
Cerner Corporation
Nanthealth, Inc.
Koninklijke Philips N.V.
Medtronic PLC
Cisco Systems, Inc.
Infosys Limited
Digi International Inc.
Lantronix, Inc.
Bernoulli Enterprise, Inc
Medical Device Connectivity Market report also contains analysis on:
Medical Device Connectivity Market Segments:
By Product & Service:
Medical Device Connectivity Solutions
Medical Device Integration
Interface Devices
Connectivity Hubs
Telemetry Systems
Medical Device Connectivity Services
Support and Maintenance
Implementation and Integration
Training
Consulting
By Technology:
Wired Technologies
Wireless Technologies
Hybrid Technologies
By End-User:
Hospitals
Home Healthcare Centers
Diagnostic and Imaging Centers
Ambulatory Care Centers
Medical Device Connectivity Market Dynamics
Medical Device Connectivity Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
FAQs on Medical Device Connectivity Market
Which segment is anticipated to hold the largest market share
At what CAGR is the market anticipated to grow between 2020 and 2030
Who are the key players in the Medical Device Connectivity Market
What could be the challenging factors in the growth of Medical Device Connectivity Market
What are the growth drivers for the Medical Device Connectivity Market
Contents
1. Executive Summary
2. Medical Device Connectivity Market
2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms
3. Research Methodology
3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation
4. Average Pricing Analysis
5. Macro-Economic Indicators
6. Market Dynamics
6.1. Growth Drivers
6.2. Restraints
6.3. Opportunity
6.4. Trends
7. Correlation & Regression Analysis
7.1. Correlation Matrix
7.2. Regression Matrix
8. Recent Development, Policies & Regulatory Landscape
9. Risk Analysis
9.1. Demand Risk Analysis
9.2. Supply Risk Analysis
10. Medical Device Connectivity Analysis
10.1. Porters Five Forces
10.1.1. Threat of New Entrants
10.1.2. Bargaining Power of Suppliers
10.1.3. Threat of Substitutes
10.1.4. Rivalry
10.2. PEST Analysis
10.2.1. Political
10.2.2. Economic
10.2.3. Social
10.2.4. Technological
11. Medical Device Connectivity Market
11.1. Market Size & forecast, 2019A-2030F
11.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
11.1.2. By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12. Medical Device Connectivity: Market Segmentation
12.1. By Regions
12.1.1. North America:
• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.1.2. Europe:
• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.1.3. Asia-Pacific:
• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.1.4. MEA:
• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.1.5. Latin America:
• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.2. By Product & Service: Market Share (2020-2030F)
12.2.1. Medical Device Connectivity Solutions, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.2.2. Medical Device Connectivity Services, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.3 By Technology: Market Share (2020-2030F)
12.3.1. Wired Technologies, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.3.2. Wireless Technologies, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.3.3. Hybrid Technologies, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.4 By End User: Market Share (2020-2030F)
12.4.1. Hospitals, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.4.2. Home Healthcare Centers, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.4.3. Diagnostic and Imaging Centers, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.4.4. Ambulatory Care Centers, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
13. Company Profile
13.1.1. GE Healthcare
13.1.2. Company Overview
13.1.3. Company Total Revenue (Financials)
13.1.4. Market Potential
13.1.5. Global Presence
13.1.6. Key Performance Indicators
13.1.7. SWOT Analysis
13.1.8. Product Launch
13.2. Qualcomm Inc.
13.3. Cerner Corporation
13.4. Nanthealth, Inc.
13.5. Koninklijke Philips N.V.
13.6. Medtronic PLC
13.7. Cisco Systems, Inc.
13.8. Infosys Limited
13.9. Digi International Inc.
13.10. Lantronix, Inc.
13.11. Bernoulli Enterprise, Inc
14 Consultant Recommendation
**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
Historical Data (2015-2019) |
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Influencing Factors |
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Market Forecast (2021-2026) |
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Qualitative Analysis |
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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