Medical Device Connectivity Market

Koninklijke Philips N.V (Netherlands), Cerner Corporation (US), GE Healthcare (US), Masimo (US) are the leading players in the Medical Device Connectivity Market

The medical device connectivity market is projected to reach USD 4.9 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 24.4%. The growth of this market is influenced by the increasing need for integration in continually expanding hospitals and other healthcare organizations that require connectivity tools for building interfaces between various departments/systems. The importance of integrating increasingly complex data sets is increasing with the growing adoption of electronic medical records and the implementation of a number of healthcare IT initiatives and healthcare reforms. The high burden of COVID-19, 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 are further driving the market for medical device connectivity solutions across the globe.

However, the high installation costs of medical device connectivity platforms and the reluctance of healthcare professionals to adopt advanced healthcare IT solutions are expected to limit the growth of this market to a certain extent.

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The global medical device connectivity market is fragmented and highly competitive. Some of the major players governing the overall medical device connectivity market include Cerner Corporation (US), Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), Lantronix Inc. (US), Infosys (India), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), Hill-Rom Holdings Inc. (US), Iatric Systems Inc. (US), and Silex Technology (Japan). However, in the last few years, a number of smaller players have emerged from niche markets and are competing with global players based on price and technological innovation. Due to the intense competition in the market, major market players are increasingly focusing on expanding their geographic presence into high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired technological capabilities or geographic presence.

Koninklijke Philips N.V is a leading company in the medical device connectivity market and is a leading provider of medical device connectivity products and services. The company’s broad product portfolio is its key strength. Philips markets an array of connectivity solutions for medical devices using medical device integration solutions, interface devices, telemetry solutions, and connectivity hubs, along with support and implementation services. It also has a strong geographic presence across North America, Latin America, Europe, Asia, and the Middle East & Africa. The company derives most of its revenue from North America, specifically the US. To further expand and maintain its leading market position, Koninklijke Philips focuses both on organic and inorganic strategies, such as product launches, acquisitions, and agreements. In January 2021, the company signed an agreement to acquire Capsule technologies Inc. This strategic move will further expand Philips’ leadership in patient care management connectivity solutions for hospitals, as Capsule Technologies is a leading provider of medical device integration and data technologies for hospitals and healthcare organizations.

Cerner Corporation is a well-established global brand in the medical device connectivity market, with operations across the globe. It has a robust portfolio of medical device connectivity products. It mainly provides its products and services to hospitals, home healthcare settings, and ambulatory care settings, to increase remote monitoring of patients and enable safe & efficient patient data transfer between medical devices. The company’s collaborations and increased focus on R&D help it in expanding its business operations, increasing its market share, and strengthening its existing portfolio in the medical device connectivity market. In March 2020, Cerner collaborated with Xealth (US). This collaboration enabled various health systems in the US to choose, manage, and deploy digital tools and applications while offering clinicians access to remote monitoring and more direct engagement with patients.

GE Healthcare is a key player in the global medical device connectivity market. GE Healthcare enables clinicians to make faster, more informed decisions through intelligent devices, data analytics, applications, and services, supported by its Edison intelligence platform by offering medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery tools, and biopharmaceutical manufacturing technologies. The company operates through two business segments, namely, Healthcare Systems and Life Sciences. The company seeks to strengthen its market position by focusing on various inorganic growth strategies such as alliances and collaborations. In June 2019, GE Healthcare entered into an alliance with Nyansa (US) to integrate its GE CARESCAPE Network with Voyance AIOps, an AI-based platform for network and device performance management. This helped the company to strengthen its device connectivity solution offerings.

Related Reports:

Medical Device Connectivity Market by Product & Services (Integration Solutions, Telemetry, Connectivity Hubs), Technology (Wired, Hybrid), Application (Vital signs Monitors, Ventilators), End User (Hospitals), COVID-19 Impact - Global Forecast to 2026

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Report Code
HIT 4666
RI Published ON
7/21/2021
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