The global medical device connectivity market is projected to grow at a compound annual growth rate of 28% in the next five years, according to new data from Reportlinker.
The market for medical device connectivity is primarily driven by the rising prevalence of COVID-19, the increasing penetration of electronic health records and health information exchange systems in healthcare organizations, and the growing focus on care quality and patient safety. Impeding market growth, however, is the high cost of installation for small healthcare organizations.
On a market basis, the medical device connectivity services sector is segmented into implementation and integration services, support and maintenance services, training services, and consulting services. The support and maintenance services segment accounted for the largest share of the medical device connectivity services market in 2019, Reportlinker officials say.
Moreover, on the basis of end user, hospitals accounted for the largest share of the global medical device connectivity market in 2019. This status can be attributed to the large volumes of patients that hospitals see, the high purchasing power of hospitals to buy advanced medical device connectivity solutions, hospitals’ decreasing margins, and hospitals’ increasing focus on offering high-quality patient care and safety.