The global medical device connectivity market is expected to exceed $2.5 billion by 2024 at a compound annual growth rate of 26%, according to a new Market Watch report. The major factors driving growth in the sector include an increase in remote patient monitoring and telehealth markets, as well as the introduction of new mobile health technologies.
Market Watch officials say a greater emphasis on patient safety and care quality, in addition to the increasing operational efficiency of medical staff around the globe, is also contributing to this surge. On the flip side, however, several factors are impeding the growth of the global medical device connectivity market, Market Watch officials say.
Chief among them are security concerns related to patient privacy and cost constraints—namely, small hospitals and healthcare facilities can’t afford to incur additional costs. Connectivity issues among various medical institutions, as well as hospital information systems and medical devices, are also stalling market growth around the world. And, finally, operational and connectivity issues in remote areas—particularly in developing economies—are further slowing down market growth.
Market Watch grouped the global medical device connectivity market by technology analysis, end user analysis, and regional analysis, officials say. Regarding technology analysis, the market was further broken down by wireless technologies, wired technologies, and hybrid technologies—all of which are recording strong gains throughout the world.