Increasing Incidence for Home Healthcare Drives the Medical Device Connectivity Market
The medical device connectivity market was USD 2,531.7 million in 2023, which will touch USD 11,879.4 million by 2030, powering at a rate of 24.8% by the end of this decade. This has a lot to do with the growth in the telehealth and remote patient monitoring segments.
Likewise, the growing preference for home healthcare will present substantial potential predictions for companies in the medical device connection sector.
The solutions category held a larger revenue share, of 70%, in 2023. This is credited to the increasing adoption of HIE and EHR devices, the surging need for integrated healthcare systems, the expanding regulatory standards and healthcare reforms, and the migration of point-of-care diagnostics from hospitals to home care settings.
The wireless technologies category led the industry with19 a share of 45%, in 2023. This is for the reason that these technologies offer superior patient care, and health of the patient can be incessantly monitored by medics and caregivers, who can also get instantaneous updates, letting for faster treatment.
Moreover, these aid in shorter stay times in healthcare amenities and remote patient monitoring to guarantee safety and patient care. Furthermore, the WLAN tech is now obtainable to hospitals. WLAN is frequently used in hospitals for communication, patient monitoring, and the health data transmission. For example, if the suitable patient info is supplied by a personal digital assistant or phone, nurses, and doctors can make improved clinical decisions.
These WLAN applications are advantageous in proceeding patient care and healthcare administration. Likewise, the market for wireless tech is being powered by the increasing incidence of chronic ailments like cancer and the subsequent desire for more cutting-edge solutions.
The vital signs & patient monitors category led the medical device connectivity market with a share of 35%, in 2023. This is associated with the extensive use of these monitors for continuing patient monitoring due to the increase in the number of cases of chronic ailments amongst older people and their growing requirements in emergency situations and operating rooms.
Moreover, the high usage of these monitors for remote monitoring of new COVID-19 considerably contributed to the expansion of the industry.
North America led the industry with a share of 50%, in 2023. This is attributable to the rising incidence of chronic ailments, the surging acceptance of healthcare IT solutions, the expansion of pioneering technologies, the growing public consciousness of health problems, and the mounting healthcare spending in the region.
It is because of the growing prevalence for home healthcare all over the world, the demand for medical device connectivity is on the rise, This trend will continue in the years to come as well.
SOURCE: P&S Intelligence
