Medical Device Connectivity Market

The medical device connectivity market is projected to reach USD 7.4 billion by 2028 from USD 2.6 billion in 2023, at a CAGR of 21.5%. This market is growing because hospitals and healthcare organizations need better connections between their different parts. They're using tools to link departments and systems together. As more hospitals use electronic medical records and make changes in healthcare technology, it's becoming more crucial to merge complex sets of data. The market for devices that connect medical tools is also growing because of COVID-19, higher healthcare expenses, strong government support, the need for better data analysis in healthcare, and a bigger focus on giving good care and keeping patients safe. However, the cost to set up these tools and some healthcare workers being unsure about using advanced technology might slow down this market's growth a bit.

The global medical device connectivity market is fragmented and highly competitive. Some of the major players governing the overall medical device connectivity market include Lantronix Inc. (US), Infosys (India), S3 Connected Health (Ireland), GE Healthcare (US), Stryker Corporation (US), Medtronic plc (Ireland), Masimo (US), Oracle Corporation (US), Koninklijke Philips N.V. (Netherlands), iHealth Labs Inc. (US), Iatric Systems Inc. (US), Cisco Systems (US), Spectrum Medical Ltd. (UK), Baxter International Inc. (US), and Silex Technology (Japan). Because there's a lot of competition, big companies are working more on reaching new places where there's a lot of growth in the market. They're also getting stronger in the market by buying smaller companies that have the right technology or are in the right places.

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Koninklijke Philips N.V. is a top company in the medical device connectivity market. They're known for providing various products and services for connecting medical devices. Their wide range of products is their main strength. Philips sells solutions like devices that connect medical tools, interface tools, wireless solutions, and hubs that help devices connect. They also offer services to support and help set up these tools. They're present in many parts of the world like North America, Latin America, Europe, Asia, and the Middle East & Africa. Most of their money comes from North America, especially the US. To stay at the top, Philips keeps growing by launching new products, buying other companies, and making agreements with others.

Oracle Corporation is a prominent provider of database software, cloud computing services, and enterprise software solutions. Oracle offers a range of software solutions and technologies that could be utilized within the healthcare sector, including database management systems, cloud computing services, analytics tools, and enterprise software. These technologies can be integrated into healthcare infrastructure to manage data effectively, support information exchange, and enhance operational efficiency within hospitals and healthcare organizations. In the context of medical device connectivity, Oracle's database management systems and cloud computing services could potentially be utilized for storing and managing the vast amount of data generated by medical devices. In June 2022, Oracle Corporation acquired Cerner Corporation for USD 28.3 billion. The deal was announced in December 2021. The acquisition was an all-cash tender offer of USD 95 per share. Oracle's acquisition of Cerner was intended to strengthen Oracle's position in the health tech sector. Oracle hopes to revolutionize healthcare with the acquisition.

GE Healthcare is an important player in the worldwide medical device connectivity market. They help doctors make quicker and smarter decisions by using smart devices, data analysis, apps, and services. They have a platform called Edison Intelligence that supports this. They offer technologies for medical imaging, information, diagnostics, monitoring patients, finding new drugs, and making biopharmaceuticals. The company has two parts: Healthcare Systems and Life Sciences. To grow, they focus on strategies like teaming up with others. For instance, in June 2019, they partnered with Nyansa to combine their GE CARESCAPE Network with Voyance AIOps, which is a smart platform using AI to manage device performance and networks. This partnership helped GE Healthcare improve its solutions for connecting devices.

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Medical Device Connectivity Market by Product & Services, Technology, Application (Vital Signs & Patient Monitors, Ventilators, Anesthesia Machines, Infusion Pumps, Imaging Systems, Respiratory devices), End User, and Region - Global Forecast to 2028

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