Market Trends of Medical Device Connectivity Industry
This section covers the major market trends shaping the Medical Device Connectivity Market according to our research experts:
Wireless Technologies Segment by Technology is Expected to Witness a Significant Growth over the Forecast Period
Wireless technology includes controlling and programming a medical device, monitoring patients remotely, or transferring patient data from the medical device to another platform, such as a cell phone. The major factors driving the growth of the market include rising technological advancements and an increase in the adoption of wireless medical device connectivity in healthcare facilities. For instance, the Radio Frequency Wireless Technology and Bluetooth Low Energy (BLE) in Medical Devices provide recommendations to develop and support safe and effective wireless medical devices. Medical device manufacturers are encouraged to read this guide and review related recognized standards and guidance documents to help in the development, testing, regulatory submission, and use of wirelessly enabled medical devices. For instance, according to the RFiD Discovery 2022, a unique device identification system for medical devices is mandated by the U.S. FDA's Unique Device Identification (UDI) Rule. This means that every medical device used in the US must be marked with a Unique Device Identifier (UDI) that can be read by both humans and machines. The demand for advanced technologies is fueling the wireless technology segment of the market.
Furthermore, the companies are actively involved in new product launch developments and collaborations to expand their footprint in the wireless technology segment. For instance, in September 2021, CareVention HealthCare launched a remote patient monitoring service that uses biosensors and artificial intelligence to monitor patients' vital signs and alert healthcare providers if necessary.
Therefore, the above-mentioned factors are expected to drive segmental growth in the market during the forecast period.
North America is Expected to hold a Significant Market Share over the Forecast Period
Medical device connectivity is a rapidly growing component of healthcare in North America due to the growing burden of chronic diseases and the high adoption of advanced healthcare technologies. The adoption of telemedicine has improved care management, patients' quality of life, and reduced healthcare spending. For instance, according to the 2021 report from the Canadian Institute of Health Information, Canadian health expenditure increased to USD 308.1 billion in 2021 compared to USD 301.5 billion in 2020. Similarly, as per the 2022 report of the Centers for Medicare and Medicaid Services (CMS), the health expenditure of the United States was about USD 4.3 trillion, an increase of about USD 173 billion from the previous year. Thus, the increasing healthcare spending is anticipated to create opportunities for telemedicine, thereby propelling market growth.
Additionally, governments and companies are engaged in innovation and initiative in the medical device connectivity market, driving growth in the forecast period. For instance, in October 2021, the FDA's Digital Health Center of Excellence (DHCoE) held a public workshop on the transparency of artificial intelligence/machine learning-enabled medical devices. The workshop followed the recently published list of nearly 350 AI/ML-enabled medical devices. The workshop was aimed at moving forward the objectives of FDA's DHCoE to 'empower stakeholders to advance healthcare by fostering responsible and high-quality digital health innovation.'
Thus, given the factors above, the telemedicine market is expected to grow significantly in North America over the forecast period.
