Global Medical Device Interoperability Market Share Is Likely to Grow at A CAGR Value of Around 9.70% By 2028

29-Jul-2022 | Facts and Factors

According to Facts and Factors, the global medical device interoperability market size was worth around USD 23542.8 billion in 2021 and is estimated to grow to about USD 41029.7 billion by 2028, with a compound annual growth rate (CAGR) of approximately 9.70% over the forecast period. The report analyzes the Medical Device Interoperability market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Medical Device Interoperability market.

Medical device interoperability is cost-effective and can replace paper paperwork with digital information that is easy to log in, view, and preserve. Medical device interoperability allows components to interact with one another while also monitoring medical data via connectivity to a healthcare system database. Furthermore, interoperability will improve safety, save treatment costs, and provide quicker care. All of these advantageous aspects of interoperability will drive the growth of the medical device interoperability industry over the forecast period. Rapid usage of electronic health records and other healthcare IT solutions has resulted in the growth of the medical device interoperability market. Owing to the rise in demand for Medical Device Interoperability, the global Medical Device Interoperability market is estimated to grow at a CAGR of 9.70% during the forecast period.

Browse the full “ Medical Device Interoperability Market Size, Share, Growth Analysis Report By Device Type (Monitoring Devices, Surgical Devices, Imaging Devices & Information Systems, Diagnostic Devices, and Therapeutic Devices), By Industry Participants (Clinical IT System Vendors, Healthcare System Integrators, Vendor-Agnostic Connectivity Vendors, and Medical Device OEMs), By End-User (Hospitals, Ambulatory Cares, and Clinics & Imaging Centres), By Application (Acute Care Settings, Patient Data Repositories, and Remote Patient Monitoring), and By Region-Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028" report at https://www.fnfresearch.com/medical-device-interoperability-market

The usage of cloud technology in connection with healthcare services is one of the key reasons propelling the market for medical device interoperability solutions. The volume of electronic health record data is growing quickly, making it challenging to keep it in bulk on local storage devices for fear of losing crucial information. Government programmes to improve patient care and safety, government support for medical device interoperability, and the quick uptake of EHR & other healthcare IT solutions are all factors driving growth in this industry. However, constraints like a lack of true interoperability solutions, a lack of standards, and the use of antiquated legacy systems are limiting the market's growth.

Segmental Overview

The Global Medical Device Interoperability Market is segregated based on device industry participants, end-user, applications, and region.

Based on device type, the market is divided into Monitoring Devices, Surgical Devices, Imaging Devices & Information Systems, Diagnostic Devices, and Therapeutic Devices. Among these, the monitoring devices segment is expected to grow at a significant rate in 2021.

Based on industry participants, the market is divided into Clinical IT System Vendors, Healthcare System Integrators, Vendor-Agnostic Connectivity Vendors, and Medical Device OEMs. Over the forecast period, the Healthcare System Integrators segment is expected to develop at the fastest rate in 2021.

Based on end-user, the market is classified into Hospitals, Ambulatory care, and Clinics & Imaging Centres. The hospital's segment dominates the market in 2021. Based on application, the market is segmented into Acute Care Settings, Patient Data Repositories, and Remote Patient Monitoring. The Acute Care Settings segment is expected to dominate over the forecast period in 2021.

Regional Overview

North America is expected to dominate the Global Medical Device Interoperability Market in 2021. The dominance is attributed to highly developed healthcare facilities, a higher rate of new technology acceptance, and the technicians' trainability. Another element that encourages acceptance of the medical device interoperability market is government activities promoting insurance-based healthcare mandates.

Over the forecast period, the Asia Pacific regional market is expected to grow at a significant rate in 2021. The demand for quality healthcare and the increasing need for the adoption and application of medical devices and HCIT solutions to deliver cost-effective and high-quality care to patients are the main drivers of market growth in the APAC region. Other important market growth drivers include rising medical tourism, rising government initiatives for eHealth, and increasing government support for eHealth.

Report Scope

Key Players Insights

Key players functioning in the global Medical Device Interoperability market include Immucor, Inc.; Ortho Clinical Diagnostics; F. Hoffmann-La Roche AG; Quotient Limited; Abbott; Bio-Rad Laboratories; BAG Healthcare GmbH; DiaSorin S.P.A.; Danaher; and BIO KIT (Werfen).

Recent developments:

• In January 2021, Koninklijke Philips (the Netherlands) agreed to buy Capsule Technologies, Inc. (the United States) in order to change care delivery across the health continuum with integrated solutions.
• In February 2019, Veradigm (US) joined forces with NextGen Healthcare, Inc. (US) to boost connection and data sharing with payers and laboratories.

The Global Medical Device Interoperability market is segmented as follows:

By Device Type

• Monitoring Devices
• Surgical Devices
• Imaging Devices & Information Systems
• Diagnostic Devices
• Therapeutic Devices

By Industry Participants

• Clinical IT System Vendors
• Healthcare System Integrators
• Vendor-Agnostic Connectivity Vendors
• Medical Device OEMs

By End-User

• Hospitals
• Ambulatory Cares
• Clinics & Imaging Centres

By Application

• Acute Care Settings
• Patient Data Repositories
• Remote Patient Monitoring

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

About Us:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

Contact Us:
Facts & Factors
A 2108, Sargam,
Nanded City,
Sinhagad Road,
Pune 411041, India
USA: +1-347-989-3985
Email: [email protected]
Web: https://www.fnfresearch.com