Connected Medical Devices Market Due to Close Out 2023 with $23B

The global market for medical device connection, entailing the integration of said devices with healthcare IT platforms such as electronic health records (EHS) and hospital information systems (HIS), is set to grow at an impressive compound annual growth rate (CAGR) of 25.2% through the rest of the year to reach as high as $23.26 billion, according to Persistence Market Research. The broad scope of products falling into this category, including therapeutic and diagnostic solutions as well as wearable devices, contributes to the fact that medical device connection accounts for 2% of the medical device global market.

Among the trends that have been driving this market surge is the proliferation of IoT tech in the world of healthcare. The popularity of wearable devices, remote monitoring devices, and smart medical implants, the most consumer-friendly means of real-time data collection to aid in the analysis of said data, will keep this market at the very least afloat far beyond what the recent CAGR promises for the rest of the year.

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The buzz around interoperability is continuing to bring this market to its full strength, as well. The desire for seamless connectivity among the myriad medical devices and systems presents in health networks is a throughline for success in doing business with healthcare organizations, and vendors offering standards such as Health Level Seven International (HL7) and Digital Imaging and Communications in Medicine (DICOM) are finding themselves rising to the top.