Connectivity of medical devices
Global Medical Device Connectivity Market: Overview
The growing penetration of electronic health records (EHRs) creates a need for faster exchange of healthcare information. Additionally, the growing patient-centric approach has driven the demand for high-quality care to ensure patient safety, propelling the growth of the global medical device connectivity market. Additionally, the adoption of EHRs and connectivity devices in healthcare reduces cost and increases the efficiency of data analytics is fueling the adoption of medical device connectivity, which is likely to propel the growth of the global medical device connectivity market.
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However, the high cost of deployment and the reluctance of healthcare providers to adopt new technologies over traditional methods is limiting the growth of the medical device connectivity market. Additionally, some issues related to integration between numerous devices and data security are limiting the growth of the global medical device connectivity market.
According to TMR report, the global medical device connectivity market was valued at around US$3,500 million in 2012 and is expected to grow at a CAGR of around 37.8% from 2013 to 2019 to reach a value of US$33.5 billion by the end of 2019.
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Increased adoption of hospital connectivity devices will benefit growth
On the basis of components, the global medical device connectivity market is segmented into wireless hardware, wired hardware, and software. Wireless hardware is further segmented into Wi-Fi, Web Map Tile Service (WMTS), and Bluetooth. Among these, the wired hardware segment dominated the global medical device connectivity market and is expected to maintain its dominance during the forecast period. This growth is attributed to the increased demand for wired hardware from end users due to the efficient connectivity of these connectivity devices. However, the demand for the wireless hardware segment has been increasing for the past few years. Among wireless hardware, Wi-Fi has been identified as the most demanding sub-segment due to its flexibility and advancements in connectivity.
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On the basis of end user, the global medical device connectivity market is segmented into home healthcare, hospitals and others. Among these, the global medical device connectivity market is dominated by the hospital segment owing to the increased adoption of medical devices by hospitals and healthcare providers. However, the rising trend of home healthcare is fueling the growth of home healthcare segment in the medical device connectivity market.
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A continuously growing healthcare sector to support growth in Asia-Pacific
Based on region, the global medical device connectivity market is segmented into North America, Europe, Asia-Pacific, Latin America, and Rest of the World. Among these, North America is dominating the global medical device connectivity market owing to the increased adoption of new technologies in the healthcare sector. Moreover, increasing investments in the healthcare industry to improve the healthcare facilities is the key factor enabling the growth of the medical device connectivity market. However, Asia Pacific is expected to grow at a faster CAGR due to a higher patient population or pool and a continuously growing healthcare industry in the region.
Major players operating in the medical device connectivity market are GE Healthcare, Qualcomm Life, Philips, Cerner Corporation, and NantHealth. The global medical device market has a highly consolidated vendor landscape owing to the number of acquisitions, mergers, and partnerships in the market.
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