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Global Medical Device Connectivity Market: Snapshot

Rising penetration of electronic health record (EHRs) is creating need for faster exchange of healthcare information. Also, growing patient-centric approach has boosted demand for high quality care to ensure safety of patients is propelling growth of the global medical device connectivity market. Additionally, adoption of EHRs and connectivity devices in healthcare reduces cost and increases efficiency for data analytics is fuelling adoption of medical device connectivity which is likely to propel growth of the global medical device connectivity market.

However, high cost of deployment and unwillingness of healthcare providers to adopt new technologies over the traditional methods are limiting growth of the medical device connectivity market. Additionally, some issues related to integration between numerous devices, and data security are limiting growth of the global medical device connectivity market.  

According to the report by TMR, the global medical device connectivity market was valued at around US$ 3,500 million in 2012 and is anticipated to expand at a CAGR of around 37.8% from 2013 to 2019 to attain value of US$33.5 billion by the end of 2019.

Higher Adoption of Connectivity Devices from Hospitals to be Beneficial for Growth

On the basis of component, the global medical device connectivity market is segmented into wireless hardware, wired hardware, and software. Wireless hardware is further segmented in to Wi-Fi, web map tile service (WMTS), and Bluetooth. Of these, the wired hardware segment dominated the global medical device connectivity market and is expected to continue its dominance over the forecast period. This growth is attributable to the higher demand for wired hardware from end users due to efficient connectivity of these connectivity devices. However, demand for wireless hardware segment is growing from past few years. Of the wireless hardware, Wi-Fi has been identified as the most demanding sub-segment owing to its flexibility and advancement in connectivity.

On the basis of end user, the global medical device connectivity market is segmented into home healthcare, hospitals, and others. Of these, the global medical device connectivity market is dominated by the hospitals segment owing to higher adoption of medical devices from the hospitals and healthcare providers. However, growing trend of home healthcare is fuelling growth of the home healthcare segment in the medical device connectivity market.  

Continuously Growing Healthcare Industry to Bolster Growth in Asia Pacific

On the basis of region, the global medical device connectivity market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, North America is dominating the global market for medical device connectivity owing to higher adoption of new technology in the healthcare sector. Additionally, growing investment in the healthcare sector in order to improve the healthcare facilities are the key factor encouraging growth of the medical devices connectivity market. However, the Asia Pacific is expected to expand with faster CAGR due to higher population or patient’s pool and continuously growing healthcare industry in the region.

Key players operating in the medical device connectivity market include GE Healthcare, Qualcomm Life, Philips, Cerner Corporation, and NantHealth. The global medical devices market has highly consolidated vendor landscape owing to number of acquisitions, mergers, and partnerships in the market.

Medical device connectivity (MDC) is used to remotely control, configure and monitor patient’s administration data such as dose, rate, timing etc., physiological data and other key information. This helps healthcare providers provide best possible care to their patients. MDC not only enhances clinical analytics capabilities and decision support but also creates accurate and complete picture of patients’ conditions. This leads to improved care processes and patient outcomes. Medical devices can be connected on wired or wireless networks. Wired networks are easily configured, fast and stable. Wireless network technologies including bluetooth, Wi-Fi, and wireless medical telemetry service, provide ubiquitous connectivity and coverage and allow uninterrupted patient monitoring. Wired networks have high initial installation and maintenance cost.

One of the major trends in the market is that most of the hospitals are looking at connecting not just one or two devices in critical care units but looking at connecting the whole hospital or enterprise including ICUs, critical care, telemetry step down units, operating units etc.  For instance, the companies such as Capsule Tech Inc. deliver connectivity to an ever-growing list of specialized medical devices across the hospital enterprise, such as pediatric ventilators and cerebral oximeters. Furthermore, wireless technology for MDC market is growing rapidly owing to the benefits offered such as cost, portability and maintenance benefits. This acts as an internal substitute for the conventional wired technology. Different end users such as hospitals and home healthcare are switching towards adoption of wireless connectivity over wired.

Majority of American patients support the adoption of home medical devices to improve and manage prolonged chronic conditions. In 2010 Centers for Disease Control, the USA (CDC) reported that 45.2% of the Americans have at least one chronic disease such as asthma, diabetes or heart disease. MDC facilitates the connection of medical devices with physicians to keep a continuous watch on abnormalities of patients at home in a cost effective manner. MDC facilitates the connection of medical devices with physicians to keep a continuous watch on abnormalities of patients at home in a cost effective manner. Without MDC, information related to patients is scattered throughout the hospital. Automating the data transfer from medical devices to EMR facilitates improved communication. Thus clinicians as well as healthcare providers are likely to have all available medical information, which helps in making proper diagnostic decisions. These benefits and advantages of MDC enhance patient healthcare services. Thus clinicians and nurses spend more time on patient care, rather than documentation of data. This improves patient satisfaction as well as patient safety.

The report includes segmentation of MDC market by component type, end user, and geography. Further, it provides current and forecast market size by revenue for the aforementioned categories. Cross sectional analysis for end user and component segments is a part of the scope. Factors influencing and inhibiting the growth of the market have been analyzed. Porter’s five forces analysis offers insights on market competition. An integrated Electronic Medical Record (EMR)  is the gateway to help physicians utilize and access the data generated by medical devices and provide an input to physicians so that they can easily keep a track or observe vital signs for chronic conditions. In the U.S., home healthcare showed about 9% year on year growth in 2011-2012 and is expected to rise globally in the coming years owing to growth and development of new technologies such as high speed internet, reliable connectivity. It becomes easy for clinicians to monitor older patients at home with higher accuracy as well as help them to minimize expenses required for patient care in hospitals and nursing homes. All these benefits are driving the demand for home healthcare across the globe, in turn increasing the usage of connected medical devices.

This study includes profile of key players in the market and the strategies adopted by them to sustain the competition. Recent developments and barriers of the market will help emerging players to design their strategies in an effective manner. The study is expected to help solution providers of medical device connectivity in formulating and developing their strategies.

Medical device connectivity market by Component

  • Wireless hardware

    • Wi-Fi hardware
    • WMTS hardware
    • Bluetooth hardware
  • Wired hardware
  • Software

Medical device connectivity market by End user 

  • Hospitals
  • Home healthcare
  • Others

Medical device connectivity market by Geography

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

 

Chapter 1 Preface

1.1 Research description

1.2 Research scope

1.3 Research methodology

 

Chapter 2 Executive Summary

 

Chapter 3 Market Overview

3.1 Market  Definition

3.2 Current trends in Market

3.3 Factor analysis

      3.3.1 Drivers

               3.3.1.1 Growing demand for home healthcare

               3.3.1.2 Saved nursing hours

               3.3.1.3 Improved diagnosis of patients

               3.3.1.4 Increased need for workflow automation

               3.3.1.5 Prevention of hospital readmissions

      3.3.2 Restraints

               3.3.2.1 Connectivity issues and operational challenges

               3.3.2.2 Security concerns

               3.3.2.3 Cost barrier for smaller healthcare units

      3.3.3 Opportunities

               3.3.3.1 Opportunities in Asia-Pacific

               3.3.3.2 Large untapped market

               3.3.3.3 Technological Innovations

3.4 Value chain analysis

3.5 Porter’s five forces analysis

      3.5.1 Bargaining power of suppliers

      3.5.2 Bargaining power of buyers

      3.5.3 Threat of substitutes

      3.5.4 Threat of new entrants

      3.5.5 Competitive rivalry

 

Chapter 4 Global Medical Device Connectivity Market by Component, 2013 – 2019

4.1 Introduction

4.2 Wireless Hardware

      4.2.1 Wireless hardware market size and forecast, 2011 – 2019 (USD million)

               4.2.1.1 Wi-Fi hardware

                          4.2.1.1.1 Wi-Fi hardware, market size and forecast, 2011 - 2019 (USD million)

               4.2.1.2 Wireless medical telemetry hardware

                          4.2.1.2.1 Wireless medical telemetry hardware, market size and forecast, 2011 - 2019 (USD million)

              4.2.1.3 Bluetooth hardware

                         4.2.1.3.1 Bluetooth hardware, market size and forecast, 2011 - 2019 (USD million)

4.3 Wired Hardware

      4.3.1 Wired hardware technology market size and forecast, 2011 – 2019 (USD million)

4.4 Software

      4.4.1 Software market size and forecast, 2011 – 2019 (USD million)

 

Chapter 5 Global Medical Device Connectivity Market by End User, 2013 – 2019

5.1 Introduction

5.2 Hospitals

      5.2.1 Hospitals market size and forecast, 2011 – 2019 (USD million)

5.3 Home healthcare

      5.3.1 Home healthcare, market size and forecast 2011 – 2019 (USD million)

5.4 Others (Long term care facilities, Skilled nursing homes, care homes)

      5.4.1 Others, market size and forecast 2011 – 2019 (USD million)

 

Chapter 6 Global Medical Device Connectivity Market by Geography, 2013 – 2019

6.1 Introduction

6.2 North America

      6.2.1 North America medical device connectivity market revenue, 2011 – 2019 (USD million)

6.3 Europe

      6.3.1 Europe medical device connectivity market revenue, 2011 – 2019 (USD million)

6.4 Asia Pacific (APAC)

      6.4.1 Asia Pacific medical device connectivity market revenue, 2011 – 2019 (USD million)

6.5 Rest of the World (ROW)

      6.5.1 Rest of the World medical device connectivity market revenue, 2011 – 2019 (USD million)

 

Chapter 7 Competitive Landscape

7.1 Market shares of key solution providers

      7.1.1 Market share of major players Solution providers in Medical Device connectivity Market, 2012 (%)

 

Chapter 8 Company Profiles

8.1 Capsule Tech Inc.

      8.1.1 Company overview

      8.1.2 Financial overview

      8.1.3 Business strategies

      8.1.4 Recent developments

8.2 Cerner Corporation

      8.2.1 Company overview

      8.2.2 Financial overview

      8.2.3 Business strategies

      8.2.4 Recent developments

8.3 Philips Healthcare

      8.3.1 Company overview

      8.3.2 Financial overview

      8.3.3 Business strategies

      8.3.4 Recent developments

8.4 Digi International Inc.

      8.4.1 Company overview

      8.4.2 Financial overview

      8.4.3 Business strategies

      8.4.4 Recent developments

8.5 Cisco Systems Inc.

      8.5.1 Company overview

      8.5.2 Financial overview

      8.5.3 Business strategies

      8.5.4 Recent developments

8.6 Siemens Healthcare

      8.6.1 Company overview

      8.6.2 Financial overview

      8.6.3 Business strategies

      8.6.4 Recent developments

8.7 Honeywell HomeMed LLC

      8.7.1 Company overview

      8.7.2 Financial overview

      8.7.3 Business strategies

      8.7.4 Recent developments

8.8 Dräger Medical GmbH

      8.8.1 Company overview

      8.8.2 Financial overview

      8.8.3 Business strategies

      8.8.4 Recent developments

8.9 eDevice Inc.

      8.9.1 Company overview

      8.9.2 Financial overview

      8.9.3 Business strategies

      8.9.4 Recent developments

8.10 Qualcomm Inc.

      8.10.1 Company overview

      8.10.2 Financial overview

      8.10.3 Business strategies

      8.10.4 Recent developments

8.11 Lantronix Inc.

      8.11.1 Company overview

      8.11.2 Financial overview

      8.11.3 Business strategies

      8.11.4 Recent developments

8.12 Cardiopulmonary Corporation

      8.12.1 Company overview

      8.12.2 Financial overview

      8.12.3 Business strategies

      8.12.4 Recent developments

8.13 GE Healthcare Ltd.

      8.13.1 Company overview

      8.13.2 Financial overview

      8.13.3 Business strategies

      8.13.4 Recent developments

List of Tables

 

TABLE 1 Global medical device connectivity market snapshot

TABLE 2 Impact analysis of drivers

TABLE 3 Impact analysis of restraints

TABLE 4 Number of electronic medical devices per hospital and percentage of total devices connected to EMR, 2010

TABLE 5 Wireless hardware, market size and forecast, 2011-2019 (USD million)

TABLE 6 Wireless  hardware market size and forecast, by geography 2011 – 2019 (USD million)

TABLE 7 Wired hardware market size and forecast, by geography 2011 – 2019 (USD million)

TABLE 8 Software market size and forecast, by geography 2011 – 2019 (USD million)

TABLE 9 Global medical device connectivity market size and forecast, by end user 2011 – 2019 (USD million)

TABLE 10 Hospital market size and forecast, by geography 2011 – 2019 (USD million)

TABLE 11 Home healthcare market size and forecast, by geography 2011 – 2019 (USD million)

TABLE 12 Others  market size and forecast, by geography 2011 – 2019 (USD million)

List of Figures

 

FIG. 1 Market Segmentation: Medical Device Connectivity Market

FIG. 2 Value chain analysis for medical devices connectivity market

FIG. 3 Porter’s five forces for medical devices connectivity market

FIG. 4 Medical Device Connectivity, market share (%), By component, 2012 and 2019

FIG. 5 Wi-Fi hardware market size and forecast, 2011 – 2019 (USD million)

FIG. 6 Wireless medical telemetry hardware market size and forecast, 2011 – 2019 (USD million)

FIG. 7 Bluetooth hardware market size and forecast, 2011 – 2019 (USD million)

FIG. 8 Wired hardware technology market size and forecast, 2011 – 2019 (USD million)

FIG. 9 Software market size and forecast, 2011 – 2019 (USD million)

FIG. 10 Minutes to obtain vital signs data from devices, in hospitals

FIG. 11 Hospitals market size and forecast  2011 – 2019 (USD million)

FIG. 12 Minutes to obtain vital signs data from devices, in home healthcare

FIG. 13 Home healthcare, market size and forecast 2011 – 2019  (USD million)

FIG. 14 Others, market size and forecast 2011 – 2019  (USD million)

FIG. 15 Global medical device market, by geography, 2012 and 2019 (%)

FIG. 16 North America  medical device connectivity market revenue,  2011 – 2019 (USD million)

FIG. 17 Europe  medical device connectivity market revenue,  2011 – 2019 (USD million)

FIG. 18 Asia Pacific medical device connectivity market revenue,  2011 – 2019 (USD million)

FIG. 19 RoW  medical device connectivity market revenue,  2011 – 2019 (USD million)

FIG. 20 Market share of major Solution providers in Medical Device Connectivity Market, 2012 (%)

FIG. 21 Cerner Corporation annual revenue, 2010–2012 (USD million)

FIG. 22 Philips Healthcare annual revenue, 2010–2012 (USD million)

FIG. 23 Digi International Inc. annual revenue, 2010–2012 (USD million)

FIG. 24 Cisco Systems Inc. annual revenue, 2010–2012 (USD million)

FIG. 25 Siemens Healthcare annual revenue, 2010–2012 (USD million)

FIG. 26 Dräger Medical GmbH annual revenue, 2010–2012 (USD million)

FIG. 27 Qualcomm Inc. annual revenue, 2010–2012 (USD million)

FIG. 28 Lantronix Inc. annual revenue, 2010–2012 (USD million)

FIG. 29 GE Healthcare Ltd. annual revenue, 2010–2012 (USD million)

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Medical Device Connectivity Market