Acquiring medical device data for automated documentation in an Electronic Medical Record (EMR) is referred to as connectivity of medical devices. Medical device connectivity (MDC) is related to establishment and maintenance of a connection between medical devices and information system for efficient data transfer. It eliminates the need for manual data entry and includes more frequent and faster data updates, improves workflow efficiency and minimizes human data entry errors.
The MDC market is driven by various factors such as increased need for workflow automation, increased patient safety and minimizing the need for re-admissions among others. The global MDC market was valued at USD 3,500 million in 2012 and is expected to grow at a CAGR of 37.8% during the forecast period from 2013 to 2019. However, connectivity and operational issues, cost barriers for smaller healthcare units and security concerns are some of the factors inhibiting the growth of this market.
In terms of end use application, hospital is the largest segment and accounted for 80% share in 2012. Hospital connectivity facilitates clinicians, access to correct, complete patient data anytime that enhances the patient safety with fast and accurate diagnosis. Asia Pacific and RoW are still untapped and expected to grow relatively faster during the forecast period in terms of MDC in hospitals.
In terms of component, wired hardware is the largest segment and accounted for 44.7% share in 2012. However, wireless technology is expected to witness widespread adoption in MDC owing to the benefits it offers such as portability of medical devices and cost optimization. Among all wireless technologies, Wi-Fi is the largest segment and accounted for 70.1% share in 2012. The features of new versions with low energy technology, minimal cost and size will drive the demand for bluetooth in MDC 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
- Wi-Fi hardware
- WMTS hardware
- Bluetooth hardware
- Wired hardware
Medical device connectivity market by End user
- Home healthcare
Medical device connectivity market by Geography
- North America
- Rest of the World