Published: May, 2018
According to the findings of a business intelligence study by Transparency Market Research (TMR), the medical device connectivity market is poised for strong excellence in the near future, while projecting the demand to expand at an exuberant CAGR of 37.8% during the forecast period of 2013 to 2019. Revenue-wise, the analyst of the report has estimated that the global medical device connectivity market will attain a value of US$33.5 billion by the end of 2019.
While representing the sheer potential of the market for medical device connectivity, the analyst has also highlighted that most of the shares are consolidated among a handful of well-established players who have been catering to demands for since a long time. The report has identified GE Healthcare, Qualcomm Life, Philips, Cerner Corporation, and NantHealth as some of the most prominent players who are currently ahead of the curve. This players are also among the leaders in the medical device industry and their products are efficient at interconnecting within themselves and work on a globally recognized patterns. The report has been developed for targeted audiences such as hospitals and clinics, assisted-living facilities and home-settings, home care agencies, pharmacies, diagnostic and imaging centers, and healthcare bodies.
Based on component, the report segments the medical device connectivity market into wireless hardware including Wi-Fi, Web Map Tile service (WMTS), and Bluetooth, wired hardware, and software. Among these, the wired hardware segment continues to provide for the most prominent chunk of demand. That being said, the wireless technology is primed to gain strong adoption in the MDC market owing to the flexibility and portability they offer. Among the wireless hardware segment, Wi-Fi has been identified as the key sub-segment.
End user bifurcation of the market has been done into home healthcare, hospitals, and others. Presently, hospitals are provide for a landslide share of demand and are expected to hold onto their prominent position, although home healthcare segment is exhibiting stronger growth rate. Geographically, the developed country of the U.S., which has strong rate of adoption of new technologies, is expected to sustain North America are most lucrative region, followed by Europe. However, emerging economies of Japan, China, and Japan are expected to propel the demand from Asia Pacific at an above-average growth rate.
Some of the key factors that will augment the demand in the global medical device connectivity market are: increasing penetration of EHRs, need for healthcare information exchange at a rapid rate, growing focus on the quality of care keeping patient safety at paramount, growing need to reduce healthcare costs, and increasing usage of medical devices for data analytics. On the other hand, high cost of deployment that is not welcome by small healthcare organizations, reluctance of medical practitioners to move beyond traditional methods, issues pertaining to integration between diverse devices, and data security concerns are obstructing the market from attaining its true potential. That being said, growing fields of telehealth and remote patient monitoring is anticipated to open new revenue avenues in this market.
- Global medical device connectivity (MDC) market is estimated to be worth US$33.5 billion by 2019
- Global shares are fairly consolidated among a small pool of prominent players
- Improving healthcare infrastructure in emerging economies expected to drive the demand in the near future
The information presented in this review is based on a Transparency Market Research report, titled, “Medical Device Connectivity Market (Wired hardware, Wireless hardware and Software) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 – 2019.”
Key Segments of the Global Medical Device Connectivity Market
Medical device connectivity market by Component
- Wireless hardware
- 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
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