Market Overview
Medical devices distribute a large amount of critical patient data and alleviate problems such as delayed data entry into the EHR, increased clinician workload, and high error rate is a common scenario which is experienced in varying degrees across the healthcare industry. Such factors have created a strong push for medical device connectivity market. Medical connectivity automates the transfer of clinical data from medical devices directly into medical record systems. The global medical connectivity market is predicted to strike a dynamic CAGR of 16.1% over the forecast period of 2018-2023, affirms Market Research Future (MRFR) in an in-depth study.
The growing need for interoperable, standardized, detailed, complete, and accurate data to improve clinical outcomes and patient care is fostering the growth of the global medical device connectivity market. Deep penetration of Electronic Health Records (EHRs) and health information exchange systems across various healthcare organizations across the globe has also supported the growth of the market.
New medical industry regulations and recent amendments in federal healthcare law and regulations are also driving growth within the market. In addition, the proliferation of telehealth or telemedicine technologies is also acting as a plus for the medical device connectivity market.
Furthermore, to address the growing medical device connectivity and interoperability issues, the FDA has revised its approval process to accommodate advances in medical device technology and ensure adherence to modern safety and performance criteria. Steady improvement in novel medical device approvals has also opened up new avenues for the growth of the global medical device connectivity market.
Advances in telecommunications which enable higher data rates and greater network capacity to transmit massive amounts of data also fosters the growth of the global medical device connectivity market.
On the downside, updating medical devices to new standards is cost-intensive which can cost a substantial amount to healthcare providers. Moreover, wireless signal limitations in developing and underdeveloped countries can constrain the growth of the market. Growing cybersecurity issues also present significant challenges to market growth.
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Segmentation
The global medical device connectivity market has been segmented based on products and services, technology, and end-user.
By products and services, the global medical device connectivity market has been segmented into medical device connectivity solutions and medical device connectivity services. The medical device connectivity solutions segment has been further segmented into medical device integration solutions, telemetry systems, connectivity hubs, and interface devices. The medical device connectivity services segment has been further segmented into support and maintenance services, implementation and integration services, and training services.
By technology, the global medical device connectivity market has been segmented into wired technologies, wireless technologies, and hybrid technologies.
By end user, the global medical device connectivity market has been segmented into hospitals, home healthcare, ambulatory care centers, diagnostic centers, and others.
Regional Analysis
By region, the global medical device connectivity market has been segmented into North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America is leading the global medical device connectivity market due to faster implementation of medical device connectivity solutions purveyed by technological advancements and established healthcare infrastructure.
Europe ranks second in the global medical device connectivity market driven by high adoption of wearable patient monitoring systems in European countries.
APAC market is expected to expand at a relatively faster pace as compared to other markets. Presence of a substantial number of developing countries in the region who are progressively deploying medical device connectivity solutions is boosting the growth of the market. Moreover, the growing use of remote monitoring devices is expected to spur market growth.
MEA market accounts for the least share of the global medical device connectivity market. Limited availability of funds and medical facilities restrict the growth of the market. The sluggish growth of the market can also be attributed to poor political conditions prevailing in Africa. The Middle East accounts for the maximum share of the MEA market on account of well-developed technology and high healthcare expenditure.
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Competitive Landscape
Infosys (India), Stryker Corporation, eDevice, Inc., Cisco Systems (U.S.), GE Healthcare (U.S.), Medtronic (U.S.), Koninklijke Philips N.V. (Netherlands), True Process (U.S.), Ihealth Lab (U.S.), Lantronix (U.S.), Nanthealth (U.S.), Cerner (U.S.), Nuvon, Inc, Qualcomm (U.S.), and Bernoulli Enterprise (U.S.) are the key players in the global medical device connectivity market.
Industry Updates
February 2019- The Food and Drug Administration (FDA) announced the approval for the use of Digistat medical device integration software in the US market. The new software is being developed by Ascom Holding AG, a Swiss-based global telecommunications company focused on healthcare IT. The new software is capable of collecting clinical data, events, and alarms from medical devices and create a data stream that feeds data to the EHR and hospital information system.
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