Medical device connectivity or MDC refers to a patient-centric system of integrated medical devices that analyzes and monitors patients’ electronic health record (EHR). With advancements in medical devices, hospitals are looking for complete, accurate, and detailed medical device data to improve clinical outcomes and patient safety. Medical devices connected through wireless network technologies help medical care providers monitor a patient round-the-clock even from remote locations.
The global medical device connectivity market is expected to take a leap at a CAGR of 37% during the period from 2013 to 2019. The overall market was worth US$3,500 million in 2012. With increasing demand for medical device connectivity, the market is expected to be valued at US$33,500 million by 2019.
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Global Medical Device Connectivity Market to be boosted by Need for Home Healthcare
According to a recent survey commissioned by the West Health Institute, lack of medical device connectivity leads to a number of medical errors that are otherwise preventable. The survey interviewed 526 registered nurses, who mentioned that the lack of interoperability between hospital devices leads to manual transcription of data from one device and then entering it into an EHR or another device, which leaves a lot of room for errors. Regulations such as the Patient Protection and Affordable Care Act in the U.S. have stressed on effective remote patient monitoring and have created a favorable environment for growth of the global medical device connectivity market.
However, the medical device connectivity market is expected to be restrained by various connectivity issues, operational challenges, and security concerns. Small-sized healthcare units also often find it difficult to install the high-priced interconnected medical devices.
Demand for Wireless Hardware Devices to Increase during 2013-2019
In terms of component, the global medical device connectivity market has been segmented into wired hardware, wireless hardware, and software. The wireless hardware segment has been further sub-segmented into wireless medical telemetry, Wi-Fi, and Bluetooth. In 2012, the wired hardware segment dominated the overall market and accounted for a 44.7% share in the revenue. Owing to their cost-effectiveness and portability, the demand for wireless hardware devices is expected to increase considerably in the near future.
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Home Healthcare Segment in North America Driving Global Medical Device Connectivity Market
On the basis of end user segments, the global medical device connectivity market has been categorized into home healthcare, hospitals, and others such as skilled nursing homes, care homes, and long-term care facilities. The home healthcare segment has been driving the overall market. It has been observed that a majority of American patients opt for the adoption of home medical devices to manage prolonged chronic conditions. It is easier to monitor older patients at home, which also reduces the heavy expenses of hospitals.
The global medical device connectivity market has been divided into four key regions: Asia Pacific, North America, Europe, and Rest of the World. North America is the leading market for medical device connectivity. It has been estimated that the home healthcare segment of the U.S. market grew by 9% during the period between 2011 and 2012, and will grow further.
Key Players in Global Medical Device Connectivity Market
Some of the key players in the global medical device connectivity market are Cerner Corporation, Philips Healthcare, Capsule Tech Inc., and GE Healthcare Ltd.
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