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.
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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.
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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.
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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.
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