This study covers the market dynamics and trends in major countries that are expected to influence the current market scenario and future status of the Global Medical Device Connectivity Market over the forecast period.
The Global Medical Device Connectivity market is expected to grow at an approximate CAGR of 16.1% during the forecast period, 2018–2023. Moreover, the increasing penetration of Electronic Health Records (EHRs) and health information exchange systems in healthcare organizations, are the factors responsible for the market growth. Major factors responsible for the market growth are penetration of EHRs through the collaboration between IT service providers and healthcare service providers. For instance, in 2016, Allscripts Technologies signed a ten years strategic agreement with Optumcare to deploy Allscripts TouchWork suite as its exclusive Electronic Health Record (EHR) and Practice Management (PM) solution for physicians. The strategic agreement will provide physicians with the clinical, health plan, and analytic data that will further enhance the high-quality care they provide to their patients. Moreover, in 2016, market players such as Cerner and Sharp Healthcare came together to extend its Electronic Health Record (EHR) to the Sharp Community Medical Group. Through the expanded relationship with Cerner, Sharp will utilize an integrated platform to create consistencies by streamlining physician workflows and care team communications for transitions of care. All such instances are expected to boost the medical device connectivity market.
On the other hand, factors such as the high cost of deployment for small healthcare organizations and increasing privacy and cybercrimes are likely to hinder the market growth during the forecast period.
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The global medical device connectivity market is segmented on the basis of products and services, technology, and end-user. By products and services, the market is segmented into medical device connectivity solutions and medical device connectivity services. Medical device connectivity solutions are further segmented into medical device integration solutions, telemetry systems, connectivity hubs, and interface devices. Whereas, medical device connectivity services are further segmented into support and maintenance services, implementation and integration services, and training services. Based on technology the market is segmented into wired technologies, wireless technologies, and hybrid technologies. By end-user, the market is segmented into hospitals, home healthcare, ambulatory care centers, diagnostic centers, and others. The global medical device connectivity market by region is majorly categorized into Americas, Europe, Asia Pacific, and the Middle East and Africa. The American medical device connectivity market is segmented into two regions, namely, North America and South America.
The Europe region includes both Eastern and Western European countries which are involved in the deployment of medical device connectivity. Countries that are majorly involved in the medical device connectivity market are the U.K., France, Germany, Spain, and Italy, among others.
Key Players in the Global Medical Device Connectivity Market:
Some of the key players in this market are Qualcomm (U.S.), Cerner (U.S.), GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Bernoulli Enterprise (U.S.), Medtronic (U.S.), Cisco Systems (U.S.), Nanthealth (U.S.), Infosys (India), Lantronix (U.S.), True Process (U.S.), Ihealth Lab (U.S.), Nuvon, Inc, Stryker Corporation, eDevice, Inc., and others.
Regional Market Summary:
At present, the U.S. is dominating the North American medical device connectivity market, as it has been the first choice for the deployment of medical device connectivity solutions due to established healthcare systems and technology advancements. The medical device integration solutions segment is likely to dominate the medical device connectivity solutions market in the American region.
Europe holds the second largest market share. The growth is attributed to the increasing use of medical device connectivity solutions and services, which increases the efficiency of the healthcare workforce and systems. Moreover, the market is driven by the increasing adoption of wearable patient monitoring systems in European countries.
Asia Pacific is expected to grow at a faster pace during forecast period owing to a large number of developing countries such as India and Malaysia, among others which are increasingly deploying medical device connectivity solutions and solutions for better healthcare, educating people regarding awareness, and others. The market growth is attributed to the increasing use of remote monitoring and medical device connectivity services and solutions.
On the other hand, the Middle East and Africa holds the lowest market share of the medical device connectivity market, due to less availability of funds and limited availability of medical facilities which are more in regions such as Americas, Europe, and Asia Pacific. The lowest market share is also attributed to poor political conditions in Africa. The Middle Eastern region holds the major share of the market owing to a well-developed technology and high healthcare expenditure. On the other hand, the African region shows the fastest growth due to the availability of opportunities for market growth.
Market Research Future research is conducted by industry experts who offer insight into industry structure, market segmentation, technology assessment, Competitive Landscape (CL), penetration, as well as on emerging trends. Besides primary interviews (~ 80%) and secondary research (~ 20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years, by analyzing historical trends and current market positions. Furthermore, the varying trends of segments and categories geographically presented are studied and are estimated based on primary and secondary research.
What Exactly Included in the Medical Device Connectivity Market Reports:
Medical Device Connectivity Market, by Product & Service
- Medical Device Connectivity Solutions
- Medical Device Integration Solutions
- Telemetry Systems
- Connectivity Hubs
- Interface Devices
- Medical Device Connectivity Services
- Support & Maintenance Services
- Implementation & Integration Services
- Training Services
Medical Device Connectivity Market, by Application
- Respiratory Therapy
- Home Healthcare
Medical Device Connectivity Market, by Technology
- Wired Technologies
- Wireless Technologies
- Hybrid Technologies
Medical Device Connectivity Market, by End-User
- Ambulatory Care Centers
- Imaging and Diagnostic Centers
Medical Device Connectivity Market, by Region
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Republic of Korea
- Rest of Asia Pacific
Middle East and Africa
- Middle East
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