Medical Device Connectivity Market Insights
Market Research Future has revealed that the global medical device connectivity market is projected to grow at an exuberant 16.1% CAGR during the forecast period of 2018 to 2023. Evolving healthcare industry and the increasing penetration of Electronic Medical Records (EMR) are some critical factors that are driving market growth.
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A growing preference for home healthcare, specially among the geriatric demographic is expected to boost the market for medical device connectivity. The ever-increasing occurrence of diabetes and other chronic lifestyle diseases has driven the need for affordable healthcare solutions, this driving growth. Additionally, there has been an increase in collaborations between IT service providers and healthcare providers to develop more efficient methods of medical device connectivity to meet the growing demand. Medical device connectivity solutions and services are expected to revolutionize the global healthcare sector and increase communications for the transition of care, making healthcare a seamless experience.
The high cost of deployment is likely to discourage small healthcare organizations. Moreover, a growing concern over privacy and a growth in sophisticated cybercrimes are expected to challenge market growth. However, since the market is still developing and advancements in technology are underway, these challenges are likely to attenuate in the coming years.
The global medical connectivity market has been segmented by products & services, technology, application, end-user, and region.
By products & services, the market has been segregated into medical device connectivity solutions and medical device connectivity services. Further sub-segmentation include:
- Medical device connectivity solutions – medical device integration solutions, telemetry systems, connectivity hubs, and interface devices
- Medical device connectivity services – support & maintenance services, implementation & integration services, and training services.
By technology, the market has been divided into wired technologies, wireless technologies, and hybrid technologies.
By end-user, the market has been segregated to include hospitals, home healthcare, ambulatory care centers, diagnostic centers, and others.
By region, the global market has been divided into the Americas, Europe, the Asia-Pacific and the Middle East & Africa.
The Americas have the market lead, regarding share due to the region’s inclusion of developed countries such as the U.S, where there is a high demand for medical device connectivity solutions & services. The presence of a well-established healthcare sector and swift adoption of new relevant technologies have been principal in driving market growth. The medical device integration solutions segment is expected to facilitate growth for the market in the region during the forecast period.
Europe has the next largest share due to rising demand for the efficiency of the healthcare workforce and systems. The rising use of wearable devices and home healthcare solutions and services are expected to encourage growth.
Asia-Pacific is a rapidly emerging market and is anticipated to grow at the highest CAGR due to the presence of many developing countries such as India, China, Japan, and Malaysia. These countries are witnessing a rise in disposable income and as a result demand and deployment of medical device connectivity solutions and services has increased. Increasing awareness of current healthcare options, increasing healthcare expenditure and the vast potential for the use of these services and solutions to assist healthcare of an extensive patient population base are expected to drive robust growth for this region in the coming years.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet global healthcare standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.
Leading market players have been profiled in the report and analysis of their market strategies provides a good indication of the direction of market trends. Some prominent players included are Qualcomm, Ihealth Lab, eDevice Inc., Nuvon Inc., Stryker Corporation, Cerner, GE Healthcare, True Process, Lantronix, Infosys, Nanthelath, Koninklijke Philips N.V., Cisco Systems, Bernoulli Enterprise, Medtronic, and others.
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