The Market For Global Medical Device Connectivity Is Expected To Grow At CAGR 30.1% From 2017 To 2024
Data Bridge Market Research new Insight’s on “Global Medical Device Connectivity Market, is projected to reach USD 46.4 billion by 2024, from USD 5.7 billion in 2016, at a CAGR of 30.1% during the forecast period from 2017 to 2024.”
The market is segmented by Type (Integration Software, Connectivity Hardware (Wired, Wireless (Wi-Fi, WMTS, Bluetooth), By Applications (Electronic Medical Record, Patient Monitoring, Others), By End-User (Hospitals, Community Healthcare, Clinics, Others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) – Industry Trends and Forecast to 2024
The actual calculation year for the report in 2016, while the historic data is for 2015 and the forecast period is still 2024.
Medical Device Connectivity Market: Recent Developments
Medical device connectivity market analyses the market for products used to connect compile and ascertain data transfer from one medical device to other. In today’s healthcare needs the requirement of data integration and maintenance of patient data is most critical.
The growth of this market is owing to new regulations such as “meaningful use” requirements, the implementation of ACO’s and some other recent changes in the federal healthcare regulations such as medicare and Medicaid incentive and penalty plans are driving change in this market. One of such change is meaningful requirement for documenting blood pressure in EMR will increase from 50% to 80% on all patients. Also the need to accurately store and analyze data for improved healthcare quality is affectively driving the growth of this market. Also now HDO resources needs to maintain customized interfaces and maintain manual data feeds from devices. Some other drivers in this market is remote patient monitoring, transition of point of care devices from hospitals to home healthcare and the growth of telehealth and telemedicine market among others.
However the market is expected to face some major challenges which need to be addressed on priority such as lack of standard interfaces, lack of integration of HIS by medical manufacturers among many others.
Medical Device Connectivity Market Categories: Segmentation
The global medical device connectivity market is segmented based on product type application, end user and geography.
On the basis of product type the market is segmented into integration software and connectivity hardware. Connectivity hardware is further segmented based on product types into wired and wireless solutions. Wired solutions include segments such as Wi-Fi, Bluetooth and WMTS.
Based on application the market is segmented into electronic medical record, patient monitoring, others.
On the basis of end-users the market is segmented into hospitals, community healthcare, clinics and others.
Medical Device Connectivity Market: Geographic Segmentation
Based on geography the market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. U.S. is expected to dominate the market due to the rising need of healthcare data integration and changes in healthcare regulations. Medical device connectivity tools will help to U.S. healthcare model to shift from episodic model to dynamic continuous monitoring, leading to betterment of healthcare.
Medical Device Connectivity Market: Company Share Analysis
The market report contains an in-depth profiling of the key market players, along with the recent developments (new product launches, partnerships, agreements, collaborations, and joint ventures) and strategies adopted by them to sustain and strengthen their positions in the market.
Some of the major players operating in the global medical device connectivity market are Cerner Corporation, Koninklijke Philips N.V., Digi International Inc., McKesson Corporation, Cisco Systems Inc., Medtronic, Inc., Siemens Healthcare GmbH, Honeywell HomeMed LLC, Drägerwerk AG & Co. KGaA, eDevice Inc., Qualcomm Inc., Lantronix Inc., GE Healthcare Ltd., Silex Technology America, Inc., NantHealth, Spectrum Medical and, True Process, Inc. among others.
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