The Global Medical Device Connectivity Market has accounted for USD 5.7 billion in 2016 and is expected to reach USD 46.4 billion by 2024, growing at a CAGR of 30.1% in the forecasted period 2017 to 2024. The new market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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.
The global medical devices connectivity market is segmented based on product type application, end user and geography.
On the basis of product 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 end users the market is segmented into hospitals, community healthcare, clinics and others. Hospitals segment dominate the market with more than 60% market share in 2016 and is expected to grow at the highest CAGR of 35.2% in the forecast period 2017 to 2024. On the basis of application the market is segmented into electronic medical record (EMR), patient monitoring and others.
FIGURE: GLOBAL MEDICAL DEVICE CONNECTIVITY MARKET, BY GEOGRAPHY
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.
Some of the major players in this 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.