Market Overview:
The medical device connectivity market is growing rapidly majorly due to the increasing adoption of smart, connected medical devices across the healthcare sector. Moreover, the penetration of some of the ubiquitous technologies such as Blockchain, IoT, AR, VR, and AI, into these smart medical devices escalates the market on the global platform.
The Medical Device Connectivity Market registering a striking CAGR over 16% throughout the forecast period (2018–2023).
The healthcare sector has entered a new level of patient care, heading with the convenience, and efficiency of connectivity and the Internet of Things (IoT). Bluetooth and Wi-Fi are prevailing connectivity solutions. IoT connectivity, on the other hand, is betting on Bluetooth or Wi-Fi as compared to roulette.
With these advancements, however, comes the higher risk of cybersecurity, that is creating a multi-billion-dollar problem for the healthcare industry. Consecutively, these cybersecurity issues alongside the high cost of deployment are impeding the growth of the market.
Nevertheless, the growing interest of governments and regulators such as FDA around Cybersecurity area that has resulted in implementing stringent regulatory policies to ensure medical device cybersecurity remains intact will support the market growth over the forecast period.
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Major Players:
Key players leading the global medical device connectivity market include Cerner (U.S.), GE Healthcare (U.S.), Qualcomm (U.S.), Bernoulli Enterprise (U.S.), Medtronic (U.S.), Koninklijke Philips N.V. (Netherlands), Nanthealth (U.S.), Infosys (India), Cisco Systems (U.S.), True Process (U.S.), Ihealth Lab (U.S.), Lantronix (U.S.), Stryker Corporation, eDevice, Inc., and Nuvon, Inc. among others.
Global Medical Device Connectivity Market – Segments:
For enhanced understanding, the report has been segmented into four key dynamics.
By Product & Services: Medical Device Connectivity Services (implementation & integration services, support & maintenance services, training services, and other services) and Medical Device Connectivity Solutions (telemetry systems, medical device integration solutions, connectivity hubs, interface devices, and others).
By Technology: Wireless Technologies, Wired Technologies, and Hybrid Technologies among others.
By End-user: Home Healthcare, Hospitals, Ambulatory Care Centers, and Diagnostic Centers, among others.
By Regions: North America, Asia Pacific, Europe, and Rest-of-the-World.
Global Medical Device Connectivity Market – Geographical Analysis:
The North American region accounts for the dominating position in the global medical device connectivity market followed by Europe and the Asia Pacific region, respectively. Factors such as the presence of the best medical facilities alongside the vast technological advancements and high per capita healthcare expenditures lead the regional market.
The US, heading with the availability of advanced medical devices accounts for the key contributor to the growth of the regional market. Moreover, the presence of well-established healthcare infrastructure and skilled professionals & doctors are undoubtedly impacting the market growth positively.
The medical device connectivity market in the European region is expected to account for the second-largest market, following the North American market closely. Factors escalating the regional market include technological advancement and the augmented adoption of smart and connected medical devices.
The resurging economy in Europe is playing an important role in the growth of the market, increasing the purchasing power of consumers and per capita healthcare expenditures. Additionally, government support that encourages providers to develop new devices that can offer better connectivity solutions which, in turn, is fostering the growth in the regional market.
The Asia Pacific region, heading with the high uptake of technology, is rapidly emerging as a profitable market for medical device connectivity. The ongoing trend of digitalization of patient records among healthcare organizations is one of the key driving forces behind the growth of the market in this region.
Moreover, increasing adoption of connected healthcare that requires strong connectivity is positively impacting the market growth in the region.
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Industry/ Innovation/ Related News:
January 22, 2019 –– Masimo (the US), a global leader in innovative noninvasive monitoring technologies announced the launch of Iris® Device Management System (Iris DMS) in the U.S. Designed to address the challenges of maintaining many patient monitors in a complex hospital environment, the new Iris DMS is an automation and connectivity solution that streamlines management of Masimo devices used throughout a hospital system.
January 23, 2019 –– Silicon Labs (US), a leading provider of silicon, software and solutions for a smarter, more connected world announced the expansion of its groundbreaking Wi-Fi portfolio of modules and transceivers. The updated portfolio will enable developers to create end node products with best-in-class power efficiency, superior RF blocking performance and advanced security.
The Wireless Gecko portfolio is designed for the specific needs of IoT applications, and it cuts Wi-Fi power consumption in half compared to competitive offerings, providing ideal Wi-Fi solutions for power-sensitive connected products, including battery-operated IP security cameras, point-of-sale scanners, asset trackers and personal medical devices.
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