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Medical Device Connectivity Market is expected to reach USD 33.5 Billion Globally in 2019: Transparency Market Research

According to a new market report published by Transparency Market Research "Medical Device Connectivity Market (wired hardware, wireless hardware and Software) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019," the global medical device connectivity (MDC) market was worth USD 3.5 billion in 2012 and is expected to reach USD 33.5 billion by 2019, growing at a CAGR of 37.8% from 2013 to 2019. North America was the largest market for MDC in 2012 due to increasing adoption of electronic medical records (EMRs) across the region.

The MDC market is driven by various factors including uncreasing workflow automation, increasing patient safety, saving nursing hours, increasing productivity of healthcare institutions, and reducing re-admissions. Integrating data from important healthcare devices into an EMR not only saves time but also eliminates transcription errors and improves overall patient safety and care. Enforcement of government regulations regarding the necessity of EMR is expected to drive the U.S. and E.U. markets. However, connectivity and operational issues, cost barriers for small and mid-sized healthcare providers and security concerns are some of the factors inhibiting the growth of this market.

Among all the components, the wired hardware segment was the largest and accounted for 40% of the market share in 2012. Wireless connectivity technology is expected to witness widespread adoption in MDC owing to its compatibility, interoperability and cost effectiveness over wired technology. Different wireless technologies such as Wi-Fi, WMTS and bluetooth are being used in connecting medical devices at hospitals, homes and other healthcare institutes.

Among different provider segments, hospitals held the largest market share in 2012. It is expected to maintain its leading position throughout the forecast period owing to increasing awareness in emerging regions including Asia Pacific and RoW. Home healthcare is the second largest end-use segment and is expected to show strong growth during forecast period. The rise in certain medical conditions including high blood pressure, asthma, diabetes and other respiratory and cardiovascular diseases requiring continuous monitoring and care have been driving the market growth in this segment.

Geographically North America was the largest MDC market and accounted for 62% in 2012 owing to increased need of efficient health care management and increasing adoption of EMR. Growing penetration of EMR in countries such as Germany and UK is driving the MDC market in Europe.

Capsule Tech Inc. is the leading solution provider in the MDC market and held 41.5% of the total market in 2012. Other solution providers include Cerner Corporation, GE Healthcare, Phillips Healthcare and ISirona Inc. The connectivity solution providers are focusing on research and development to introduce innovative affordable connectivity solutions.

The report covers the medical device connectivity market analysis, by component:

• Wireless hardware,
• Wi-Fi hardware,
• WMTS hardware,
• Bluetooth hardware,
• Wired hardware, and,
• Software.

It covers medical device connectivity market analysis broken down by:

• Hospitals,
• Home healthcare,
• Others.

In addition the report provides cross sectional analysis of the market with respect to the following geographical segments:

• North America,
• Europe,
• Asia-Pacific,
• RoW (Rest of the World).

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