Medical Device Connectivity Market Insights
Market Research Future in its report states that the global medical device connectivity market is estimated to reach the highest valuation at a CAGR of 16.1% during the forecast period. Growing penetration of health information exchange systems and EHRs (Electronic Health Records) in healthcare companies are some of the critical factors attributed to market growth. Rising saturation rates attained by EHRs is anticipated to stimulate the progress of the medical device connectivity market.
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The development of centralized platform to create uniformities by restructuring physician workflows is projected to create opportunities in the global medical device connectivity market. Growing number of patient population and adoption of preventive medication is anticipated to boost the demand for medical device connectivity solutions and services.
Moreover, rising occurrences of cybercrimes, high deployment cost for small healthcare organizations are predicted to hamper the global market growth during the evaluation period.
The global players supporting the development in the medical devices market include Cerner, Stryker Corporation, Medtronic, True Process, Koninklijke Philips N.V., Bernoulli Enterprise, Lantronix, eDevice, GE Healthcare, Infosys, Nuvon, Inc, Ihealth Lab, Nanthealth, Qualcomm, and Cisco Systems. Entrance of new medtech players, high number of acquisition and mergers with an objective to sustain in the market is predicted to bestow growth of the global medical device connectivity market.
Medical Device Connectivity Industry Recent Updates
A global safety science organization, The Department of Veterans Affairs and UL, accomplished a two-year Cooperative Research and Development Agreement for medical device cybersecurity. NIST and various other agencies worked together to unveil the important matters, which led to additional activities around creating a set of standards and requirements to cover several important standards with common security essentials.
The global medical device connectivity market is bifurcated based on products and services, technology, and end-user.
On the basis of products and services, the global market is divided into medical device connectivity services and medical device connectivity solutions. Medical device connectivity solutions are further classified into telemetry systems, medical device integration solutions, interface devices, and connectivity hubs, whereas medical device connectivity services are further segmented into maintenance and support services, training services implementation, and integration services.
The technology segment is diversified into wireless technologies, wired technologies, and hybrid technologies.
By the end-user, the market is segregated into diagnostic centers, hospitals, ambulatory care centers, home healthcare, and others.
Being the first preference for the medical device connectivity solutions deployment, the US leads the North American market. The medical device integration solutions segment is projected to lead the regional market.
Standing at second, Europe holds a noteworthy market share in the global medical device connectivity market. Increased use of medical device connectivity and services that helps to increase the efficacy healthcare systems and workforce. The growing demand for wearable patient monitoring systems is also one of the factors responsible for market growth.
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The Asia Pacific region is likely to develop at a swift pace during forecast period due to presence of high number of emerging nations such as Malaysia and India, among others that are aggressively adopting the medical device connectivity solutions and services for superior healthcare and spreading awareness about the medical advancements. The market growth is accredited to the growing application of remote monitoring and medical device connectivity services and solutions.
The Middle East and Africa regions are the least contributors to the medical device connectivity market. This slow-performing growth trend is attributed to limited availability of medical facilities and low expenditure on funds. The political instability in the region is also a factor lowering growth of the global medical device connectivity market. The Middle East region has a major contribution to the global medical device connectivity market due to increased healthcare expenditure and development of ultramodern technologies. The African region is anticipated to witness fastest growth owing to emerging opportunities for market growth.
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