The medical device connectivity market is projected to reach USD 2,670.3 Million by 2023 from USD 939.4 Million in 2018, at a CAGR of 23.2%. The growth in this market is attributed to the increasing penetration of EHRs & health information exchange systems in healthcare organizations, growing focus on care quality and patient safety, healthcare IT initiatives driving the integration of medical devices with hospital information systems, and the growing need to curtail healthcare costs through a connected healthcare environment.
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Medical device connectivity solutions dominated the market in 2017
On the basis of products and services, the market is segmented into medical device connectivity solutions and medical device connectivity services. In 2017, the medical device connectivity solutions segment accounted for the largest share of the market. The increased adoption of EHRs and other interoperability solutions in healthcare organizations, growing regulatory requirements & healthcare reforms, shift of point-of-care diagnostics from hospitals to home care settings, and the growing need for integrated healthcare systems to improve the quality and outcome of healthcare are the key factors driving the growth of this segment.
Wired solutions held the largest share of the medical device connectivity market in 2017
By technology, the market is segmented into wired, wireless, and hybrid technologies. The wired technologies segment accounted for the largest share of the medical device connectivity market in 2017. This dominant share is mainly attributed to the various advantages offered by wired solutions such as better physical control, enhanced data security and reliability, and high-speed networked connectivity.
By end user, home healthcare segment is expected to register the highest CAGR during the forecast period
Based on end user, the global medical device connectivity market is segmented into hospitals, home healthcare, ambulatory care settings, and imaging & diagnostic centers. The home healthcare segment is expected to register the highest CAGR during the forecast period. The high growth in this segment is primarily attributed to the increasing reliance of patients on telehealth solutions, such as remote monitoring via phones and the internet to manage their health conditions. Also, governments in a number of countries are implementing various initiatives to promote home healthcare, which is expected to further drive the growth of this end-user segment in the coming years.
North America dominated the market in 2017
In 2017, North America dominated the global medical device connectivity market. The large share of this regional segment can be attributed to the region’s favorable regulatory scenario, the high adoption of medical device connectivity solutions for establishing interoperability to curtail soaring healthcare costs, regulatory requirements regarding patient safety, and the presence of a large number of healthcare IT companies.
The key players in the medical device connectivity market are GE Healthcare (US), Qualcomm (US), Cerner Corporation (US), Philips (Netherlands), Medtronic (Ireland), Cisco Systems (US), Infosys Limited (India), Digi International (US), NantHealth (US), Bernoulli Enterprise (US), True Process (US), iHealth Labs (US), and Lantronix (US).
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