Home Healthcare Segment to Drive the Demand of the Global Medical Device Connectivity Market in the Forecast Period

The global medical device connectivity (MDC) market is highly consolidated. The top four players, namely Phillips Healthcare, GE Healthcare, Cerner Corp., and Capsule Tech. Inc., held around 80.0% of the market in 2012. The market is marked by cutthroat competition with most players channelizing their efforts towards the development of innovative open source solutions to gain an edge over others. Solution providers are partnering with suppliers comprising medical device manufacturers and network providers in order to offer innovative and customized connectivity solutions to users.

Capsule Tech Inc., which held over 40.0% of the market in 2012, has expanded its business globally through agreements with over 60 medical device manufacturers to cater to the needs of hospitals and healthcare facilities. Among other players, Phillips and GE have consistently focused on research and development to come up with new products and processes to retain and improve their market share. Cerner Corp.’s business strategies, on the other hand, have revolved around acquisitions and strategic alliances with existing customers for its solutions such as electronic medical record (EMR) and computerized physician order entry (CPOE).

The global medical devices connectivity market is expected to reach a value of US$33.5 bn by 2019, exhibiting a phenomenal CAGR on account of stiff competition among companies operating in the domain.

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Hospitals Account for Lion’s Share of the Market as Fully Automated Systems Save Time and Prevent Costly Errors

The global market for medical device connectivity is segmented into wired hardware, software, and wireless hardware by component. Among them, the wired hardware section holds a lion’s share of the market and is predicted to retain its dominant position in the coming years. It is expected to achieve a market value of US$14.227 bn by 2019. The software segment, however, will register a growth rate faster than any other segment in the near future as most connectivity solution providers offer software solutions that support the existing infrastructure of the hospital.

Based on end users, the TMR report divides the market into three: home healthcare, hospitals, and others such as long-term care facilities, care homes, and skilled nursing homes. Hospitals hold a major chunk of the market as the integration of data from crucial healthcare equipment into EMR helps save time and prevents transcription errors. Government regulations mandating EMR is poised to boost the MDC market in hospitals, predicts the report.

Globally, North America is the dominant market for MDC. It was worth US$5.74 bn in 2015 and is expected to exhibit strong growth in the years to come on account of a growing geriatric population that is driving the demand for MDC. Europe follows North America in terms of market share, while Asia Pacific and the Rest of the World are still in a nascent stage.

Operational and Technical Glitches in Connecting Devices Thwarting End Users from Adopting MDC

A growing number of elderly people and others afflicted by chronic diseases such as asthma, heart disease, or diabetes, which require prolonged treatment, prefer home healthcare. This is slated to boost the market strongly, particularly in the U.S. This, alongside the fact that it saves nurses the time spent on recording data manually on each patient, is also leading to rising popularity for automated processes, thereby filliping the MDC market.

While the advantages of MDC are many, medical device manufacturers and hospitals are sometimes plagued by operational and technical glitches in connecting devices. “One of the challenges is related to the translation of data from various proprietary device formats into a format understandable by EMRs. Operational challenges include security protocols, the support of multiple interfaces in addition to serial connections, the support of standard wireless-networking security protocols, and the support of dual-band wireless communications,” explains the analyst of the TMR report.

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New Research Report : Medical Device Connectivity Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2013 - 2019

Medical device connectivity is defined as the integration of medical devices with information systems. It is also referred to as biomedical device connectivity or biomedical device integration. This connectivity assists in transfer of data between a medical device and an information system. The term connectivity implies the establishment and maintenance of a connection which facilitates the transfer of data. Medical device integration eliminates manual data entry, thereby reducing human error. It also facilitates frequent and fast data updates, while ensuring better workflow efficiency. Medical device connectivity is facilitated by wireless and wired networks. Wireless networks such as wireless telemetry service, Wi-Fi and Bluetooth ensure better patient monitoring in transit. On the other hand, wired networks incur high installation costs. However, they offer efficient connectivity even in a closed environment, are ubiquitously available and are stable as compared to wireless networks.

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The medical device connectivity market promises a double digit growth rate in the near future due to the untapped market potential. At present, many hospitals and clinics are focusing on the improvement of communications systems and patient safety through adoption of workflow automation processes. Workflow automation enables speedy and reliable data analysis. It demands interoperability between various entities namely, healthcare professionals, medical devices and communication systems. With the increased acceptance of medical device connectivity, efforts of healthcare professionals of manual data entry are eliminated and it enables better decision making.

The increased need for workflow automation process and better communication facilities are the major factors driving the growth of this market. The other factors include increased strategic alliances and partnerships to cater to the rising demand and increased investments in the development of integrated medical devices. With the increasing incidence of technology piracy, it is difficult to prevent the misuse of non-licensed technology over biomedical device integration. This is a major restraint for the growth of this market. The other factors include the security issues and the reliability of the connection. GE Healthcare Ltd., Philips Healthcare, Capsule Technologies, Inc., Draeger Medical GmbH, Siemens Healthcare, Lantronix and Digi International are some of the major players in the medical device connectivity market.

This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include

• North America 
• Asia Pacific 
• Europe
• Rest of the World  

This report provides comprehensive analysis of 

• Market growth drivers 
• Factors limiting market growth
• Current market trends 
• Market structure
• Market projections for upcoming years 

This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

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• This report provides pin-point analysis for changing competitive dynamics
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