Medical Device Connectivity (MDC) Market to Reach a Value of US$33.5 bn by 2019

Press Release | Transparency Market Research (TMR) | November 16, 2016

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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This release was published on openPR.