Medical Device Connectivity Market to Witness Significant Rise in Revenue During the Forecast Period 2025
Medical device connectivity is collective term used for facilities through which through which data is transferred between a medical device, such as a patient monitor, and an information system. The usual benefits are similar to the benefits of Information Technology and networking technology which includes faster and more frequent data updates, diminished human error, and improved workflow efficiency.
The key drivers for medical device connectivity is the rise in uses of electronic health records and health information exchange systems. Further need to reduce healthcare costs through a connected healthcare environment are supporting the demand of medical device connectivity. The medical device connectivity aids in data analytics and growing adoption of telehealth solutions are also driving the growth of the market. The growing adoption of telehealth solutions, shift of point-of-care diagnostics from hospitals to home care and increasing need for interoperability due to medical devices connectivity solutions are some of the major trends for the global medical device connectivity market.
The opportunities are in terms of integrating the healthcare systems especially collaboration with govt which can give national systems for integration. However, high cost of implementation for medical device connectivity platform in small healthcare organizations, lack of integration between various hospital information systems and medical devices, lack of standard interface, interoperability issues, security concerns, cost barrier for small healthcare units, and risk of data breaches are the key factors hampering the growth of the global market.
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Medical devices may be connected on wireless and wired networks. Wireless networks, including Wi-Fi, Wireless Medical Telemetry Service, and Bluetooth. Wired networks are fast, stable, and highly available. Wired networks are usually more costly to install at first and require ongoing costs for maintenance, but allow connectivity of the organization in a closed environment.
The medical device connectivity market is globally segmented into its component, technology, and region. On the basis of the component, the global market is segregated into medical devices connectivity services and medical devices connectivity solutions. Based on the technology, the market is categorized into hybrid technologies, wireless technologies, and wired technologies. Geographically, the medical device connectivity market is diversified into regions such as Asia Pacific, North America, Europe, and Rest of the World.
The dominant region in the medical device connectivity market is North America. North America is followed by Europe and Asia-Pacific region.
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The key market players that are involved in the medical device connectivity market include Bernoulli Enterprise Inc., Cerner Corporation, Digi International Inc., Honeywell Hommed Llc, Koninklijke Philips N.V., Medtronic Plc, Qualcomm Inc., TE Connectivity, Capsule Tech Inc., Cisco Systems Inc., GE Healthcare, Infosys Ltd., Lantronix Inc., Nanthealth Inc., and Siemens Healthcare Ag.