Medical Device Connectivity Market (Wired hardware, Wireless hardware and Software) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019, the report on the global medical device connectivity market by US based market research company Transparency Market Research provides an in-depth analysis of various market segments and gives an insight about the major driving factors, restraints and opportunities of the medical device connectivity market in a global scenario.
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According to the report, the global medical device connectivity (MDC) market is expected to grow from USD 3,500 million in 2012 to USD 33.5 billion in 2019, observing growth at a CAGR of 37.8% from 2013 to 2019, the forecast period of the report. The geographic section of North America was the largest market for MDC services in the year 2012 due to the rising awareness about the benefits of MDC systems in the healthcare industry.
The major driving factors of the industry recognized by the report include the rising need for automation in workplaces, especially of healthcare facilities due to accuracies in data acquired, rising concerns about patient safety and the need for reducing time and efforts required for patient re-admission. The general population is becoming aware about the benefits offered by the integration of information technology and healthcare systems for faster and more accurate data transfer. This awareness is a leading factor for the rapid growth of this industry in the past few years.
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However, factors such as operational and connectivity issues and financial constraints for smaller healthcare facilities could have a negative effect on the industry statistics in the coming years.
The medical device connectivity market report focuses on three segments: components, end users or applications and geographic regions.
Medical Device Connectivity Market by End-user wise, the segment of healthcare facilities (referred to as hospitals in the report), clearly leads the market and accounts for majority shares of demands for products and services from this market. In 2012, this segment accounted for nearly 80% shares of the overall global market of medical device connectivity services. Hospitality connectivity provides clinicians the access to complete and accurate data in automated manner, round the clock. This helps in enhanced patient safety and quick and better diagnosis.
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Medical Device Connectivity Market by Component wise, the segment of wired hardware accounted for the major shares of revenues, of nearly 44.7%, in 2012. The segment of wireless technology is expected to observe significant growth and widespread adoption owing to benefits such as cost optimization and medical device portability. Amongst the wireless technologies, Wi-Fi is the largest component segment and accounted for nearly 70.1% shares of the market in 2012. The segment of Bluetooth connectivity that features minimal cost, reduced size and energy efficiency, is also expected to affect the market in a positive manner.
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