The global medical device connectivity (MDC) market, worth $3.5 billion in 2012, is expected to reach $33.5 billion by 2019, a new report by Transparency Market Research indicates. This means the market will expand at a compound annual growth rate of 37.8% from 2013 to 2019.
The MDC market is seeing various factors at play, such as greater need for workflow automation, increased patient safety, saved nursing hours, increased productivity of healthcare institutions as well as minimising re-admissions. And while it also eliminates transcription errors, integrating data from key healthcare devices into electronic medical records (EMRs) saves time. Moreover, it improves patient safety and care. The enforcement of government regulations concerning the necessity of EMRs is expected to be a significant market driver.
The report says that the wired hardware segment is the largest of all market components, accounting for 40% of the market in 2012. Wireless connectivity technology will see widespread adoption in MDC due to its advantages over wired technology, including its compatibility, interoperability and cost effectiveness.
In 2012, hospitals held the biggest market share among different end-use segments. According to the report, they will continue to lead during the forecast period. Home healthcare is the second largest end-use segment, expected to show steady growth. The rise of medical conditions requiring continuous monitoring and care – including high blood pressure, asthma, diabetes and other respiratory and cardiovascular diseases – has become a driving force of market growth in this segment.
Philips Healthcare is among the key solution providers of the MDC market, the report notes. Research and development for the purpose of introducing innovative and affordable connectivity solutions is a major focus for providers.
