Medical Device Connectivity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The medical device connectivity market is expected to register a CAGR of 18.4% over the forecast period. The major factors for the growth of the market include the rising implementation of electronic health records and health information exchange systems, an increase in the demand for telehealth and telemedicine technologies, and technological advancements in wireless technologies and bluetooth-enabled medical devices. Electronic data is a rapidly emerging topic in the healthcare IT market. Since its inception, the healthcare industry has generated huge amounts of data, driven by record keeping, compliance and regulatory requirements, and patient care. EHR databases and software provide rich resources to drive precision medicine development. According to the NCHS (National Center for Health Statistics) at the CDC (Center for Disease Control and Prevention), United States, the EHR adoption by primary care physicians increased from 72.1% in 2013 to 78.6% in 2014, recording an increase of 6.5%. During the same years, EHR adoption by specialists increased from 63.1% to 70.3%, recording an increase of 7.2%. Thus, considering rising adoption of EHR and connectivity between medical devices the market is expected to witness high growth over the forecast period.
The major factors driving the growth of the market include rising technological advancements and an increase in the adoption of medical device connectivity in healthcare facilities. The hospitals and other healthcare providers that leverage wireless medical devices provide increased patient safety, and data accuracy, resulting in overall improved patient care.
Hospitals are now being provided with the wireless local area network (WLAN) in the infrastructure. WLAN is mainly used in hospitals for the sake of communication, health data transmission, and monitoring patients. For instance, doctors and nurses can make a better clinical decision if they have the right patient information delivered through personal digital assistant (PDA) or phone. Such applications of WLAN are helpful in promoting patient care and healthcare management.
The increasing burden of chronic diseases such as cancer is augmenting the demand for advanced technologies which is fuelling the wireless technology segment of the market.
North America is expected to hold a major market share in the global medical device connectivity market due to increasing cases of chronic diseases and increasing adoption of healthcare IT. The large healthcare spending in the country is due to the emergence of the novel technologies and rising awareness among general population about the health. In the efforts of making patient care easy, wireless tools are widely adopted in the nation. For instance, HealthIT.gov has stated that the United States Department of Health and Human Services (HHS) is looking forward to achieving an interoperable health IT infrastructure. The increased focus on health IT infrastructure is directly fueling the demand of medical device connectivity solutions. This is resulting in the growth of the market in the United States. Along with that, involvement of government organizations, such as CMS in the betterment of the healthcare IT sector is contributing in the growth of the market studied.
The medical device connectivity market is moderately consolidated market. Some of the market players in medical device connectivity market are Capsule Technologies, Inc., Cerner Corporation, Cisco Systems, GE Healthcare, Ihealth Lab, Infosys, Koninklijke Philips N.V., Lantronix, Inc., and NantHealth, Inc.