Medical Device Connectivity Market will rise to a valuation of US$33.5 billion by 2019, TMR Reports
The report states that the global medical device connectivity market, valued at US$3500 mn in 2012, will expand at an unprecedented 37% CAGR between 2013 and 2019 and rise to a valuation of US$33.5 billion by 2019.Medical device connectivity (MDC) systems are used to remotely monitor, control, and configure patient’s administrative data, such as the information about the dose of medication given, its rate and timing, along with psychological and other important data. With MDC systems, healthcare providers are able to take care of patients much more effectively. Along with this, MDC systems also help to increase the potentialities of clinical analysis and record a complete and more accurate account of a patient’s condition.
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The report states that the global medical device connectivity market is being driven by the rising demand for home healthcare facilities. The increased possibility of prevention of hospital readmissions and saving nursing hours will drive the market over the report’s forecast period. Despite of these growth factors, the market will be restrained to a certain extent due to factors such as operational challenges, security concerns, cost constraints for small-sized healthcare units, and connectivity issues.
The report segments the global MDC market on the basis of component type, end user, and geography. On the basis of component, the market is segmented into wireless hardware, software, and wired hardware. The segment of wireless hardware is further segmented into Wi-Fi hardware, Bluetooth hardware, and WMTS hardware. The key end users of MDC systems analyzed in the report include hospitals, home healthcare, and others. Geography-wise, the market is segmented into North America, Asia Pacific, Europe, and the Rest of the World (RoW).
Of the key components of a typical MDC system studied in the report, the market segment of wired hardware held the largest share in the global market by acquiring an impressive 44.7% in terms of revenue. The segment of wireless technology, owing to the portability and cost-effectiveness of these systems, is expected to expand at a good pace over the report’s forecast period.
Of the key end-use segments of the market studied in the report, the segment of hospitals acquired 80% share in the market. The home healthcare segment expanded by 9% over 2011-2012 and is expected to further expand in the future years. The availability of reliable and high speed internet connectivity across distant corners of the globe is leading to increased popularity of home healthcare centers across the globe. This will allow further development of the MDC market in the future years.
The report also presents a detailed analysis of the competitive landscape of the global MDC market wherein business profiles of some of the key businesses operating in the market are discussed. Some of the key businesses operating in the market are Philips Healthcare, Capsule Tech Inc., Cerner Corporation, Cisco Systems Inc., eDevice Inc., Digi International Inc., Honeywell HomeMed LLC, Siemens Healthcare, Lantronix Inc., and Qualcomm Inc.
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Transparency Market Research is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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