Device connectivity market forecast to hit $33B by 2019
The global medical device connectivity (MDC) market is expected to reach $33.5 billion by 2019--up from $3.5 billion in 2012, according to a report from Transparency Market Research.
The compound annual growth rate of 38 percent between 2013 and 2019 is primarily driven by increased need for workflow automation, increased patient safety, saved nursing hours, increased productivity of healthcare institutions and minimizing hospital readmissions, according to the report. Enforcement of government regulations regarding the necessity of EHRs will also drive the market.
Connectivity and operational issues, cost barriers for small and mid-sized healthcare units and security concerns are some of the factors inhibiting the growth of this market.
North America was the largest market for MDC in 2012, accounting for 62 percent of the market in 2012.
Among all the components, the wired hardware segment was the largest and accounted for 40 percent of the market share in 2012. Wireless connectivity technology is expected to witness widespread adoption in MDC owing to its compatibility, interoperability and cost effectiveness over wired technology. Wireless technologies such as WiFi, WMTS and Bluetooth are being used to connect medical devices.
Hospitals are the largest end-user market segment in 2012 and are expected to maintain the leading position throughout the forecast period owing to increasing awareness in emerging regions including Asia Pacific. Home healthcare is the second largest end-user segment and is expected to show strong growth during the forecast period.
Editor
Editor Beth earned a bachelor’s degree in journalism and master’s in health communication. She has worked in hospital, academic and publishing settings over the past 20 years. Beth joined TriMed in 2005, as editor of CMIO and Clinical Innovation + Technology. When not covering all things related to health IT, she spends time with her husband and three children.