Medical Device Connectivity Market has been valued at US$33.5 billion in 2019

Transparency Market Research has recently published a market research report which provides a thorough analysis of the global medical device connectivity market. The report titled, “Medical Device Connectivity Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019” states that the global (MDC) medical device connectivity market has been valued at US$33.5 billion in 2019 with a CAGR of approximately 37% between 2013 and 2019. The global MDC market was worth US$3500 million in 2012.The primary use of MDC is made to remotely control, monitor and configure a patient’s administrative information, which compromises the dose given, its timings and the rate, along with physiological data and other important information. With this system, healthcare providers can take care of the patients more effectively. MDC also increases the clinical analytical potentialities and records an accurate and complete image of the patient’s condition.

The global medical device connectivity market has been experiencing a boost owing to the increasing demand for home healthcare. The use of MDC is expected to enhance diagnosis of patients along with saving the nursing hours. Prevention of readmissions in hospitals and the increasing requirement for workflow automation is propelling the demand of MDC systems in the forecast period. In spite of all the growth factors, operational challenges, connectivity issues, security concerns, and cost hindrance for small-sized healthcare units are expected to hamper the growth in demand of MDC in the forecast period.

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The report has segmented the MDC market as per the components which are wireless hardware that comprises of WMTS, Bluetooth, and Wi-Fi. The other two components mentioned in the report are wired hardware and software. As per the report, in 2012, the segment of wired hardware held the largest share of the MDC market by recording 44.7% in terms of revenue. On the other hand, the extensive growth in adoption of wireless technology due to the cost-effectiveness and medical device portability is stimulating the demand of wireless hardware segment of MDC in the near future.

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The report has further segmented the MDC market on the basis of end users such as home healthcare, hospitals, and other. On a geographical basis, the report includes Europe, North America, Asia-Pacific and ROW (Rest of the world). The report specifies that in 2011-2012, the U.S. market of MDC in home healthcare segment grew by 9% and is believed to grow further. The reliable connectivity and high speed internet makes it easy to monitor older patients at home with extra care and cut down on the heavy expenses of hospitals. The home healthcare segment is driving the demand of MDC market globally. The report also includes the key players sustaining in the market along with the detailed analysis to understand the growth prospects and challenged faced by them.

Transparency Market Research (TMR) 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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