Big growth seen for device integration
December 2, 2013 in Medical Technology
The global medical device connectivity market, worth $3.5 billion this past year, is projected to top $33 billion by 2019, according to a new study.
The report, from Transparency Market Research expects a compound annual growth rate of 37.8 percent from 2013 to 2019.
Integration of data from medical devices into electronic medical records helps save time, eliminate transcription errors and improve overall care. But even as meaningful use EMR incentives augur big growth in device integration, the report points out that connectivity and operational issues, cost barriers for small and mid-sized providers and security concerns are all inhibiting the growth of this market.
Nonetheless, the market is on the upswing in a big way. It has been strongest in North America in recent years, thanks to increasing adoption of EMRs, and its continued growth is driven by factors such as increased need for workflow automation, efforts toward better patient safety, saved nursing hours, increased productivity of healthcare institutions, and minimizing the need for re-admissions.
Among all the components, the wired hardware segment was the largest and accounted for 40 percent of the market share in 2012, according to the study.
That said, wireless connectivity technology is expected to witness widespread adoption thanks to its compatibility, interoperability and cost effectiveness over wired technology. Wi-Fi, WMTS, and Bluetooth are all being used in connecting medical devices at hospitals, homes and other healthcare institutes.
Among different end-use segments, hospitals held the largest market share in 2012, and that user base is expected to maintain leading position throughout the forecast period, according to researchers. Home healthcare is the second sector, and is also expected to show strong growth during forecast period; the rise in medical conditions such as high blood pressure, asthma, diabetes and other respiratory and cardiovascular diseases requiring continuous monitoring are driving growth there.
According to the report, Capsule Tech Inc. is the leading connectivity vendor, with 41.5 percent of the total market in 2012. Other solution providers, including Cerner Corporation, GE Healthcare, Phillips Healthcare and iSirona, are well-poised for growth.
[See also: Safety demands better device integration]