Medical Device Connectivity Market Size Is Projected To Be Around $ 2.1 Billion By 2025
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A research study titled, “Medical Device Connectivity Market by Technology and Component - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the Medical Device Connectivity Market is projected to be around $ 2.1 billion by 2025.
Medical device connectivity is installation and maintenance of connection which is used to transfer data between medical devices and information systems. It is gaining significant importance as it facilitates exchange and access of vital information which is necessary for better patient information exchange and monitoring. These devices carry vital information such as patient’s history, maintenance schedule, and real time patient tracking information for providing best available care to patients. Increase in geriatric population, rise in incidences of chronic diseases, rise in demand for homecare devices, and advanced technologies (such as mobile health, and wireless and Wi-Fi enabled patient monitoring) will play a key role in growth of the market during the forecast period. Various healthcare providers and institutes are highly focused on advancing medical device connectivity as medical device dataneeds to be more reliable, accurate and standardized to improve clinical outcomes and patient safety.
Medical device connectivity services segment dominated the global market in 2016. This can be attributed to increase in demand for maximum utilization of connectivity services by end users. However, medical device connectivity solutions segment will experience robust growth over the forecast period due to rising adoption of interoperability solutions and electronic health record (EHR) systems in healthcare organizations. Technological advancements in wireless technology such as Wi-Fi and Bluetooth enable medical devices for monitoring will further contribute to the market growth.
U.S. dominated the North American medical connectivity devices market in 2016, due to the rising adoption of home care medical devices to manage and improve prolonged medical conditions. As medical device connectivity facilitates connection between physicians and medical devices, it becomes convenient to continuously monitor patients’ health parameters. Emerging economies such as India and China will witness favorable growth for medical devices connectivity market over the forecast period due to rising demand for advanced healthcare services in these countries.
Strategic collaborations and acquisitions are the major strategies adopted by the leading companies in medical device connectivity market. For instance, in September 2015, Qualcomm Life Inc. acquired Capsule Technologies, a global leading provider of clinical data management and medical device integration solutions.Likewise, in October 2014, Philips Healthcare collaborated with Eseye, global provider of M2M cellular connectivity, for supplying Multi-IMSI AnyNet connectivity for their telehealth platform, Philips Motiva.
Some of the key players in the medical devices connectivity market are Phillips Healthcare, Siemens Healthcare, GE Healthcare, Cerner Corp., Honeywell HomeMed LLC, Dräger Medical GmbH, eDevice Inc., Capsule Tech, Qualcomm Inc., Lantronix Inc., and Cardiopulmonary Corporation.
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Key Findings of the Research Study:
- Medical devices connectivity services market accounted for the largest share of the overall market in 2016, due to the need for effective implementation of connectivity solutions.
- Medical devices connectivity solutions market will witness favorable growth over the forecast period, due to the need for integrated healthcare solutions to improve the quality and outcome of healthcare systems.
- North America occupied major share of the global medical devices connectivity market in 2016, due to rising adoption of healthcare information systems in the region.
- Europe held the second largest share of the global medical devices connectivity market in 2016. Increasing need of real time and continuous patient monitoring and information management will further drive the growth of this market over the forecast period.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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