A report from Transparency Market Research indicates that the medical device connectivity market is projected to grow from $3.5 billion in 2012 to $33.5 billion by 2019, for a compound annual growth rate (CAGR) of 37.8%. The report, “Medical Device Connectivity Market (Wired Hardware, Wireless Hardware and Software)—Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 – 2019,” attributes the growth to the ease with which data from healthcare devices can be imported into electronic medical records (EMRs), saving time, improving patient care, and eliminating transcription errors.
Hospitals currently make up the largest portion of end users of medical device connectivity, although researchers anticipate that the greatest growth will take place in the home healthcare arena. Geographically, the report covers North America, Europe, Asia Pacific, and the Rest of the World. North America comprises the highest percentage of the global market for medical device connectivity, at 62% in 2012. However, increasing adoption of electronic medical records in countries like the UK and Germany will increasingly drive the medical device connectivity market in Europe, researchers say.
According to the report, the global medical device connectivity market’s leading players include GE Healthcare, ISirona Inc, Capsule Tech Inc, Cerner Corp, and Phillips Healthcare. Among these, Capsule Tech had the strongest presence in the global market in 2012, with 41.5% market share.
An overview of the 93-page report is available on the Transparency Market Research website.