The medical device connectivity market is projected to surge from its current $939.4 million valuation to $2.67 billion by 2023, increasing at a compound annual growth rate of 23.2%, according to a new report by ResearchAndMarkets.com. Growth in this market is attributed to the increasing penetration of EHRs and health information exchange systems in healthcare organizations, healthcare IT initiatives driving the integration of medical devices with hospital information systems, and the growing need to curtail healthcare costs through a connected healthcare environment.
However, various interoperability issues, lack of standard interfaces, and the high cost of ownership of these systems are some of the factors that are likely to hinder the growth of the global market to a certain extent.
Based on product and service, medical device connectivity solutions dominated the market in 2017. The large share of the medical device connectivity solutions segment can be attributed to the growing digitization in the health continuum, increased adoption rate adoption of EHRs and other interoperability solutions in healthcare organizations in emerging countries, and the increasing need to curtail healthcare costs while delivering quality patient care.
Moreover, by technology, the wired technologies segment accounted for the largest share of the medical device connectivity market in 2017. This dominant share is mainly attributed to the various advantages offered by wired solutions such as better physical control, enhanced data security and reliability, and high-speed networked connectivity.
Finally, on the basis of end users, the global market is segmented into hospitals, imaging and diagnostic centers, home healthcare, and ambulatory care settings. In 2017, the hospitals segment accounted for the largest share of the global medical device connectivity market. The growth in this end-user segment can be attributed to factors such as the improving healthcare infrastructure in the Asia-Pacific region, the rising need to improve the operational efficiency of healthcare organizations, and improving patient and financial outcomes.