Medical Device Connectivity Market in terms of revenue is expected to be worth $4.9 billion by 2026, growing at a CAGR of 24.4% in the upcoming years. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Growth in this market is majorly due to growth in the telehealth and remote patient monitoring markets, and the growing inclination towards home healthcare is expected to provide significant growth opportunities for players operating in the market. The high burden of COVID-19, increasing healthcare costs, strong government support and initiatives and the growing focus on the quality of care and patient safety are further driving the market for medical device connectivity solutions across the globe. However, concerns related to integration between various hospital information systems and medical devices and the reluctance of healthcare professionals to adopt advanced healthcare IT solutions are expected to limit the growth of this market to a certain extent.
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Key Market Players
The prominent players in the global medical device connectivity market are Cerner Corporation (US), Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), Lantronix Inc. (US), Infosys (India), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), Hill-Rom Holdings Inc. (US), Iatric Systems Inc. (US), Silex Technology (Japan), Digi International Inc. (US), True Process (US), TE Connectivity (Switzerland), Bridge-Tech Medical (US), Medicollector LLC (US), Dragerwerk AG & CO. KGAA (Germany), Honeywell International (US), Ascom Holdings AG (Switzerland), Wipro Ltd. (India), and OSI Systems (US).
Driver: Increasing penetration of EHRs health information exchange systems in healthcare organizations
During the last decade, there has been a significant increase in the adoption of EHR systems by healthcare organizations. This can primarily be attributed to the promotion of EHRs and their meaningful use for improving the quality of healthcare by federal and state governments as well as insurance providers. With the significant growth in the adoption of EHRs, a large volume of electronic data is generated by healthcare organizations. This data needs to be managed effectively to ensure its optimum utilization for improving the quality of patient care. In this regard, medical device connectivity solutions have proven to be effective and are increasingly being utilized by several healthcare organizations to improve clinical outcomes as well as minimize the overall cost of healthcare. In addition, these solutions enable easy data accessibility, easy flow of patient information to EHR systems, and help in achieving meaningful use of EHR systems by eliminating manual entries, reducing medical errors, and increasing the efficiency of processes.
In the US, the Health Information Technology for Economic and Clinical Health (HITECH) Act, enacted under the American Recovery and Reinvestment Act (ARRA), allocated funding for incentivizing hospitals and physicians who demonstrate meaningful use of EHRs. With the growing regulatory requirements and increasing use of electronic health records, the demand for automated and interoperability solutions is also increasing
The high adoption of EMR solutions and the growing emphasis of governments across various developed and developing countries on building nationwide healthcare information exchanges (HIEs) are expected to increase the demand for efficient medical device connectivity solutions
Restraint: High cost of deployment for small healthcare organizations
The cost of interoperability and connectivity solutions for different medical devices is considerably high. Smaller healthcare organizations struggle to implement internet connectivity to medical devices. This is mainly due to difficulties in implementing multiple networks with health setups, a lack of wireless connectivity options, and the need to install subsequent myriads of security layers to avoid data breaches. Moreover, support and maintenance services, which include modification and upgrading software as per changing user requirements, represent a recurring expenditure, which accounts for a large share of the total cost of ownership. Also, post-sales custom interface development for device integration requires additional verification and validation to ensure solution accuracy and completeness. This further increases the total cost of ownership for healthcare providers. Small hospitals and healthcare organizations cannot afford these additional costs.
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Opportunity: Increasing consolidation in the healthcare industry
Currently, the healthcare industry is increasingly consolidating in the US, and large regional and national healthcare systems are expanding in size. In the US, the implementation of the PPACA in 2010 has mandated healthcare organizations in the country to use advanced healthcare IT tools, which, in turn, has increased the financial burden on healthcare organizations. The implementation of such healthcare reforms affects the profit margins of hospitals, doctors, and insurers. To control healthcare delivery costs, healthcare organizations in the US are increasing their patient base and optimizing the utilization of available resources.
In this regard, consolidation is one of the most preferred strategies adopted by healthcare providers to increase their patient base and optimize resource utilization. According to the American Hospital Association Survey, 2019, of the nearly 5,200 hospitals in the US, approximately 65% are part of a bigger health system.
Challenge: Integration between various hospital information systems and medical devices
The healthcare industry is highly information-intensive, wherein patient information is generated from all departments at all points of care within the healthcare organization. However, generating credible information by integrating the huge quantity of data plays a pivotal role in creating exhaustive and accurate patient records. Since various medical devices and diagnostic tools are being used within healthcare systems, there is a greater need to integrate all these systems to aid a timely response by healthcare professionals at different care delivery points.
Many healthcare organizations have invested in a variety of medical device information management systems from different vendors, which have their own makes and models. As healthcare organizations are increasingly adopting interoperability and connectivity systems, there is a greater need to integrate different information technology systems and devices into a single interface through suitable connectivity networks to ensure maximum utilization. The successful integration of HCIT systems with medical devices is the focus of IT infrastructure development projects in healthcare organizations.
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