Medical Device Connectivity Market Size, Share, Analysis, Trends and Forecast - 2023

Medical Device Connectivity Market by Product (Integration Solutions, Interface Devices, Telemetry, Connectivity Hub, Services) Technology (Wired, Wireless, Hybrid) End User (Hospitals, Home, Ambulatory Care, Diagnostic Centres) - Global Forecast to 2023

(EMAILWIRE.COM, September 25, 2018 ) The medical device connectivity market is projected to reach USD 2,670.3 Million by 2023 from USD 939.4 Million in 2018, at a CAGR of 23.2%. The growth in this market is attributed to the increasing penetration of EHRs & health information exchange systems in healthcare organizations, growing focus on care quality and patient safety, 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.

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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.

Qualcomm Life, a subsidiary of the Qualcomm Inc. (US), is a leading player in medical device connectivity market. It provides medical device connectivity and data integration services to hospitals, clinics, home healthcare, and private diagnostic centers. The company continuously strives to improve and enhance its existing portfolio by introducing new products, entering into collaborations & agreements, and acquiring other players. To maintain its strong foothold in the medical device connectivity market, the company focuses on inorganic growth strategies such collaborations, agreements, and acquisitions, for example, Qualcomm Life entered into a strategic licensing agreement with PeriGen (US) in 2018 to distribute PeriGen’s suite of intelligent care applications, an early warning platform for obstetrics, integrated with Qualcomm’s medical device connectivity solutions. In September 2015, Qualcomm Life Inc. acquired Capsule Technologie (US), a leading provider of digital connectivity devices and networking solutions for clinical data integration and management. Such developments help the company deliver comprehensive solutions and enhance its product portfolio in the medical device connectivity market.

Cerner Corporation held the second largest share of the global medical device connectivity market in 2017. The leading position of the company can be attributed to its strong distribution network, which enabled the installation of its medical device connectivity products in healthcare facilities across the globe. It operates in all the key markets such as the Americas, Europe, the Middle East, and Asia Pacific. The company has adopted many organic and inorganic growth strategies like agreements, acquisition, partnerships, and product launches to strengthen its leadership position. For instance, in February 2015, the company acquired the health information technology business unit of Siemens AG (Germany), Siemens Health Services. This enhanced the company’s non-US market share, R&D investment scale, and secured its position in the global medical device connectivity market. As of January 2017, Cerner has invested USD 706.0 million in R&D activities, mainly to provide technologically advanced solutions and services in the market, such as the CareAware Connect (launched in October 2013).

GE Healthcare accounted for the third largest share of the medical device connectivity market in 2017. The company provides data management platforms and networks used for connecting and integrating medical devices. It mainly focuses on launching advanced platforms to cater to market requirements and enhance its existing offerings & market share. The company focuses on many inorganic strategies for growth, such as agreements, partnerships, collaboration, and product launches. For instance, in 2017, GE Healthcare (US) partnered with the Bernoulli Enterprise (US), for increasing the volume, fidelity, and resolution of data captured from GE Healthcare monitors and other third-party medical devices. This helped the company offer better solutions for cloud-based integration and seamless medical devices data flow. Similarly, in 2015, GE Healthcare (US) entered into an agreement with Ministry of Health (Egypt) to establish a Biomed Center of Excellence in Egypt to support the education and training of biomedical engineers in the country.

The players in the market include GE Healthcare (US), Qualcomm (US), Cerner (US), Philips (Netherlands), Medtronic (Ireland), Cisco Systems (US), Infosys Limited (India), Digi International (US), NantHealth (US), Bernoulli Enterprise (US), True Process (US), iHealth Labs (US), and Lantronix (US).

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