Medical device connectivity market to $1,344.1M by 2021

According to a new market research report "Medical Device Connectivity Market by Product, Services, Technology, End User – Forecast to 2021," the global market is projected to reach $1,344.1 million by 2021, at a growth rate of around 26% during the forecast period.

The growth in this market can be mainly attributed to the increasing need for integration and connectivity tools in continuously expanding healthcare organizations, the growing adoption of electronic medical records and implementation of various healthcare IT initiatives, and healthcare reforms.

The global medical device connectivity market is segmented on the basis of component, technology, end user, and region. On the basis of component, the market is segmented into two segments namely medical device connectivity services and solutions. The medical device connectivity services segment is further segmented into support and maintenance services, implementation and integration services, and training services, while medical device connectivity solutions segment is categorized into integration/networking solutions, interface devices, and telemetry systems. On the basis of technology, the medical device connectivity market is segmented into three segments, namely, wired technologies, hybrid technologies, and wireless technologies. On the basis of end users, the medical device connectivity market is segmented into hospital & clinics, home healthcare, and imaging & diagnostic centers.

In 2015, the services segment accounted for the largest share of the medical device connectivity market. This is primarily attributed to the need for effective implementation and demand for maximum utilization of connectivity solutions by users effectively. Moreover, the increasing implementation of EHRs, healthcare information exchange systems, and other complementary HCIT solutions in healthcare organizations are driving the growth of the medical device connectivity solutions and services market.

In 2015, North America accounted for the largest regional market, followed by Europe, Asia-Pacific, and the RoW. North America represents the fastest-growing region for the medical device connectivity market, primarily due to rising need to curtail escalating healthcare costs, increasing funding to innovation in medical sector, increasing demand for eHealth solutions and services in large hospitals and health systems, and changing healthcare regulations in this region.

Major players in the global Medical Device Connectivity Market are Qualcomm Inc. (U.S), Cerner Corp. (U.S.), NantHealth Inc. (U.S.), Bernoulli Enterprise Inc. (U.S.), GE Healthcare (U.S.), Digi International Inc. (U.S.), Cisco Systems Inc. (U.S.), Lantronix Inc. (U.S.), Philips Healthcare (Netherlands), and Infosys Limited (India).

Source: Markets & Markets