Patient monitoring applications of medical device connectivity technologies include Internet of Things (IoT) enabled sensors integrated into medical equipment to monitor the health of patients during and after surgical operations or treatment. Together with remote network access, such sensors can also facilitate remote monitoring applications. Medical device connectivity for diagnostics is complemented by integrating sensors and actuators into automated and network-enabled instruments that are usually incorporated for surgical treatments.
Medical device connectivity features are integrated into medical devices like automatic medication dispensers in hospitals to enhance clinical efficiency. These devices are also used to monitor medicinal cold storage in warehouses and well-funded pharmacies dealing with large storage spaces. Other applications of medical device connectivity include IoT-enabled wearable technologies. End-users are procuring customized and network-enabled patient mobility solutions.
Impact of Ongoing COVID-19 Pandemic on Medical Device Connectivity Market
Accommodation of network-connected health care using IoT is increasing at a very fast pace during the ongoing COVID-19 crisis. Medical device connectivity solutions and services are being procured by hospitals, clinical research organizations and residential end-users on a global level. The extremely contagious nature of COVID-19 pandemic is motivating residential end-users to procure medical device connectivity solutions for self-quarantine measures. During the ongoing COVID-19 crisis, the adoption of medical device connectivity solutions and services is increasing at a noteworthy rate among other end-users in correctional facilities and hospitality industry. The pandemic is motivating end-users to procure efficient Clinical Communication and Collaboration (CC&C) solutions in order to ensure quick implementation of diagnostic and quarantine measures. An increase in remote patient monitoring solution and service deployments has been observed in developing economies of India, Spain, Italy and Brazil.
Medical Device Connectivity: Market Drivers and Challenges
Treatment and therapy procedures are likely to be more effective during the earlier stages of health diagnosis. Medical device connectivity features facilitate real-time data sharing and analysis which helps in the diagnosis of symptoms before health deteriorates, thus aiding timely intervention and proactive treatment for the patient. This ensures proper treatment outcomes, and is estimated to propel the global medical device connectivity market to greater heights.
Healthcare expenses pertaining to clinical visits and prolonged hospital admittance, can be significantly reduced by procuring network connected healthcare solutions and services. Moreover, medical device connectivity enhances home care facilities as the data accumulated based on the fluctuations detected in the condition of the patient can be shared with other devices and healthcare professionals in real time. These factors help eliminate the requirement of planned doctor appointments and prolonged hospital admissions, thus reducing the expenditure of treatment considerably.
However, with advancements in medical device connectivity, ensuring that all technologies and solutions are connected to the network and communicating with each other is likely to become difficult. Every network-enabled equipment does not necessarily have a definite sequence of communication standards and protocols. This is likely to result in massive data misinterpretation and can drastically affect a patient’s health. This factor is estimated to play a major role is suppressing the growth rate of global medical device connectivity market.
Medical Device Connectivity Market: Segmentation
The global medical device connectivity market can been segmented on the basis of component and end-user.
With respect to component, the global medical device connectivity market may be segmented into:
With regards to end-user, the global medical device connectivity market may be segmented into the following:
Medical Device Connectivity Market: Competition Landscape
Some of the key players in the global medical device connectivity market are Capsule Technologies, Inc.; Koninklijke Philips; iHealth Labs Inc; Lantronix; S3 Connected Health; Cerner Corporation; GE Healthcare; Medtronic plc; Cisco; and Infosys, among others.
Following are some key strategies incorporated by companies operating in the global medical device connectivity market:
Medical Device Connectivity Market: Regional overview
Currently, medical device connectivity market in North America holds the largest market share of the global medical device connectivity market, followed by the market in Europe. Over the coming years, increase in disposable income and urgency in demand for ecological and smart medical technologies are among factors expected to drive the regional markets. South Asia Pacific and East Asian markets are estimated to record the fastest adoption during the forecast period. Huge investments by national governments in the Middle East and Africa to accommodate innovations in healthcare, life science and biotechnology domains are expected to enable the regional market to record a strong growth rate during the forecast period.
The medical device connectivity market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
Regional analysis includes: