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Medical Device Connectivity Market Trends, And Forecast 2013 - 2019

|Includes: Meridian Resource Corp. (TMR)

Acquiring medical device data for automated documentation in an Electronic Medical Record (NYSE:EMR) is referred to as connectivity of medical devices. Medical device connectivity (NYSE:MDC) is related to establishment and maintenance of a connection between medical devices and information system for efficient data transfer. It eliminates the need for manual data entry and includes more frequent and faster data updates, improves workflow efficiency and minimizes human data entry errors.

The MDC market is driven by various factors such as increased need for workflow automation, increased patient safety and minimizing the need for re-admissions among others. The global MDC market was valued at USD 3,500 million in 2012 and is expected to grow at a CAGR of 37.8% during the forecast period from 2013 to 2019. However, connectivity and operational issues, cost barriers for smaller healthcare units and security concerns are some of the factors inhibiting the growth of this market.

In terms of end use application, hospital is the largest segment and accounted for 80% share in 2012. Hospital connectivity facilitates clinicians, access to correct, complete patient data anytime that enhances the patient safety with fast and accurate diagnosis. Asia Pacific and RoW are still untapped and expected to grow relatively faster during the forecast period in terms of MDC in hospitals.

In terms of component, wired hardware is the largest segment and accounted for 44.7% share in 2012. However, wireless technology is expected to witness widespread adoption in MDC owing to the benefits it offers such as portability of medical devices and cost optimization. Among all wireless technologies, Wi-Fi is the largest segment and accounted for 70.1% share in 2012. The features of new versions with low energy technology, minimal cost and size will drive the demand for bluetooth in MDC market.

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Demand for Wireless Hardware Devices to Increase during 2013-2019

In terms of component, the global medical device connectivity market has been segmented into wired hardware, wireless hardware, and software. The wireless hardware segment has been further sub-segmented into wireless medical telemetry, Wi-Fi, and Bluetooth. In 2012, the wired hardware segment dominated the overall market and accounted for a 44.7% share in the revenue. Owing to their cost-effectiveness and portability, the demand for wireless hardware devices is expected to increase considerably in the near future.

Home Healthcare Segment in North America Driving Global Medical Device Connectivity Market

On the basis of end user segments, the global medical device connectivity market has been categorized into home healthcare, hospitals, and others such as skilled nursing homes, care homes, and long-term care facilities. The home healthcare segment has been driving the overall market. It has been observed that a majority of American patients opt for the adoption of home medical devices to manage prolonged chronic conditions. It is easier to monitor older patients at home, which also reduces the heavy expenses of hospitals.

The global medical device connectivity market has been divided into four key regions: Asia Pacific, North America, Europe, and Rest of the World. North America is the leading market for medical device connectivity. It has been estimated that the home healthcare segment of the U.S. market grew by 9% during the period between 2011 and 2012, and will grow further.

Key Players in Global Medical Device Connectivity Market

Some of the key players in the global medical device connectivity market are Cerner Corporation, Philips Healthcare, Capsule Tech Inc., and GE Healthcare Ltd.

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