The global medical device connectivity market is witnessing considerable growth due to increasing implementation of electronic health records and health information exchange systems, increasing regulations for improving healthcare quality, growing demand for home healthcare due to increasing geriatric population, improved diagnosis of patient, and increasing healthcare IT initiatives. Moreover, increasing prevalence of chronic diseases, increasing emphasis on care quality and patient safety, and increasing need to reduce healthcare costs through a connected healthcare environment are supporting the demand of medical device connectivity. The medical device connectivity aids in data analytics and growing adoption of telehealth solutions are also driving the growth of the market. Based on product type, the market for service segment is expected to grow at the faster rate compared to solution during the forecast period, due to increasing requirement for maximum consumption of connectivity solutions by the user, increasing regulatory requirements and healthcare reforms, increasing implementation of healthcare information exchange system, and increasing need for effective implementation.
The growing adoption of telehealth solutions, shift of point-of-care diagnostics from hospitals to home care and increasing need for interoperability due to medical devices connectivity solutions are some of the major trends for the global medical device connectivity market.
The increasing female aging population is propelling the growth of the global Hysteroscope market. As reported by UN DESA (United Nation Department of Economic and Social Affairs) in the year 2013, the elder population is predominantly female. As women tend to live longer than men, while older women have outnumbered older men almost everywhere in the world. It further reported that in the year 2013, globally, there were 85 men per 100 women in the age group 60 years or plus; and 61 men per 100 women in the age group 80 years or plus. The elderly population is more susceptible to gynaecological problems, such as abnormal uterine bleeding, fibroids, and polyps, as compared to adults, which is fuelling the demand of the global hysteroscope market. Aging in females leads to changes in hormones leading to irregular menses, which contributes to the demand for Geographically, North America has been the largest and fastest growing market for medical device connectivity, owing to better accessibility to technologies, increasing demand for eHealth solutions, increasing funding for innovation in medical sector, increasing focus on quality of care and patient safety, and increasing government initiatives and support in the region. The U.S. contributed largest revenue to the North American as well as global medical device connectivity market. The increasing implementation of electronic health record systems, growing geriatric population, and increasing need for data analytic in healthcare are the key growth driving factor for the U.S. medical device connectivity market.
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The key players operating in the global medical device connectivity market are GE Healthcare, Cerner Corporation, Cisco Systems Inc., Qualcomm Inc., Koninklijke Philips N.V., Medtronic Plc., Infosys Limited, and Digi International Inc.