The usage of electronic data in the healthcare IT business is growing quickly. EHR databases and software provide a wealth of tools to further the development of precision medicine. According to the NCHS (National Center for Health Statistics) at the CDC (Center for Disease Control and Prevention), primary care physicians used electronic health records at a rate of 78.6% in 2014, up from 72.1% in 2013, representing a 6.5% increase. The COVID-19 pandemic also raised the need for medical device connections, which fueled the market’s future development and expansion.
Key elements anticipated to fuel worldwide market expansion include the rising incidence of chronic illnesses, rising telehealth and remote patient monitoring demand, and the rising need for automatic data input systems to eliminate human mistakes.
Definition of medical device connectivity market
A connection that is used to maintain and create a link between a medical device, such as a patient monitor, and an information system in order to transmit or receive data from another device or the internet is known as medical device connectivity.
A patient-focused integrated medical equipment system called medical device connection (MDC) assesses and monitors patients’ electronic health information (EHR). Medical professionals can keep an eye on a patient at all times, even when they are not there, thanks to medical devices connected via wireless network technology. As medical device technology develops, hospitals want comprehensive, precise, and complete medical device data to improve clinical results and patient safety.
Fundamentals of Global Medical Device Connectivity Market
- The Global Cancer Observatory (GLOBOCAN) and the International Institute for Research on Cancer (IARC) both report an increase in cancer cases. 2018 had 4,285,033 new cases of cancer in Asia, with India and Japan following closely behind with 1,157,294 and 883,395 cases, respectively. In 2020, there will likely be 18.1 million new instances of cancer worldwide, of which 9.3 million will be males and 8.8 million will be women. The prevalence of cancer is raising the need for cutting-edge technology, boosting the market’s wireless technology. This technology makes it possible to provide the meticulous care and ongoing supervision that these patients require. As a result, this component spurs market expansion.
- Hospitals and other healthcare facilities that use wireless medical equipment provide better patient care by increasing patient safety and data accuracy. The infrastructure for the wireless local area network (WLAN) is already available to hospitals. WLAN is used in hospitals for patient monitoring, communication, and the transmission of health data. For instance, correct patient information supplied via a phone or personal digital assistant (PDA) can help physicians and nurses make better clinical judgments. These WLAN apps can significantly enhance patient care and healthcare administration. As a result, this component spurs market expansion.
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Opportunities in medical device connectivity market
The market’s growth has been accelerated by several initiatives from approved organizations. As an illustration, HealthIT.gov reports that the US Department of Health and Human Services (HHS) is pursuing a number of efforts to create an interoperable health IT infrastructure. The need for medical device connectivity solutions is directly increased by the increased attention being paid to health IT infrastructure. A 5-year USD 42 billion investment and finance pact in March 2022 paves the way for India and Japan to work together to produce medical equipment. Fumio Kishida, the prime minister of Japan, and Narendra Modi, the prime minister of India, both signed it. As a result, this component spurs market expansion.
To reap the benefits of a surging MDC industry, market participants should:
- Instead of using individualized care pathway solutions, provide platform-based clinical workflow solutions, especially in large institutions.
- Invest in cloud, AI, and machine learning technology to assist identify clinical concerns and signal them for early intervention and proactive clinical action.
- Provide solutions that synchronize patient medical records, medical equipment, and analytic software.
- To enhance the use of medical device connection and to expand the role of digital technology in healthcare, collaborate with public and private insurers as well as healthcare providers.
Market growth of medical device connectivity market
According to Data Bridge Market Research, the medical device connectivity market, which was valued at USD 2.13 billion in 2022, is projected to grow to USD 13.13 billion by 2030 and have a CAGR of 25.5% from 2023 to 2030. The market reports compiled by Data Bridge Market Research also include in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework. These insights on market scenarios include market value, growth rate, segmentation, geographic coverage, and major players.
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