What This Means to Medical Device Companies
The global market for medical device connectivity is projected to top USD$33 billion by 2019, up significantly from USD$3.5 billion in 2013 – and that could have major implications for health-care providers.
An increase in medical conditions such as high blood pressure, asthma, and diabetes – which require continuous monitoring – are driving growth in the integration of medical devices. Integrating data that comes from various medical devices into electronic medical records (EMRs) has many benefits: It can eliminate the inevitable errors that result from transcription and save time, and in doing so, improve overall patient care.
There is one problem, however: For small and mid-size health-care providers, there can be cost barriers. Indeed, in 2012, the largest market share segments were large entities – hospitals, followed by home health care. Both are expected to show strong growth through 2019. As the technology and devices become more popular, however, prices should drop quickly, allowing almost all providers to afford it.
Still, a new report from Transparency Market Research expects a compound annual growth rate of 37.8% in the market from 2013 to 2019. Although the wired hardware segment of the market was the largest in 2012 (accounting for 40% of market share), the study predicts that wireless connectivity technology will see widespread adoption, as it, along with related technologies such as Bluetooth, is being used to connect medical devices in all health-care locations, from homes to hospitals.
The growth of this technology, says the study, is being driven by numerous factors, including the need for workflow automation, improved patient safety and increased productivity, to name just a few. If you are interested in learning more about how technology can fit into your practice, please contact us today.