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The "Medical Device Connectivity Market by Product (Integration Solutions, Interface Devices, Telemetry, Connectivity Hub) Technology (Wired, Wireless, Hybrid) End User (Hospitals, Home, Ambulatory Care, Diagnostic Centres) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The medical device connectivity market is projected to reach $2,670.3 million by 2023 from $939.4 million in 2018, at a CAGR of 23.2%.
The growth in this market is attributed to the increasing penetration of EHRs & health information exchange systems in healthcare organizations, growing focus on care quality and patient safety, healthcare IT initiatives driving the integration of medical devices with hospital information systems, and the growing need to curtail healthcare costs through a connected healthcare environment.
The medical device connectivity market in this report is segmented by product & service, technology, and end user. This report also provides market information on major regional segments of the market, namely, North America, Europe, Asia Pacific, and the Rest of the World.
In 2017, North America dominated the global medical device connectivity market. Growth in this market can mainly be attributed to the strong IT infrastructure in the region, increasing investments and regulatory mandates favoring the implementation of eHealth solutions, presence of large healthcare IT companies, and increasing need to curtail healthcare costs. The North America region is also expected to grow at the highest CAGR during the forecast period.
However, various interoperability issues, lack of standard interfaces, and the high cost of ownership of these systems are some of the factors that are likely to hinder the growth of the global market to a certain extent.