Facts and Factors Market Research has published a new report titled “Medical Device Interoperability Market By Device Type (Monitoring Devices, Surgical Devices, Imaging Devices & Information Systems, Diagnostic Devices, and Therapeutic Devices), By Industry Participants (Clinical IT System Vendors, Healthcare System Integrators, Vendor-Agnostic Connectivity Vendors, and Medical Device OEMs), By End-User (Hospitals, Ambulatory Cares, and Clinics & Imaging Centres), and By Application (Acute Care Settings, Patient Data Repositories, and Remote Patient Monitoring): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global medical device interoperability market was valued at approximately USD 1,827 million in 2018 and is expected to reach a value of around USD 11,019 million by 2027, at a CAGR of around 22.1 % between 2019 and 2027.
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Medical device interoperability is the ability to exchange as well as use the information among one or more than one equipment, systems, technologies, and products. The information exchanged can be utilized in myriad ways. Medical interoperability devices having the ability to share information across different platforms & systems can enhance patient care, promote innovation, and reduce errors & adverse events.
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Advantages derived due to interoperability will drive the market trends
Interoperability ensures standard safety protocols, promotes efficiency & economic viability and permits blended usage of diagnostic & therapeutic device by physicians. Due to medical device interoperability, components can interact with one another along with the monitoring of medical data via connectivity to the healthcare system database. It also ensures the beginning of safe & effective action. Apart from this, interoperability will increase safety, diminish treatment costs, and offers timely care. All these beneficial features of interoperability will steer the growth of medical device interoperability industry over the forecast timeline.
Furthermore, medical device interoperability is cost-efficient and can replace paper documentation with digital information that can be easy to log in, can be easily accessed, and can be easily stored. Nonetheless, lack of strict implementation of the medical device interoperability protocols & guidelines will inhibit the growth of the industry over the forecast timeline.
Imaging Devices & Information Systems to dominate the device type segment
The imaging devices & information systems segment is projected to make major contributions towards the overall market revenue share during the forecast timeline. The growth of the segment can be credited to rise in the acceptance of electronic health records as well as other interoperability services in the healthcare sector. Apart from this, the shift of point-of-care diagnostics from clinics to homecare settings along with escalating demand for integrated healthcare techniques for enhancing the healthcare quality will accelerate the market growth during the forecast timeline.
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Acute care settings segment to drive the application landscape
The growth of the acute care setting segment can be credited to massive awareness among the patients about the healthcare facilities that have forced healthcare service providers to ensure seamless swapping of healthcare information among the myriad stakeholders of the healthcare sector.
Hospitals segment to contribute majorly towards the overall market revenue share
Rising focus of the patients on effective & on-time disease management will drive the growth of the segment. Apart from this, the increase in the number of diagnostic procedures and surgeries in hospitals will further steer the segmental growth over the forecast timespan.
North America to dominate the overall regional market revenue by 2027
The growth of the regional market is due to large-scale acceptance of medical device connectivity services for the purpose of interoperability to reduce medical care costs. Apart from this, the implementation of stringent laws to ensure patient safety and humungous presence of healthcare IT firms will drive the growth of medical device interoperability in North America.
The key players included in medical device interoperability market are Masimo, Boston Scientific Corporation, Koninklijke Philips N.V., Nihon Kohden Corporation, NantHealth, Inc., Abbott, Siemens Healthcare Private Limited, Infosys Limited, Bernoulli, Spacelabs Healthcare, Cerner Corporation, Invivo Corporation, Medtronic, General Electric Company, Drägerwerk AG & Co. KGaA, Qualcomm Life, Inc., iHealth Labs Inc., Fukuda Denshi, and True Process.
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This report segments the medical device interoperability market as follows:
Global Medical Device Interoperability Market: By Device Type Segment Analysis
- Monitoring Devices
- Surgical Devices
- Imaging Devices & Information Systems
- CT Scan
- Diagnostic Devices
- Therapeutic Devices
Global Medical Device Interoperability Market: By Industry Participants Segment Analysis
- Clinical IT System Vendors
- Healthcare System Integrators
- Vendor-Agnostic Connectivity Vendors
- Medical Device OEMs
Global Medical Device Interoperability Market: By End-User Segment Analysis
- Ambulatory Cares
- Clinics & Imaging Centres
Global Medical Device Interoperability Market: By Application Segment Analysis
- Acute Care Settings
- Patient Data Repositories
- Remote Patient Monitoring
Global Medical Device Interoperability Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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