The need to alleviate pressure on healthcare professionals and increase patient care time boosts the demand for medical device connectivity (MDC), according to Frost & Sullivan’s recent analysis of the global MDC industry. MDC helps overcome staffing challenges in organizations as data from medical devices is added to patients’ electronic records without manual entry. The promising market for global MDC is expected to hit $8.96 billion by 2027 from $2.47 billion in 2022, registering a compound annual growth rate (CAGR) of 29.4%.
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“COVID-19 has changed the future of healthcare with the growing emphasis on home-based care due to constraints on hospital bed capacity and a shortage of skilled healthcare professionals,” said Vittal Bhaskar Rao, Healthcare Research Analyst at Frost & Sullivan. “Due to this, MDC for home-based medical devices will rise with MedTech companies focusing on physician offices and home use in the next two years.”
Bhaskar Rao added: “Artificial intelligence (AI), machine learning (ML), and cloud technologies are finding increasing applications in the MDC market as the wealth of data generated needs further analysis. This encourages companies to invest in technologies to develop predictive analytics solutions.”
To reap the benefits of a surging MDC industry, market participants should:
- Provide a platform-based solution approach for clinical workflow solutions instead of individual solutions for care pathways, especially in large hospitals.
- Invest in AI, ML, and cloud technologies to help assess risk factors for adverse clinical outcomes and signal clinical risks for early intervention and proactive clinical action.
- Develop solutions to seamlessly connect medical devices with patient medical records and analysis tools.
- Partner with government and private insurers and coordinate with healthcare providers to expand the role of digital technology in healthcare and increase the adoption of medical device connectivity.
Global Medical Device Connectivity Growth Opportunities is the latest addition to Frost & Sullivan’s Healthcare research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.