Major Market Research Shows Major Benefits for Device Connectivity
In November of 2013, a report by well-known market research and intelligence specialist, Transparency Market Research, examined trends in the global medical device connectivity (MDC) market and projected a compound annual growth rate (CAGR) of 37.8% growth through 2019 with total market size reaching $33.5 billion.
The report provides a detailed analysis of the technology in three user segments – hospitals, home healthcare and “others”, which include long-term care (LTC) and skilled nursing facilities (SNF). It successfully identifies and explains many of the driving forces behind the growing popularity of device connectivity. Both users and the industry-at-large have found it to contain a wide range of helpful information.
According to TMR, in 2012, hospitals comprised 80% of the total revenue of device connectivity market, and the research predicts that they will remain the dominant users throughout the forecast period. The primary reason behind this comes as no surprise to anyone in healthcare. Specifically, the Bureau of Health Professions in the U.S. noted a 12% shortage of nurses in 2010 – a deficiency that is expected to escalate to 20% in 2015. Coupled with the growing adoption of electronic medical records (EMR) and the need for entering device data into the EMR, healthcare faces an onerous demand on nurses’ time. The direct integration of data from devices into the EMR via MDC enhances the accuracy and timeliness of data, leading to improved patient safety and quality of care.
Meaningful Use (MU) requirements are also highlighted in the TMR report as a driving force for MDC. Along with MU, the growing emphasis on analytics-driven, evidence-based medicine and clinical decision support, as well as increased CMS quality reporting regulations also are expected to play a key role.
So given all this, why isn’t every hospital jumping on the device connectivity bandwagon? In addition to budgetary considerations, the TMR report cites challenges that include an escalating number of device types and manufacturers, as well as ever-growing data volumes that must be accommodated in a comprehensive device connectivity system. Providing elegant answers, according to the research, are solutions like Capsule’s DataCaptor middleware, which sends and standardizes data across all devices and vendors. Such a solution can also minimize the cost of a MDC implementation by taking advantage of the hospital’s existing network and other IT infrastructure through the use of a vast device driver library.
In addition to highlighting vendor-neutral solutions as the MDC methodology with the largest growth potential, TMR cites Capsule as the MDC system provider with the largest installed base and as the only vendor offering a proven, successful product, along with comprehensive system integration services. And because Capsule provides software and also various hardware deployment options, the Company can cater to a broad range of connectivity needs. This will include the aforementioned LTCs, SNFs and home healthcare markets, as their MDC requirements mature.+
The depth and breadth of data from this new report indicates that, indeed, 2014 will bring major changes to connectivity. What does 2014 have in store for your healthcare organization?