For VARs with strong networking and data center expertise, the growing market for medical device connectivity—healthcare's version of the Internet of Things—represents a golden sales opportunity. Here are some fast facts to consider.
1. Demand for devices is growing.
At the core of the market for medical device connectivity are the devices themselves. Device sales are poised to climb for the rest of the decade.
- The global market for disposable medical devices and sensors will "grow at a CAGR of 10.1% from 2013 to 2018, to reach $6,212.7 million by 2018," according to market research and consulting firm MarketsandMarkets. Within the overall "smart" medical device market, MarketsandMarkets expects patient monitoring devices to "witness the highest CAGR," 11.9%, thanks to the aging of the global population.
- The market for "smart" ambulatory and insulin pumps, valued at $3.17 billion in 2012, will grow to $4.26 billion by 2019, according to Frost & Sullivan. Frost & Sullivan noted that the market will grow significantly over the next several years due to a drive to improve interoperability, improved wireless connectivity, and patient safety.
- The market for wearable "smart" medical devices, which can collect, store, and transmit biometric information and vital statistics, is set to grow significantly through the rest of this decade. According to a Transparency Market Research report, "the global market for wearable medical devices was valued at $2 billion in 2012, and is expected to reach an impressive $5.8 billion in 2019," a CAGR of 16.4 percent.
2. Smart devices naturally lead in to Big Data.
By now, you likely know plenty of reasons to take Big Data seriously. Here's another: the market for medical device connectivity ties directly in to Big Data. What's the point of all those sensors and smart wearables? To capture data and transmit it for storage and analysis, ultimately leading to better insights and improved healthcare delivery and outcomes. That analysis and those insights will require robust Big Data implementations, which savvy VARs will customize for their healthcare customers.
3. Smart devices touch multiple parts of the data center.
Not only do Big Data implementations benefit from solid networking expertise, so do smart medical devices. The concerns are similar - more devices and more connections drive demand for more and better connectivity on the WAN and LAN. More east-west traffic necessitates overall optimization of data center networks. And the proliferation of healthcare data running across data center pipes calls for better network and data security. The data center expertise that VARs can draw on to increase their Big Data sales can also help them make the most of the market for medical device connectivity.
The market for medical device connectivity is a growing one, and as a VAR, you have a chance to jump on board before it gets too crowded. Are you ready? If you still have questions, Ingram Micro is ready with resources, support, and a community willing to answer them.
Are you excited about the opportunities medical device connectivity has to offer? Tell us your thoughts in the comments below.