Global Connected Healthcare Market To Grow At A CAGR Of 27.9% During The Forecast Period

23-Jun-2022 | Zion Market Research

The global connected healthcare market attained revenue growth of USD 51.49 billion in 2021 and is forecasted to reach nearly USD 296.55 billion by 2028, with a compound annual growth rate (CAGR) of approximately 27.9 percent over the forecast period.

Connected healthcare is a single integrated framework that blends all the aspects of telemedicine and telehealth through a medical device. These linked healthcare solutions help the patients and serve as a wholesome healthcare organization.

They come across as conceptual models which are blended with many solutions and software applications to cater to health management. They actually provide remote healthcare services and digital services using wireless technology. All we need is an internet supply or a Wi-Fi facility to connect with the physicians. It actually provides an interactive healthcare service where patients coordinate with the physicians by having easy accessibility to them.

Connected healthcare has also spread awareness to the patients by thrusting them with knowledge about the healthcare services they deliver. IoT in healthcare has become a sensation and it is already improving medical outcomes. There is also much scope for preventive healthcare measures when it comes to connected healthcare systems. There will be e-prescriptions and all kinds of healthcare measures will be incorporated like remote patient monitoring, clinical monitoring, telemedicine, and other functions as well.

COVID-19 might pave the way for a steady increase in the adoption of connected healthcare services and products. Due to the increasing demand among healthcare professionals and patients, the pandemic encouraged the development and use of different technologies such as e-prescription, telemedicine, and many more. Many organizations have been encouraged by COVID-19 to deploy and upgrade new technologies, creating the foundation for a new standard of care. Additionally, the COVID-19 pandemic has expanded the market for wearable gadgets that measure health and fitness data, and location can be linked with other devices such as smartphones and laptops.

The abundance of smartphones and wearable devices has triggered patients to access healthcare on a regular basis and track their health profile frequently with the help of connected healthcare facilities. So many trackers like BP monitors and diabetes meters have become more popular as patients use these gadgets without any external validation. This has increased the demand for connected healthcare services thereby augmenting the growth of the global connected healthcare market.

Global Connected Healthcare Market

The reduction in frequent check-ups and expenses on doctor visits also supports a hike in the leverage. The rampant increase in the geriatric population and the rise in chronic diseases have spiked the demand for connected healthcare services. The need for personalized healthcare service along with the convenience factors it offers is also boosting the market growth.

Tracking of patient-related data and access to information on their health issues also contributes to the development of connected healthcare market expansion. Internet penetration and adoption of these facilities in research centers and healthcare sectors have increased massively. The government spending on these remote healthcare services has also gone up over time. These factors drive the growth of the global connected healthcare market exclusively.

Although, there is an enormous growth in the field of connected healthcare services, growth in the market is hampered by the limitations of available infrastructures and facilities to implement these remote services. The devices which are commonly used for self-monitoring your health status come at a high cost and they are considered to be not so reliable. Hence all these factors restrain the market growth considerably.

The global connected health market is divided based on type, function, application, end-user, and region. Based on the type, the global market is segregated based on e-Prescription, mHealth devices, and mHealth services. By function, the market is split into telemedicine, clinical monitoring, remote patient monitoring, and others. The application segment is bifurcated into healthcare management, wellness & prevention, monitoring applications, diagnosis & treatment, and others. Based on the end-user, the market is categorized into home monitoring and hospitals & clinics.

North America is leading as the major contributor to the global connected healthcare market share due to the extended adoption of advanced technology and strong network connectivity. The growing trend of smartphones and their updated versions have improved the accessibility of connected healthcare services to a large extent. The rise in the geriatric population here has also improved the inclination towards connected healthcare systems thus improving the market trend. Europe trails as the next largest market sharer due to excessive internet penetration and rising government schemes to facilitate people with remote healthcare provisions. Asia-Pacific region is also in the race as a leader in the market share due to the growing tendency of chronic diseases and the prevalence of rampant patient pools.

Fitbit LLC, Drägerwerk AG & Co. KGaA, GE Healthcare, Koninklijke Philips N.V., Omron Healthcare, Inc., Apple, Inc., Garmin International, Inc., Boston Scientific Corp., Abbott, and Medtronic are some of the prominent key players that are operating in the global connected healthcare market.

Recent Developments

  • May 2021, IBM Watson Health introduced the newest iteration of IBM iConnect® Access, its diagnostic viewer and image interchange platform. IBM iConnect Access is a genuine zero-download online viewer that allows healthcare practitioners to gather, exchange, and receive medical imaging records across the company and expanded the healthcare team in real-time, from any internet-linked device.
  • April 2021, Microsoft Corp. and Nuance Communications, Inc. recently disclosed the signing of a formal deal under which Microsoft would purchase Nuance for $56.00 per share, representing a 23 percent premium over Nuance's closing price.

Browse the full Connected Healthcare Market By Type (MHealth Services, MHealth Devices, And E-Prescription), By Function (Remote Patient Monitoring, Clinical Monitoring, Telemedicine, And Others), By Application (Diagnosis & Treatment, Monitoring Applications, Wellness & Prevention, Healthcare Management, And Others), By End User (Hospitals & Clinics And Home Monitoring), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/connected-healthcare-market

Global connected healthcare market is segmented as follows:

By Type

  • mHealth services
  • mHealth devices
  • e-Prescription

By Function

  • Remote patient monitoring
  • Clinical Monitoring
  • Telemedicine
  • Others

By Application

  • Diagnosis & Treatment
  • Monitoring Applications
  • Wellness & Prevention
  • Healthcare Management
  • Others

By End Use

  • Hospitals & Clinics
  • Home Monitoring

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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