Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 145.67 Billion | USD 1612.56 Billion | 30.6% | 2024 |
The global connected healthcare market size was worth around USD 145.67 Billion in 2024 and is predicted to grow to around USD 1612.56 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 30.6% between 2025 and 2034. The report analyzes the global connected healthcare market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the connected healthcare industry.
In general, connected health refers to a unified framework for telemedicine and telehealth through connected medical devices. Patients and healthcare organizations across the globe benefit from these linked healthcare solutions. Presently, healthcare organizations are under unprecedented strain, prompting an examination of innovative ways to provide treatment to patients while lowering costs which is mainly attracting connected healthcare solutions.
Connected healthcare can be defined as the linking of multiple facets of healthcare to ensure that healthcare providers and patients have access to all the data. Automated systems make sure that patients are connected to healthcare providers and multiple healthcare providers are connected to each other. Connected healthcare has the potential to enhance the quality of healthcare, reduce healthcare costs, and enhance production. Currently, the healthcare systems are fragmented. Connected healthcare can address this issue by correcting the disorganization in the area of chronic disease management and workflow management. Connected healthcare makes it easy for patients to get involved in healthcare systems. The participation of patients goes well beyond the changes they make to their lifestyle. It includes health data monitoring and reporting, among other things.
Increasing popularity of wearable devices and smartphones is likely to enhance the market growth.
As technology continues to revolutionize patient care and patients' willingness to track their health grows, the use of smartphones and wearable devices is increasing, bringing a new set of benefits to the global connected healthcare market. Trackers, blood pressure monitors, and glucose meters are examples of wearable devices that may be used to measure activities such as distance traveled, heart rate, and calories burned. Since patients may assess self-medical indicators with these gadgets, the expenditures for frequent checks are significantly lowered. Additionally, numerous organizations are also developing mHealth services throughout the world. All such factors coupled with rising digitization and growing inclination toward a healthy lifestyle are fostering the market growth.
Telemedicine is one of the most important functions of connected healthcare and it was the first form of connected healthcare that was used to administer clinical healthcare to distant areas. With the advent of Electronic Healthcare Record (EHR), connected healthcare has become the most important aspect. EHR is a digital format of the paper chart of a patient medical history. The EHRs are updated in real-time and make it possible for authorized healthcare providers to access patient information at any time. The EHRs contain diagnosis and treatment history of the patients.
With the increasing use of technology in healthcare, connected care will become a necessity. The increasing penetration of smartphones will make implementation of connected healthcare very easy. According to Statista, over 1.5 billion smartphones were sold in 2016. Over one-third of the world, population owns a smartphone which is expected to increase further.
Factors such as rising aging population, increased use of wearable devices, increased penetration of internet around the world, fast developing technology, evolving healthcare model across the globe, and increasing need for integration of healthcare services will be the growth drivers for global connected healthcare market. Rise in remote health monitoring devices, development of new and innovative wearable devices, and increasing focus on patient-centered analytics are increasing opportunities for the market players in the connected healthcare market. However, risk related to data security, threats of cyberattack, lack of skilled manpower to manage a large volume of data, and lack of awareness regarding health apps will restrict the growth of global connected healthcare market.
High-capital investment may hinder the market growth
Despite the enormous scope of connected healthcare services and goods, market development is hampered by infrastructure and technological limitations. Installing essential equipment, systems, and devices associated with real-time monitoring of healthcare parameters is extremely expensive, posing a significant market constraint. Low penetration of the internet, as well as connected healthcare in underdeveloped countries, are also some of the factors that are limiting the market growth.
Increasing adoption of digital health by private and public healthcare players is likely to offer better growth opportunities for market growth.
Scheduling and treatment plans are more flexible in the connected healthcare environment. Instead of waiting in lines at hospitals, people may get a variety of services at work or at home. In addition, smart wearables make it possible to get a diagnosis and treatment at home. This lowers the danger of disease transmission while allowing hospitals to focus on the patients who need it most. Also, the advantage of big data which helps physicians forecast and choose the best course of action for their patients by connecting diverse sections of the healthcare industry gives doctors more confidence when deciding on the best course of action while also reducing clinical error. With all such possibilities, healthcare operators are more willing to adopt connected healthcare.
Dearth of security standards to challenge the market growth
Factors like lack of security standards and the possibility of data loss are likely to pose a challenge to the market expansion. Although connected health care is groundbreaking, it raises a number of concerns about the security of health data. Data security threats, cyber-attacks, a dearth of knowledge of health apps, and a shortage of educated people to manage large amounts of data are also some of the factors that might pose a challenge to the global connected healthcare market's growth.
The global connected healthcare market is segmented by type, function, application, end user, and region.
Based on type, the global connected healthcare market is divided into mHealth services, mHealth devices, and e-Prescription.
On the basis of function, the global connected healthcare market is divided into remote patient monitoring, clinical monitoring, telemedicine, and others.
By application, the global connected healthcare market is split into Diagnosis & Treatment, Monitoring Applications, Wellness & Prevention, Healthcare Management, and Others.
In terms of end user, the global connected healthcare market is categorized into Hospitals & Clinics and Home Monitoring.
Report Attributes | Report Details |
---|---|
Report Name | Connected Healthcare Market |
Market Size in 2024 | USD 145.67 Billion |
Market Forecast in 2034 | USD 1612.56 Billion |
Growth Rate | CAGR of 30.6% |
Number of Pages | 201 |
Key Companies Covered | 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, and others. |
Segments Covered | By Type, By Function, By Application, By End User, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, The Middle East and Africa (MEA) |
Base Year | 2024 |
Historical Year | 2020 to 2023 |
Forecast Year | 2025 - 2034 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
North America is likely to play a leading role and retain the highest share in the global connected healthcare during the projection period owing to the rapid adoption of advanced technology and strong network connectivity. Furthermore, the regional market benefits from remote patient monitoring, connected healthcare devices, and the growing use of smartphones. Due to the sheer growing inclination toward remote patient monitoring services, Europe is likely to have a large connected healthcare market share in the next years. Furthermore, due to high internet penetration in the region, a thriving consumer electronics sector, rising government healthcare spending, and an expanding patient pool the Asia Pacific market is positioned for rapid expansion.
The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the connected healthcare market on a global and regional basis.
The global connected healthcare market is dominated by players like:
By Type
By Function
By Application
By End User
By Region
FrequentlyAsked Questions
North America is expected to dominate the connected healthcare market over the forecast period.
Leading players in the global connected healthcare market include 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, among others.
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