- The Global Connected Healthcare Market was valued at USD 148.42 Million in 2022
- It is anticipated to reach USD 906.53 Million by 2029
- A CAGR of 29.5% is anticipated over the forecast period
Connected healthcare refers to the deployment of technology such as internet, Wi-Fi, etc. to connect patients to the service provider and one service provider to others with an automated system in real time. The connected healthcare helps to improve patient interaction & satisfaction through coordinating and easy accessibility to patient data by constant monitoring of vital parameters. The data collected by system is accessible to team and doctor to provide personalized treatment. The connected system increases the patient engagement through educating, meeting scheduling, and prescription filling which increases patient decision making capability & satisfaction.
The data collected from one patient can be helpful in treatment of other patient affected by less known diseases and difficult cases like sudden surge of diseases like covid19 can be controlled with easy access to global data & eliminates unnecessary experiments on patients. The remote treatment has increased the penetration of the medical facilities which helps individuals to receive service at reduced cost and low hassle.
The development of smart devices such as health band notify the irregularities of parameter to individual or their doctor has reduced the chances to get extremely ill which becomes expensive at reduced chances of errors. The treatment delivery service changes have increased the patient satisfaction and also made it helpful for chronic illness patients for regular observation.
During Covid-19 pandemic, the governments around the globe have imposed the movement restriction which led to reduced medical facilities & treatment. The increased focus on social distancing due to communicative disease covid-19, the patients have shifted towards virtual healthcare. The connected healthcare market has witnessed an increased growth in lockdown & expected to grow in near future due to growing digitalization & growing old age population.
Some of the key players for global Connected Healthcare Market are
On the basis of function, the global connected healthcare market is segmented as telemedicine, home monitoring, assisted living, and clinical monitoring. The telemedicine segment accounted for the highest share of the global revenue in 2020 and is projected to maintain its dominant position during the forecast period. This high growth can be attributed to the rising acceptance of telehealth services, as well as technological advancements in the sector. Additionally, an increasing number of healthcare providers are beginning to adopt telehealth solutions as an efficient and cost-effective alternative to traditional healthcare services.
The diagnosis & treatment segment held the highest market share due to the rapid adoption of IoT-enabled healthcare for remote patient monitoring systems and EHR records, allowing medical professionals to effectively manage patient care. These connected healthcare systems allow medical professionals to monitor the health of patients, blood pressure, and saline levels from a distant position. Using IoT in healthcare improves access to healthcare and supports new technologies, resulting in increased patient and physician satisfaction and advances in clinical outcomes. The growing number of hospitals and clinics is another factor driving market growth in this segment.
The segment of M-health devices has been rising rapidly due to its effectiveness in helping to manage symptoms of chronic conditions like diabetes, hypertension, congestive heart failure, and chronic obstructive pulmonary disease. These devices include pulse oximeters, blood pressure cuffs, thermometers, weight scales, pedometers, medication tracking, fitness equipment, and glucose meters. The growth of this segment has been further boosted by the large number of people suffering from long-term illnesses, as well as increased investment by both private companies and governments in providing these devices and creating awareness.
North America is expected to dominate the global connected healthcare market within the forecast period due to the increasing geriatric population along with increasing life expectancy in this region. According to World Bank; the life expectancy of the region is at 79 in 2018. And, according to CDC; old age population of United States is going to double by 2030. In addition, early adoption of highly advanced healthcare solutions and growing number of cases of the chronic illness are also fostering the market growth in this region. According to CDC; 6 out of 10 adults are affected by chronic disease and 4 out of 10 have two or more chronic diseases.
Asia Pacific is anticipated to grow at a faster pace due to its developing economies. The region has most polluted countries such as Bangladesh, Pakistan, etc. which makes its more susceptible to increased health issue and the large population of region makes it a huge market. In addition, the growing technological changes such as electronic penetration and growing IT infrastructure are also expected to foster market growth in this region.
The major factor driving the growth of global connected healthcare market is the increasing health awareness with growing technological development in medical profession such as remote monitoring, virtual healthcare etc. According RAND Corp., almost 50 percent of undergoing treatment patients has used telehealth during lockdown in United States. In addition, the growing old age population & total global population with remote location will also supplement the growth of the market. According to UN; population aged 65 years or over is 9% in 2019 & projected to be 16% by 2050.
Furthermore, the growing prevalence chronic disease and shortage of healthcare professional is also anticipated to augment the market growth. According to world health report; the chronic diseases account expected to rise from 60% to 73% of all deaths and from 43% to 60% of the global burden of disease for 2002 and 2020 respectively with 79% of the deaths occur in the developing countries. Major chronic diseases are cardiovascular diseases (CVD), cancer, chronic obstructive pulmonary disease, and type 2-diabetes.
- January 27th 2021; Philips, a health tech giant entered into an agreement to acquire BioTelemetry, a remote cardiac care company and consideration are going on to buy Capsule Technologies. BioTelemetry monitors approx. a million of cardiac patients annually with the boast of wearable heart monitors and AI-based data analytics. The acquisition will help Philips, a connected care enterprise to expand its remote monitoring solution by adding remote cardiac monitoring technology.
|2016 - 2021
|2022 - 2029
|Market Size in 2022:
|USD 148.42 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2029:
|USD 906.53 Million
|Tables, Charts & Figures:
|Agamatrix, AirStrip Technologies, Athenahealth, Allscripts, Apple, Accenture, AliveCor, Boston Scientific Corporation, Cerner, Honeywell Life Care Solutions, IBM Corporation, Persistent Systems, Sanofi, Vivify Health, SAP, Oracle, GE Healthcare, Microsoft Corporation, Medtronic, Koninklijke Philips N.V., Qualcomm, F. Hoffmann-La Roche, Epic Systems, Cardio Net, Google,and others
|By Type, By Function, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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