Connected Healthcare Market
Number of pages: 100 | Report Format: PDF | Published date: February 03, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 63 billion |
|
Revenue Forecast in 2030 |
US$ 541.46 billion |
|
CAGR |
27% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Type, Function, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global connected healthcare market was valued at US$ 63 billion in 2021 and is expected to register a revenue CAGR of 27% to reach US$ 541.46 billion by 2030.
Connected Healthcare Market Fundamentals
Connected healthcare is a socio-technical strategy for managing and delivering healthcare that uses technology to deliver services remotely. The goal of connected health, also known as technology-enabled care (TEC), is to make the most of healthcare resources available while offering patients more flexible and varied opportunities to interact with doctors and better control their own treatment. Outside a hospital or doctor’s office, it provides patient care using easily available consumer technologies. Programs in telehealth, remote care (such as home care), and disease and lifestyle management are all included in connected health. Connected health frequently uses already-existing technologies, such as connected devices using cellular networks, and is linked to initiatives to improve chronic care. The networked healthcare system is a resounding success. The information gathered has aided in reducing medical errors and improving patient care. The approach has also helped medical professionals save millions of dollars. Patients are receiving the care they require, and healthcare professionals are able to offer their patients better care owing to the connected health service.
Trends in the connected healthcare market are ever evolving. Wearable technologies and remote patient monitoring are becoming more popular, and many healthcare organizations are spending money on wearable technology and apps that can monitor patient health information. This enables medical professionals to check their patients’ health and identify emerging issues remotely. The usage of big data and analytics is also expanding in the sector. Healthcare providers gather and analyze data to better understand patients’ medical needs. This aids in enhancing care and monitoring patterns in patients’ health.
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Connected Healthcare Market Dynamics
Government funding and initiatives for the healthcare sector are increasing globally, which is expected to help in providing a variety of healthcare services. Factors such as an aging global population, evolving point-of-care models, a patient-centric strategy, increasing usage of various connected healthcare devices, rising investment by major players, and increasing government spending on the construction of healthcare infrastructure are playing a key role in the revenue growth of the global market. Additionally, the healthcare sector’s increasing modernization and technological advancements and enhanced research and development are expected to create new opportunities for revenue growth in the connected healthcare market. In addition, the linked healthcare industry is expanding due to the increasing popularity of smartphones and wearable technology. The usage of smartphones and wearable devices, which deliver various advantages to the market, has expanded as technology revolutionizes patient care and patients’ desire to monitor their health. Trackers, blood pressure monitors, glucose meters, and other wearable technology are useful for tracking activities, such as calories burned, heart rate, and distance walked. Using these gadgets, patients can assess self-medical indicators, significantly lowering the expenditures associated with routine exams.
Although linked healthcare products and services have immense potential, infrastructure and technology limitations restrict the market’s revenue growth. The expensive costs involved with putting in place the necessary devices, methods, and equipment for the real-time measurement of healthcare data severely restrict the market revenue growth. In addition, despite the expanding popularity of technologies, such as mHealth, many developing countries are trailing in the adoption of these technologies and products due to problems with the availability of high-speed internet with high bandwidth along with the storage integration and transfer of data.
Connected Healthcare Market Ecosystem
The global connected healthcare market has been analyzed from four perspectives: type, function, application, and region.
Connected Healthcare Market by Type
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Based on the type, the global connected healthcare market has been segmented into mHealth devices, mHealth services, and e-prescriptions.
The mHealth services segment accounts for the largest revenue share in the global connected healthcare market. The mHealth services segment is sub-segmented into pharmaceuticals, healthcare providers, content solutions, and mobile health apps. The market for mHealth devices is expected to grow at a rapid revenue CAGR during the forecast period. The three types of mobile health devices, namely, blood pressure monitor, heart monitor, and pulse oximeter, are each linked to various drug delivery methods and wearable technology.
The e-prescriptions segment is expected to expand significantly during the forecast period owing to the rising number of prescriptions issued electronically. E-prescriptions improve the standard of care, accuracy, and patient protection, accelerating revenue growth in the industry. The advantages of e-prescriptions, such as reducing medication errors, tracking patient prescription fulfillment, and boosting patient drug adherence, are also likely to help in the revenue growth of the connected healthcare market in the next few years.
Connected Healthcare Market by Function
Based on the function, the global connected healthcare market has been segmented into assisted living, home monitoring, telemedicine, and clinical monitoring. Due to the rapidly increasing acceptance of telemedicine services, the telemedicine segment dominates the global connected healthcare market and is anticipated to grow at the highest revenue CAGR during the forecast period. For instance, telemedicine is preferred by up to 89% of patients, according to a survey conducted by the Multidisciplinary Digital Publishing Institute (MDPI) publications. Furthermore, a significant movement toward virtual care is expected to drive revenue growth in the segment in the next few years.
Connected Healthcare Market by Application
Based on the application, the global connected healthcare market has been segmented into healthcare management, wellness & prevention, diagnosis & treatment, and monitoring.
The wellness & prevention segment dominates the connected healthcare market and is projected to grow at the highest revenue CAGR during the forecast period. Health technology is coming together under the umbrella of connected healthcare, which is recognized as a crucial component of the social care and wellness industries.
Connected Healthcare Market by Region
Based on the region, the global connected healthcare market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounts for a significant share of the connected healthcare market. This is due to several factors, including rising smartphone penetration, increasing healthcare product demand for connected devices, and remote patient monitoring.
Due to the rise in the usage of smartphones by individuals and physicians, Europe accounts for the second-highest position in the connected healthcare market. Additionally, the rise of remote patient monitoring services, which allow users to track various health and medical issues from a distance, fuels market expansion. The Digital Healthcare Act (DVG) allows German doctors to prescribe medications to their patients through apps.
Connected Healthcare Market Competitive Landscape
The prominent players operating in the global connected healthcare market are:
Connected Healthcare Market Strategic Developments
The global connected healthcare market is expected to register growth at a revenue CAGR of 27% during the forecast period.
Cerner Corporation, McKesson Corporation, Apple Inc., NXGN Management LLC, and Allscripts Healthcare, LLC. are among the key players in the global connected healthcare market.
The telemedicine segment dominates the global connected healthcare market.
The market in Asia Pacific is expected to register the highest revenue growth during the forecast period.
The global connected healthcare market was valued at US$ 63 billion in 2021.
*Insights on financial performance are subject to the availability of information in the public domain