Overview and Scope
Connected healthcare system is a healthcare management system that uses technology to deliver treatment remotely.
Sizing and Forecast
The connected healthcare market size has grown exponentially in recent years. It will grow from $124.39 billion in 2023 to $158.37 billion in 2024 at a compound annual growth rate (CAGR) of 27.3%. The growth in the historic period can be attributed to aging population and chronic diseases, digital health adoption, healthcare costs and efficiency, remote patient monitoring, and pandemic-induced demand.
The connected healthcare market size is expected to see exponential growth in the next few years. It will grow to $424.8 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%. The growth in the forecast period can be attributed to increasing adoption of personalized medicine, health data interoperability, value-based care models, increasing mental health and well-being focus, healthcare access and equity, growing cybersecurity and data protection, growing demand for population health management. Major trends in the forecast period include expansion of iot devices and sensors, artificial intelligence in healthcare, wearable health technology, technological advancements, and product innovations.
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Segmentation & Regional Insights
The connected healthcare market covered in this report is segmented –
1) By Type: e-Prescription, mHealth Services, mHealth Devices
2) By Function: Remote Patient Monitoring, Clinical Monitoring, Telemedicine, Other Functions
3) By Application: Monitoring Applications, Diagnosis And Treatment, Education And Awareness, Healthcare Management, Wellness And Prevention
4) By End Users: Hospitals And Clinics, Home Monitoring
North America was the largest region in the connected healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected healthcare market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing integration of IT in healthcare is significantly contributing to the growth of the connected healthcare market. Connected healthcare uses the internet and other wireless technology to gather patients’ data and help patients connect with their caregivers, which promotes healthcare monitoring remotely using automated systems. Connected healthcare requires healthcare IT integration software and its integration into healthcare devices and applications for smooth function and maintaining of vast medical data, which enhances remote healthcare management. For instance, in May 2021, according to a survey conducted among 112 provider chief financial officers and financial and revenue cycle executives by The Healthcare Financial Management Association, a US-based healthcare association, stated that the deployment of automation technologies in hospitals increased three times from 2020 to 2021, where 50% of hospitals had deployed automation technologies in 2021 compared to 15% of hospitals in 2020. Therefore, the growing integration of IT in healthcare is expected to propel the growth of the connected healthcare market over the forecast period.
Key Industry Players
Major companies operating in the connected healthcare market include Allscripts Healthcare Solutions Inc., Cerner Corporation, Koninklijke Philips N.V., International Business Machines Corporation, AirStrip Technologies LP, AgaMatrix Holdings LLC, AliveCor Inc., Apple Inc., Athenahealth Inc., Boston Scientific Corporation, GE Healthcare, Medtronic plc, Microsoft Corporation, Qualcomm Incorporated, Systems Applications and Products in Data Processing (SAP), Oracle Corporation, Accenture plc, Honeywell Life Care Solutions, Persistent Systems Limited, Sanofi S.A., Vivify Health Inc., Entia Ltd., GlaxoSmithKline plc, NeuroFlow Inc., Butterfly Network Inc., OneRail, Evidation Health Inc., DarioHealth Corp., Pixium Vision SA, Stanley Healthcare Solutions
The connected healthcare market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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