Connected Healthcare Market Size Report, Industry Share, Analysis, Growth, 2032

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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.

Connected healthcare solutions provide complete health-related data of the patients by combining data from different facets of the patient’s life. This helps healthcare providers to make patient-specific care decisions. Patients can interact with the physicians without visiting them in person and clinicians can monitor the health of their patients by collecting patient data frequently. Connected healthcare provides the much-needed convenience for all the stakeholders. Patients can consult the doctor from anywhere by updating their health data and clinicians can monitor this data and make decisions to prevent health conditions. For example, a person suffering from hypertension can transmit his/her blood pressure readings on a daily or weekly basis to the clinician, instead of visiting the hospital. The doctor can analyze this data to detect any issue before it turns into a problem. The patient can visit the hospital or clinic if the doctor wants to carry out other tests or the doctor can opt for teleconferencing. This can especially help the rural patients who have to travel long distances just to take simple consultations from doctors.

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.

The global connected healthcare market is segmented into function, type, application, and region. The function segment has been segmented into telemedicine, home monitoring, assisted living, and clinical monitoring. Based on the type, the connected healthcare market is segmented into e-prescription, mHealth services, and mHealth devices. mHealth services segment holds the maximum share of the type segment owing to its wide applications. Based on application, connected healthcare market has been segmented into diagnosis & treatment, monitoring applications, education & awareness, wellness & prevention, healthcare management, and others.

North America anticipates leading the market during the forecast period. The presence of the latest healthcare models, the rise in government spending on automated systems in healthcare, and the presence of skilled manpower will drive the market growth in this region. North America is followed by Europe; the growth of the European connected healthcare market is majorly due to the increasing geriatric population, the growing need for integrated healthcare services, and high penetration of internet. The Asia Pacific is expected to grow at a rapid rate over the forecast period. Rise in the geriatric population, increasing use of smartphones and wearable devices, and rising investment in healthcare infrastructure will boost the connected healthcare market in this region. Latin America connected healthcare market will grow at a conservative rate during the forecast period. The Middle East and Africa are expected to experience appreciable growth in the near future.

Some of the key players in the connected healthcare market include Accenture Plc, IBM Corporation, SAP SE, GE Healthcare, Oracle Corporation, Microsoft Corporation, Airstrip Technology, Medtronic, Allscripts, Boston Scientific Corporation, Athenahealth Inc., Cerner, Koninklijke Philips N.V., Agamatrix, Inc., Qualcomm, and AliveCor Inc., among others.