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

Connected Healthcare Market Size And Forecast

The global connected healthcare market attained revenue growth of USD 51.49 billion in 2021 and is forecasted to reach nearly USD 296.55 billion by 2028, with a compound annual growth rate (CAGR) of approximately 27.9 percent over the forecast period. The report analyzes the 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 market.

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Connected Healthcare Market: Overview

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.

COVID-19 Impact:

COVID-19 might pave the way for a steady increase in the adoption of connected healthcare services and products. Due to the increasing demand among healthcare professionals and patients, the pandemic encouraged the development and use of different technologies such as e-prescription, telemedicine, and many more. Many organizations have been encouraged by COVID-19 to deploy and upgrade new technologies, creating the foundation for a new standard of care. Additionally, the COVID-19 pandemic has expanded the market for wearable gadgets that measure health and fitness data, and location can be linked with other devices such as smartphones and laptops.

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Connected Healthcare Market: Growth Drivers

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.

Connected Healthcare Market: Restraints

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.

Connected Healthcare Market: Opportunities

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.

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Connected Healthcare Market: Challenges.

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.

Connected Healthcare Market: Segmentation

The global connected health market is divided based on type, function, application, end-user, and region. Based on the type, the global market is segregated based on e-Prescription, mHealth devices, and mHealth services. By function, the market is split into telemedicine, clinical monitoring, remote patient monitoring, and others. The application segment is bifurcated into healthcare management, wellness & prevention, monitoring applications, diagnosis & treatment, and others. Based on the end-user, the market is categorized into home monitoring and hospitals & clinics.

Recent Developments

• May 2021, IBM Watson Health introduced the newest iteration of IBM iConnect® Access, its diagnostic viewer and image interchange platform. IBM iConnect Access is a genuine zero-download online viewer that allows healthcare practitioners to gather, exchange, and receive medical imaging records across the company and expanded the healthcare team in real-time, from any internet-linked device.
• April 2021, Microsoft Corp. and Nuance Communications, Inc. recently disclosed the signing of a formal deal under which Microsoft would purchase Nuance for $56.00 per share, representing a 23 percent premium over Nuance's closing price.

Connected Healthcare Market: Regional Landscape

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.

Connected Healthcare Market: Competitive Landscape

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 are some of the prominent key players that are operating in the global connected healthcare market.

Global connected healthcare market is segmented as follows:

By Type

• mHealth services
• mHealth devices
• e-Prescription

By Function

• Remote patient monitoring
• Clinical Monitoring
• Telemedicine
• Others

By Application

• Diagnosis & Treatment
• Monitoring Applications
• Wellness & Prevention
• Healthcare Management
• Others

By End Use

• Hospitals & Clinics
• Home Monitoring

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa