Global Connected Healthcare Market to Reach USD 10,158.15 Million By 2024

The global connected healthcare market was valued at approximately USD 1860.26 million in 2017 and is expected to generate revenue of around USD 10,158.15 million by end of 2024, growing at a CAGR of around 27.47 percent between 2018 and 2024. Connected healthcare links numerous aspects of the healthcare system to ensure that healthcare providers and patients have access to all the data. Connected healthcare gives the patients a chance to get involved in the healthcare systems. Connected healthcare has the potential to enhance the quality of healthcare, reduce healthcare costs, and enhance outcomes. 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. By combining patient data from all the facets like diagnosis and treatment, connected healthcare provides a complete picture of the patient information.

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. Western Europe is the biggest regional market with more than 65 percent of its population owning a smartphone. By country, China has the highest penetration of smartphones followed by India and the US Electronic healthcare record (EHR) has enabled connected healthcare to bring about a significant change in the healthcare system. 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. Telemedicine was the most initial form of connected healthcare that was used to administer clinical healthcare to distant areas.

Connected healthcare enables patients to interact with the physicians without visiting them in person and clinicians to 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 some health conditions. 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 the 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, dangers 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 has been 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, connected healthcare market has been 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.  Presence of latest healthcare models, 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. 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 market will grow at a slow rate. 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. – Zion Market Research