Connected Healthcare Market By Type (M-Health Services, M-Health Devices, E-Prescription), By Function (Remote Patient Monitoring, Clinical Monitoring, Telemedicine, Home Monitoring, Assisted Living, and Other Functions), By Application (Diagnosis & Treatment, Monitoring Application, Education Awareness, and Other Applications), By, End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Connected Healthcare Market Size is expected to be worth around USD 520.6 billion by 2032 from USD 58.2 billion in 2022, growing at a CAGR of 25.2% during the forecast period from 2023 to 2032.

Connected Healthcare is a healthcare organization that covers technology to offer services slightly. It is a type of socio-technical model for the healthcare management system. This system is mainly used to raise healthcare resources and offer customers opportunities to get attached to surgeons.

Advanced technology and the rising number of healthcare services outside emerging healthcare worldwide drive the market’s growth. In addition, patients and healthcare organizations worldwide help from linked healthcare solutions.

Key Takeaways

• Market Growth: Connected Healthcare market set to grow at a robust CAGR of 25.2% from 2023-2032, reaching USD 520.6 billion.
• Type Analysis: The market segments include M-Health, M-Health Devices, and E-Prescription. M-Health accounts for the largest share (64%) due to its cost-effectiveness and the increasing use of smartphones to access healthcare services.
• Function Analysis: Functions are categorized into remote patient monitoring, clinical monitoring, telemedicine, home monitoring, assisted living, and others. Telemedicine stands out as the fastest-growing segment due to its increasing acceptance and preference among patients.
• Application Analysis: Applications include diagnosis and treatment, monitoring, education and awareness, wellness and prevention, and others. The wellness and prevention segment dominates market growth, driven by growing health awareness and digital health trends.
• End-User Analysis: End-users encompass hospitals & clinics, home monitoring, and others. Hospitals & clinics lead the market, with a 54.5% revenue share, driven by the adoption of digital health technologies for remote patient monitoring and telemedicine services.
• North America: Holds a significant market share (42%) due to well-developed healthcare infrastructure and supportive regulations for patient safety.
• Europe: Exhibits substantial growth, with increased smartphone usage and remote patient monitoring services.

Type Analysis

The globally connected healthcare market is segmented by type into m-health, m-health devices, and e-prescription. The m-health segment accounted for the largest market share of 64% during the forecast period; the m-health devices segment is growing moderately owing to the cost-effectiveness and well-being of wearable equipment and increasing government initiatives towards health.

In addition, an increase in smartphone use will benefit the population to access many healthcare services through wireless technology, therefore stimulating the approval of m-healthcare services. M-health services are divided into content solutions, mobile health apps, and healthcare providers and pharmaceuticals. The e-prescription segment is also anticipated to propel market growth due to the rising acceptance of EHR software solutions and improved focus on reducing medical errors.

Function Analysis

Based on function, the global connected healthcare market is divided into remote patient monitoring, clinical monitoring, telemedicine, home monitoring, assisted living, and other functions. The telemedicine segment is anticipated as the fastest-growing segment throughout the forecast period and is owed to factors such as surging acceptance of telemedicine services. For Instance, according to a Multidisciplinary Digital Publishing Institute journals survey, patients prefer telemedicine as a suitable form of medical care.

This is likely to increase segmental growth. Furthermore, remote patient monitoring is growing at a higher CAGR due to the constant increase in the geriatric population. Assisted living and clinical monitoring segment shows faster market growth because of rising health disease diagnoses; clinical monitoring has become the priority for patients.

Application Analysis

Based on the application, the globally connected healthcare market is classified into diagnosis & treatment, monitoring application, education & awareness, wellness & prevention healthcare management, and other applications.

Among these, the wellness and prevention segment dominated the market growth and is anticipated to emerge at the highest CAGR with a market share of 42.5% during the forecast period. The increasing awareness regarding overall health and well-being will likely boost the segment’s growth. In addition, the rising popularity of digital health trends can also support the segment’s overall growth.

End-User Analysis

Increased adoption of products by Hospitals & Clinics to Increase the Growth of this Segment

The globally connected healthcare market is segmented into hospitals & Clinics, home monitoring, and other end users based on the end user. The hospitals & clinics segment dominated the market and accounted for the highest revenue share of 54.5% during the forecast period.

The rise implementation of digital health technologies by hospitals in various countries worldwide is boosting the growth of the hospitals & clinics segment. The hospital has adopted some form of connected health for remote patient monitoring and implemented telemedicine services. Thus, the rise in the adoption of digital health technologies by hospitals in several counties is augmenting market growth.

Key Market Segments

By Type

• M-Health Services
• M-Health Devices
• E-Prescription

By Function

• Remote Patient Monitoring
• Clinical Monitoring
• Telemedicine
• Home Monitoring
• Assisted Living
• Other Functions

By Application

• Diagnosis & treatment
• Monitoring Application
• Education & Awareness
• Wellness & Prevention Healthcare Management
• Other Applications

By End-User

• Hospitals & Clinics
• Home Monitoring
• Other End-Users

Drivers

Personalized Healthcare Solutions to Expand the Market Growth

Personalized healthcare can solve chronic health problems and many lifestyle disorders by evolving technologies based on current discoveries in diagnostic and clinical medicine, genomics, and behavioral sciences. Rising health and wellness concerns are anticipated to propel the connected health market growth in the upcoming years.

Connected healthcare is projected to help in raising the participation of patients through the use of various wearable equipment and smartphones. Also, increasing the convenience of patients and low cost would lead to developing a connected healthcare market.

Furthermore, as technology continues to transform patient care, and the patients desire to monitor their health, the acceptance of smartphones and wearable devices has risen. Wearable devices such as glucose meters, trackers, and blood pressure monitor help track activities such as distance traveled, calories burned, and heart rate. Using this equipment significantly decreases the cost suffered for consistent checkups as patients can observe self-medical parameters.

Restraints

High-Capital Expenditure and Technological Barriers

Despite the enormous potential of connected healthcare products and services, infrastructure and technological barriers hinder the market growth. For example, an enormous cost is required to install virtual devices, systems, and devices connected with real-time measurement of healthcare parameters, reflecting critical restraint to the market.

However, despite the growing use of products like M-Health apps, many emerging countries lack the acceptance of these technologies and products relating to problems concerning the accessibility of high-speed internet with high storage combination and transmission of data which support to hindering the market growth.

Opportunity

Increasing Demand for Efficient Communication Among Medical Professional

The growing requirement for efficient communication among medical professionals and patients has expanded the connected healthcare industry worldwide. As a result, the healthcare sector has evolved over the past few years.

In addition, governments and private agencies are increasingly investing in developing connected health solutions so that people living in remote areas can access better healthcare facilities. These features would produce novel opportunities for companies in the connected healthcare market.

Trends

Growing Adoption of Blockchain Technology

Data security is a concern across industries, including healthcare. Blockchain technology is evolving as an opportunity for the healthcare industry to more proficiently and securely manage and access patient records. Furthermore, numerous companies are incorporating blockchain technologies to protect patients’ data.

For Example, BurstlQ, a prominent software & data company, provides a platform that benefits healthcare companies by carefully and securely managing a vast amount of patient data. In addition, blockchain technology allows the sharing or license of data while maintaining stringent compliance with HIPPA rules, which is the right to control health data exposures.

Regional Analysis

North American region accounted for the Significant Share of the Global Connected Healthcare Market

North America accounted for a significant connected healthcare market share of revenue 42% during the forecast period. As a result, the regional market is expected to enhance its prominent market position. This can be attributed to well-developed healthcare infrastructure, high consumer awareness levels, and widespread internet coverage with supportive regulations formulated for augmented patient safety.

Europe marked the second leading position in the market owing to a significant rise in the usage of smartphones by individuals and physicians—further, the rise in remote patient monitoring services to monitor various health and medical conditions.

On the other hand, the Asia-Pacific is expected to show the highest growth in the region due to the increased approval rate of smart wearable devices and increasing demand for M-Health services. Furthermore, Latin America, the Middle East & Africa will grow slowly due to less awareness and disinclination to accept connected healthcare in low-income countries.

 Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

The market is vastly competitive, and the key players are involved in enlarging technically progressive and user-friendly devices. Industry leaders are involved in strategic associations, including partnership agreements, mergers, and acquisitions, to increase competitive advantage. Additionally, a competitive environment contributed to the industry players’ high R&D intensity and effective contracts and conventions. The prominent players include Apple Inc., Mckesson Corporation, Cerner Corporation, Fitbit Inc., and Omron Corporation.

Market Key Players

• Allscripts Healthcare, LLC.
• Apple Inc.
• Mckesson Corporation
• Cerner Corporation
• Koninklijike Philips N.V.
• IBM Corporation
• Fitbit Inc.
• Omron Corporation
• General Electric Company
• NXGN Management, LLC
• Avcor Medical Health Care Products, Inc.
• BSN Medical Inc.
• Other Key Players

Recent Development

• In August 2024: Acquisition of Core Ventures, McKesson Corporation has finalized an acquisition deal to secure a 70% controlling stake in Community Oncology Revitalization Enterprise Ventures, LLC (Core Ventures) for $2.49 billion. Core Ventures, linked to Florida Cancer Specialists & Research Institute, supports 250 physicians across 100 oncology clinics. This strategic move is part of McKesson’s expansion within its US Oncology Network, aimed at enhancing community-based cancer care and clinical outcomes while controlling costs.
• In March 2022: Allscripts sold its hospital and large physician practices business unit to Constellation Software’s subsidiary, N. Harris Computer Corporation, for $700 million. The transaction included an upfront payment of $670 million and a potential additional $30 million based on business performance over the following two years. This sale was part of a strategic refocus towards high-growth end markets, leveraging proceeds to support strategic mergers and acquisitions for its Veradigm analytics business.

Report Scope