Global 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
- Published date: Oct 2023
- Report ID: 99712
- Number of Pages: 297
- Format:
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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
M-Health Segment to Witness Significant Growth
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
Rise Approval of Telemedicine as Preferred Mode of Medical Care to Drive Services Segments Growth
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
Increasing Approval of Products like M-Health Apps to Drive Wellness and Prevention Segments Growth
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 SegmentsBy 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 to Limit the Market Growth
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 Drive the Market Opportunities
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 to Augment Market Growth
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
Key Industry Development
- July 2022- Teldoc Health, Inc., a prominent company in virtual care, pronounced that the completion of the acquisition is expected to offer creative telehealth abilities linking providers to one another in complex medical environments.
- January 2021- Water Street Healthcare Partners acquired a growth investor from the company. It influenced the investment to take on acquisitions that will benefit the personal emergency response service industry to grow in the coming years.
- April 2021- Siemens Healthineers AG pronounced the successful completion of the acquisition of Varian Medical Systems, Inc., along with Varian, is building a considered Collaboration named ‘EnVision’ to establish an all-inclusive digital, therapeutic, and diagnostic ecosystem that includes treatment management.
Report Scope
Report Features Description Market Value (2022) USD 58.2 Bn Forecast Revenue (2032) USD 520.6 Bn CAGR (2023-2032) 25.2% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Type-M-Health, M-Health Devices, and E-Prescription; By Function- Remote Monitoring, Clinical Monitoring, Telemedicine, Home Monitoring, Assisted Living, and Other Functions; By Application-Diagnosis & Treatment, Monitoring Application, Education & Awareness, Wellness & Prevention Healthcare Management, and Other Applications; By End-User- Hospitals & Clinics, Home Monitoring, and Other End-User Regional Analysis 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; The Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Allscripts Healthcare, LLC., Apple Inc., Mckesson Corporation, Cerner Corporation, Koninklijke PhilipsN.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 Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the market size of Connected Healthcare Market ?The Global 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.
Which region is expected to lead the global Connected Healthcare in the future?Regions such as North America, Eastern Europe, Latin America, Middle East & Africa, Western Europe, and APAC are expected to perform well during the forecast period. However, Europe and APAC are predicted to showcase healthy growth rates.
Who are the key players in the global Connected Healthcare market?Allscripts, Healthcare, LLC., Apple Inc., Mckesson Corporation, Cerner Corporation, Koninklijike Philips N.V.,IBM Corporation, Fitbit Inc., Omron Corporation , General Electric Company, Avcor Medical Health Care Products, Inc. BSN Medical Inc.
What is the projected market value of the global Connected Healthcare Market?The global Connected Healthcare Market is projected to reach USD USD 520.6 billion by 2032.
Connected Healthcare MarketPublished date: Oct 2023add_shopping_cartBuy Now get_appDownload Sample - Allscripts Healthcare, LLC.
- Apple Inc. Company Profile
- 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
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