Connected Healthcare Market was valued at USD 64.06 billion in 2022. It is projected to reach USD 574.44 billion by 2031, growing at a CAGR of 27.60% during the forecast period (2023–2031).
Connected healthcare refers to a social and technological approach to healthcare delivery and management. The gadget uses cellular networks and technology to deliver healthcare. It helps doctors keep tabs on their patient's health and track treatment progress. Cancer, heart disease, diabetes, and neurological disorders are all on the rise worldwide, driving up the need for real-time connected healthcare models that can keep tabs on these conditions. Several companies have responded by pouring significant resources into the research and development of cutting-edge health and wellness monitoring devices. Governments and major players are also making strenuous efforts to inform patients about diseases, their symptoms, and their impacts on daily life.
With the advancement of technologies based on recent discoveries in genomics, behavioral sciences, diagnostics, and clinical medicine, personalized healthcare can offer answers to persistent health issues and a wide range of lifestyle diseases. Roche demonstrated a remote patient monitoring system to help doctors keep tabs on diabetic patients even when they aren't physically in the hospital. Further, businesses worldwide have come to appreciate the potential of individualized healthcare solutions to boost personnel competence and financial returns. McKinsey claims that unusual things have been happening in the market, such as a rise in the amount of venture capital invested. As a result, the connected healthcare market is expanding faster than it would be without such individualized healthcare solutions and company funding.
Despite the vast opportunity presented by connected healthcare products and services, the market is being held back by technical and infrastructure hurdles. Among the most significant factors holding back the market is the high price of implementing the infrastructure required for continuous monitoring of healthcare metrics in real-time. More importantly, many developing countries need to catch up in adopting these technologies & products despite the rising popularity of products like M-Health apps due to issues regarding the availability of high-speed internet with high bandwidth, storage integration, and data transmission.
There is a new set of benefits available on the market thanks to the widespread adoption of smartphones and wearable devices, transforming patient care and satisfying patients' growing desire to monitor their health. The number of calories burned, heart rate, distance traveled, etc., can all be monitored with the help of modern wearable technology like fitness trackers, blood pressure monitors, and glucose meters. Patients can save money on doctor visits by using these gadgets to monitor their vital signs. Also, many businesses worldwide are working on M-Health solutions right now. For instance, a Sensor Tower Inc. article predicts that by 2020, spending on health and fitness category mobile apps in Europe will have increased by 70.2% annually, reaching an estimated USD 544.2 million.
The global connected healthcare market is segmented by type and application.
the global connected healthcare market is bifurcated into M-health services, M-health devices, and E-prescription.
The M-health services segment is the highest contributor to the market and is expected to grow during the forecast period. It is because mental and physical health issues, such as anxiety, depression, and cardiovascular disease, are rising due to modern life's pressures. Each network and services/mobile operator, mobile health apps and content solutions, and healthcare providers and pharmaceuticals constitute a subset of the M-health services market. The mobile health apps and content solution market currently lead the M-health market. A sizable percentage of M-health services are forecasted to come from the network and services/mobile operators market. Finally, we divide the mobile health app and content solution markets into the big data and software sub segments.
The global connected healthcare market is bifurcated into diagnosis and treatment, monitoring applications, healthcare & management, wellness & prevention, education & awareness, and others.
The monitoring applications segment is the highest contributor to the market and is expected to grow during the forecast period. As the market for wearable and medical devices grows, the monitoring applications sub segment is projected to take the lead. Further fueling the expansion of this market segment is that makers of wearable and medical devices are constantly innovating new and better products to attract a more extensive customer base. Numerous clinics, hospitals, and healthcare professionals are adopting remote patient monitoring and other monitoring systems, which bodes well for the growth of the monitoring sector in the coming years. The global increase in the elderly population and the widespread use of wearable remote monitoring devices are key factors propelling the monitoring industry.
The global connected healthcare market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
North America Dominates the Global Market
North America is the most significant shareholder in the global connected healthcare market and is expected to grow during the forecast period. Several factors, including rapid technological advancements, rising costs, widespread use of smartphones, wearables, and medical devices, robust government backing, and the proliferation of private companies offering health and medical insurance, are responsible for this trend. The region's established healthcare system, complete with cutting-edge diagnostic tools, is expected to fuel expansion in the region's healthcare technology market. Smartphones, wearables, and medical devices are all seeing increased sales thanks to the widespread availability of high-speed internet. When a medical emergency arises, the area's M-health service providers are reliable and quick to respond. For instance, North American M-health service providers have handled the coronavirus outbreak well.
Europe is expected to grow during the forecast period. The presence of high-earning countries like the United Kingdom, Germany, France, Italy, Russia, and Ireland lends credibility to the region. The National Health Service (NHS) in the United Kingdom has created a solid foundation for the growing connected healthcare market, which is forecast to be the continent's most lucrative sector. In addition, Europe is supported by a robust manufacturing sector, which is hard at work creating cutting-edge medical and wearable technology. The leading pharmaceutical companies' presence in the area gives the region a leg up in establishing an effective distribution network for connected healthcare products. Additionally, there is an increasing number of people in this region who are 65 and up.
The digital health service market is projected to expand in Asia and the Pacific rapidly. It is expected that the governments of India, Japan, and China will provide the lion's share of funding for expanding the Connected Healthcare Market. Growth in the Asia-Pacific region is expected to be stimulated by several factors, including an increase in the number of people using wearable devices, an increase in the number of people using smartphones, and an increase in government spending on healthcare. Additionally, the region's low cost of M-health devices and M-health services is driving increased demand.
The market for digital health services in Latin America is increasing. Market leaders and new entrants in the connected healthcare industry are taking notice of the rapid healthcare revolution in Brazil, Argentina, and Peru. A similar trend can be seen in Central American countries like Panama and Peru, with a thriving medical tourism industry expected to fuel market expansion. There has been a surge in urbanization, disposable income, and awareness of telemedicine in the area. The aging population and the high rate of chronic disease in the region are both factors in the rising value of the connected healthcare market in the region.
The global connected healthcare market’s major key players are
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