Global Connected Healthcare Market Is Expected To Grow At A CAGR Of 30.27% By 2030

Market Overview

The Connected Healthcare Market is projected to grow from USD 0.06 Billion in 2023 to USD 0.31 billion by 2030, exhibiting a CAGR of 30.27% during the forecast period (2023 - 2030). 

Market Dynamics

Technology for delivering healthcare remotely is at the heart of the "connected healthcare" management system. E-prescription, mHealth services, and other mobile health technologies are all part of this. Market expansion is aided by factors like expanding healthcare research, heightened interoperability, and digital data management backed by government funding and intervention.

Key market drivers boosting market growth include rising use of personalized healthcare solutions, rising use of smart phones and wearable devices, and rising integration of it. Data generated by personalized healthcare solutions can be mined for insights into patient health. More precise diagnoses, foresight into impending health issues, and targeted therapies are all possible thanks to this information. Recent breakthroughs in genetics, behavioral sciences, diagnostics, and clinical medicine have allowed for the creation of novel technologies that can be used to treat chronic health problems and a wide variety of lifestyle diseases.

Targeted use of Internet of Things (IoT) devices and wearable medical equipment, which include sensors and mobile communication devices, is also expected to promote the growth of the linked healthcare industry. The market is being propelled by the healthcare sector's adoption of novel approaches to managing high patient loads in response to the pressing need to rein in spiraling healthcare costs and the growing interest in and use of linked health devices.

Explore In-depth Details: Connected Healthcare Market Research Report

If COVID-19 succeeds, it may be the beginning of a structural shift toward the widespread adoption of interoperable healthcare technologies. Telemedicine, electronic prescriptions, and other similar technologies saw a rise in popularity during the pandemic because of the increased demand from both healthcare practitioners and patients. As governments around the world place more restrictions on their residents' freedom of movement, telemedicine services have become increasingly popular. As hospitals devote their whole resources on treating COVID-19 patients, individuals are learning new methods to monitor their health and only visit doctors in cases of crisis. This has led to an uptick in the recent months for sales of smart wearables generally and smartwatches specifically. Many businesses have been strongly motivated by COVID-19 to adopt and improve upon cutting-edge technological solutions, so establishing the framework for a new standard of care. Companies have been encouraged by the pandemic to speed up their adoption of these services.

Competitive Analysis

The connected healthcare market major player such as Agamatrix, AirStrip Technologies, AliveCor Inc, Allscripts, Apple Inc., Athenahealth, Boston Scientific Corporation, Cerner, GE Healthcare, Honeywell Life Care Solutions, Medtronics, among others are working to expand the market demand by investing in research and development activities.

Market Segmentation

The Connected Healthcare Market segmentation, based on type, includes M-Health  Services, M-Health Devices, E-prescription. In terms of total revenue generated by the Connected Healthcare Market in 2022, the M-Health Services subsegment accounted for approximately 55% to 60%.

The Connected Healthcare Market segmentation, based on Application, includes monitoring applications, diagnosis & treatment, education & awareness, healthcare management, wellness & prevention, other application. In 2022, the market was led by the wellness and preventive category, and this trend is expected to continue during the forecast period.

Regional Analysis

The North American connected healthcare market is projected to develop at a healthy CAGR from 2022-2026, from an estimated USD 0.022 billion in that year. This is because of the advanced healthcare infrastructure already in place, the widespread availability of the internet, the elevated levels of consumer knowledge, and the encouraging policies put in place to promote greater patient safety.

Because both doctors and nurses in Europe use cellphones at significantly higher rates than in any other region, Europe's connected healthcare sector is currently the world's second largest. Market growth is also being fueled by the increasing popularity of remote patient monitoring services, which enable customers to monitor a variety of health and medical conditions remotely.

From 2022 to 2030, the Connected Healthcare Market in Asia-Pacific is anticipated to expand at the highest compound annual growth rate (CAGR). The primary drivers behind this growth are the rising demand for wearable medical devices and the rising government financing for the development of healthcare infrastructure. Increasing adoption of telehealth, mHealth, and eHealth applications in emerging markets like China and India is also contributing to the industry's growth.