The Connected Healthcare Market Size was valued at USD 0.05 billion in 2022 and is projected to grow from USD 0.06 Billion in 2023 to USD 0.52 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 30.3% during the forecast period (2023 - 2032). Rising adoption personalized healthcare solutions, growing use of smart phones and wearable devices, and growing integration of it are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Rising adoption of personalized healthcare solutions to boost market growth
Personalized healthcare solutions have the potential to revolutionize the connected healthcare market by providing individualized and precise care to patients. These solutions leverage the power of connected devices, data analytics, and machine learning to provide tailored medical treatments that are customized to meet the unique needs of each patient. The personalized healthcare solutions help doctors and healthcare providers to better understand the unique medical needs of each patient, enabling them to provide more precise and effective treatments. This can lead to improved patient outcomes and a higher quality of care overall. Personalized healthcare solutions generate vast amounts of data that can be analyzed to identify patterns and trends in patient health. This data can be used to improve the accuracy of diagnoses, predict potential health problems before they occur, and develop more effective treatment plans.
The development of new technologies based on recent discoveries in genomics, behavioral sciences, diagnostics, and clinical medicine can address chronic health issues and numerous lifestyle disorders. A remote patient monitoring system that enables medical professionals to supervise diabetics outside of a care setting was developed by Roche in September 2020. Also, companies around the globe are now aware of how to use solutions for personalized healthcare to boost productivity and profitability. The market has witnessed exceptional activities including increased venture capital funding. For instance, Teladoc Health announced in October 2020 that it would pay USD 18.5 billion to acquire Livongo. This step will assist the company accelerate up the delivery of virtual care, such as remote monitoring. As a result, the connected healthcare sector is building a strong foundation and the connected healthcare market growth is rising due to such personalized healthcare solutions and company funding.
Telemedicine services have grown increasingly popular as governments all over the world restrict citizens' liberty to leave their homes. Individuals are acquiring new techniques to monitor their health and only visit doctors in cases of crises as hospitals focus their attention completely on treating COVID-19 patients. As a result, smart wearable sales, particularly of smartwatches, have increased during the past few months. The pandemic might cause a long-term change in how many connected healthcare equipment and services are used. Several companies have been greatly affected by the COVID-19 pandemic to adopt and upgrade new technology and establish a basis for a cutting-edge medical facility. For instance, Garmin International, Inc. announced pregnancy tracking in November 2020, giving expectant mothers a glimpse of their pregnancy along with their other health, wellness, and activity data. During the duration of the forecast period, it is projected that widespread use of mHealth devices and the development of technologically advanced product designs will propel the market. The industry's expansion is also anticipated to be fueled by the targeted approach to the adoption of Internet of Things (IoT) devices and wearable medical equipment, which comprise sensors and mobile communication devices. Also, the market is being driven by the healthcare system's incorporation of innovative ways to handle the high patient loads due to the increased emphasis on reducing the skyrocketing healthcare costs and the rising awareness pertaining to connected health devices.
The Connected Healthcare Market segmentation, based on type, includes M-Health Services, M-Health Devices, E-prescription. The M-Health Services segment held the majority share in 2022 contribution to around ~55-60% in respect to the Connected Healthcare Market revenue. This is primarily because more people are using smartphones and mHealth apps. By the end of 2019, around 3.8 billion people were accessing mobile internet, up 250 million from the year before, according to the State of Mobile Internet Connectivity Report 2020. The population will be able to access many healthcare services using wireless technology as smartphone usage rises, which will encourage the adoption of mHealth services.
In 2020, CVS Health launched a new virtual care service called MinuteClinic Video Visits. The service enables patients to access video consultations with healthcare providers for minor illnesses and injuries.
In 2020, Philips launched a new suite of remote patient monitoring services, including a mobile app that enables patients to track their health and share data with their healthcare providers. The service is designed to help healthcare providers manage patients with chronic conditions more effectively.
The Connected Healthcare Market segmentation, based on Application, includes monitoring applications, diagnosis & treatment, education & awareness, healthcare management, wellness & prevention, other application. The wellness & prevention segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The segment is projected to rise as a result of the increased awareness of overall health and wellbeing. Also, the general expansion of this sector may be supported by the rising popularity of digital health trends. Remote patient monitoring services using cutting-edge mobile apps and connected Blood Pressure (BP) monitors were launched by OMRON Healthcare, Inc. in January 2022. In order to help clients at every stage of their path towards better heart health, the company increased its digital health offerings. These initiatives are also anticipated to help the health and preventive market grow.
In 2020, Samsung launched a new service called Samsung Health, which includes features such as fitness tracking, nutrition tracking, and stress management. The service also includes a range of guided meditation and breathing exercises to help users manage their stress levels.
In 2021, Apple launched a new feature called Time to Walk, which provides users with audio walking tours featuring celebrity guests. The feature is designed to encourage users to engage in physical activity and improve their overall health and well-being.
Figure 2: Connected Healthcare Market, by Application, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Connected Healthcare Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Connected Healthcare market accounted for USD 0.022 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This can be attributed to the existence of a highly developed healthcare infrastructure, the extensive internet coverage, the high consumer awareness levels, and the supportive policies created for increased patient safety.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CONNECTED HEALTHCARE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe connected healthcare market accounts for the second-largest market share because both healthcare professionals are using smartphones much more frequently. Also, the rise of remote patient monitoring services, which allow users to keep track of a range of health and medical issues from a distance, fuels market expansion. Further, the Germany connected healthcare market held the largest market share, and the UK connected healthcare market was the fastest growing market in the European region
The Asia-Pacific Connected Healthcare Market is expected to grow at the fastest CAGR from 2022 to 2030. The demand for wearable medical equipment is on the rise, and government funding for the construction of the healthcare infrastructure is also increasing, which are the key causes of this expansion. The sector is also expanding as a result of the rising use of telehealth, mHealth, and eHealth applications in developing nations like China and India. Telehealth services were used in Australia as an alternative mode of patient care delivery during the COVID-19 pandemic. Moreover, China connected healthcare market held the largest market share, and the India connected healthcare market was the fastest growing market in the Asia-Pacific region
Connected Healthcare Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the connected healthcare market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the connected healthcare industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global connected healthcare industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, connected healthcare industry has provided medicine with some of the most significant benefits. The connected healthcare market major player such as Medtronic Inc (Ireland), Abbott Laboratories (US), Stryker Corporation (US), and others are working to expand the market demand by investing in research and development activities.
GE Healthcare is a global leader in the healthcare industry, providing a wide range of medical devices, equipment, and software solutions for healthcare providers and patients around the world. The company was founded in 1994 and is headquartered in Chicago, Illinois. GE Healthcare's products and solutions cover a broad spectrum of medical specialties, including diagnostic imaging, ultrasound, life sciences, anesthesia delivery, and patient monitoring. Some of the company's most well-known products include magnetic resonance imaging (MRI) systems, computed tomography (CT) scanners, and ultrasound machines. In 2020, GE Healthcare launched the Critical Care Suite 2.0, which is an AI-powered software tool that helps clinicians quickly and accurately diagnose pneumothorax, a potentially life-threatening condition in which air leaks into the chest cavity.
Also, The Medtronic company was established in year 1949 and its headquarters is in Minneapolis, Minnesota, United States. The company provide healthcare products and services such as general surgery, patient monitoring, clinical solution, clinical education and more. The company globally provides their products and services in Australia, New Zealand, Eastern Europe, China, Japan, Korea, Latin America, Middle East, United Sates and more. The employee size of the company is 10,000+ employees globally. In 2020, Medtronic launched its MyCareLink Heart mobile app, which allows patients with heart conditions to monitor their pacemakers and defibrillators remotely.
Key Companies in the connected healthcare market includes
Connected Healthcare Industry Developments
In 2019: Philips launched its HealthSuite System of Engagement, which is a cloud-based platform that connects patients, providers, and caregivers. The company also launched its IntelliSpace AI Workflow Suite, which uses artificial intelligence to help clinicians make better decisions.
In 2020: Fitbit launched its Fitbit Sense smartwatch, which includes an electrodermal activity (EDA) sensor for stress management, as well as a skin temperature sensor and a heart rate monitor.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.05 billion |
| Market Size 2023 | USD 0.065 billion |
| Market Size 2030 | USD 0.52 billion |
| Compound Annual Growth Rate (CAGR) | 30.3% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Agamatrix, AirStrip Technologies, AliveCor Inc, Allscripts, Apple Inc., Athenahealth, Boston Scientific Corporation, Cerner, GE Healthcare, Honeywell Life Care Solutions, Medtronics |
| Key Market Opportunities | · Growing technological advancement |
| Key Market Dynamics | · Rising adoption personalized healthcare solutions · Growing use of smart phones and wearable devices |
Connected Healthcare Market Highlights:
Frequently Asked Questions (FAQ) :
The global connected healthcare market size was valued at USD 0.05 Billion in 2022.
The global market is projected to grow at a CAGR of 30.3% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Agamatrix, AirStrip Technologies, AliveCor Inc, Allscripts, Apple Inc., Athenahealth, Boston Scientific Corporation, Cerner, GE Healthcare, Honeywell Life Care Solutions, Medtronics.
The M-Health Services category dominated the market in 2022.
The Wellness & Prevention had the largest share in the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
