Connected Healthcare Market

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 Global Connected Healthcare Market Industry is poised for substantial growth, with projections indicating a market value of 1.56 USD Billion by 2035. The anticipated compound annual growth rate (CAGR) of 31.03% from 2025 to 2035 highlights the dynamic nature of this sector. The increasing integration of technology in healthcare, coupled with rising consumer expectations for personalized care, drives this growth. Additionally, the ongoing advancements in telehealth, wearable devices, and data analytics contribute to the expanding market landscape. These projections suggest a transformative period for connected healthcare, with the potential to revolutionize patient care and healthcare delivery.

Government initiatives and funding are crucial drivers of the Global Connected Healthcare Market Industry. Many countries are investing in digital health infrastructure to improve healthcare access and quality. For instance, various governments are implementing policies that promote telehealth and connected devices, thereby incentivizing healthcare providers to adopt these technologies. Such initiatives not only enhance patient care but also stimulate economic growth within the healthcare sector. The financial support from governments is expected to catalyze innovation and expansion in connected healthcare solutions, ultimately leading to a more integrated healthcare ecosystem.

Wearable technology plays a pivotal role in the Global Connected Healthcare Market Industry, as devices such as smartwatches and fitness trackers enable continuous health monitoring. These devices collect real-time data on vital signs, physical activity, and other health metrics, empowering users to take charge of their health. The integration of wearables with healthcare systems enhances patient engagement and facilitates timely interventions. As the technology evolves, the market is likely to witness increased adoption, contributing to the overall growth trajectory. The convergence of wearables with telehealth solutions further amplifies their impact on healthcare delivery.

The Global Connected Healthcare Market Industry experiences a notable increase in demand for telehealth services, driven by the need for accessible healthcare solutions. As patients seek alternatives to traditional in-person visits, telehealth platforms facilitate remote consultations, monitoring, and follow-ups. In 2024, the market is valued at 0.08 USD Billion, reflecting a growing acceptance of virtual healthcare. This trend is expected to accelerate, with projections indicating a market value of 1.56 USD Billion by 2035. The compound annual growth rate (CAGR) of 31.03% from 2025 to 2035 underscores the potential for telehealth to reshape healthcare delivery globally.

Data security and privacy are paramount in the Global Connected Healthcare Market Industry, particularly as the volume of health data generated by connected devices increases. The implementation of robust security protocols and compliance with regulations, such as HIPAA, are essential to protect patient information. As healthcare organizations prioritize data security, the trust of patients in connected healthcare solutions is likely to improve. This trust is crucial for the widespread adoption of connected technologies. Enhanced security measures not only safeguard sensitive information but also foster innovation, as developers create solutions that meet stringent security requirements.

The Global Connected Healthcare Market Industry is significantly influenced by the increasing prevalence of chronic diseases, necessitating effective management strategies. Connected healthcare solutions enable healthcare providers to monitor patients with chronic conditions remotely, ensuring timely interventions and reducing hospital readmissions. The integration of data analytics and artificial intelligence in these solutions enhances decision-making and personalized care. As the population ages and the burden of chronic diseases rises, the demand for connected healthcare solutions is likely to grow. This trend aligns with the projected market growth, indicating a robust future for chronic disease management through connected technologies.

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

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.