PUBLISHER: The Business Research Company | PRODUCT CODE: 1391123
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391123
“Connected Healthcare Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on connected healthcare market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for connected healthcare? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The connected healthcare market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A connected healthcare system is a healthcare management approach that utilizes technology to provide remote treatment.
The primary types of connected healthcare include e-prescription, mHealth services, and mHealth devices. E-prescription involves the use of digital format prescriptions, differing from traditional written prescriptions, to send prescription orders to patients, physicians, or other medical practitioners during treatment. This method enhances the prescription process, minimizing writing errors and improving accuracy. Connected healthcare functions encompass remote patient monitoring, clinical monitoring, telemedicine, among others. The applications of connected healthcare span monitoring, diagnosis and treatment, education and awareness, healthcare management and wellness, and prevention. These applications are utilized by end-users such as hospitals and clinics, as well as for home monitoring.
The connected healthcare research report is one of a series of new reports from The Business Research Company that provides connected healthcare statistics, including global market size, regional shares, competitors with connected healthcare shares, detailed connected healthcare segments, market trends and opportunities, and any further data you may need to thrive in the connected healthcare industry. This connected healthcare research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The connected healthcare market size has grown exponentially in recent years. It will grow from $124.39 billion in 2023 to $158.37 billion in 2024 at a compound annual growth rate (CAGR) of 27.3%. The growth observed in the historical period can be attributed to several factors, including an aging population with an increased prevalence of chronic diseases, the adoption of digital health technologies, concerns about healthcare costs and efficiency, the implementation of remote patient monitoring solutions, and heightened demand driven by the effects of the pandemic. These factors collectively contributed to the evolution and expansion of healthcare services and technologies during that time.
The connected healthcare market size is expected to see exponential growth in the next few years. It will grow to $424.8 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing adoption of personalized medicine, advancements in health data interoperability, the shift towards value-based care models, a rising focus on mental health and well-being, efforts to improve healthcare access and equity, growing concerns about cybersecurity and data protection, and a growing demand for population health management solutions. Major trends expected during this period include the expansion of IoT devices and sensors, the integration of artificial intelligence in healthcare, the proliferation of wearable health technology, ongoing technological advancements, and continuous product innovations.
The growing integration of information technology (IT) in healthcare is playing a significant role in propelling the growth of the connected healthcare market. Connected healthcare leverages the internet and wireless technology to collect patient data and facilitate patient-caregiver connections, enabling remote healthcare monitoring through automated systems. The seamless functioning and management of vast medical data in connected healthcare rely on healthcare IT integration software, integrated into healthcare devices and applications. This integration enhances remote healthcare management. A survey conducted by The Healthcare Financial Management Association in May 2021 revealed a threefold increase in the deployment of automation technologies in hospitals from 2020 to 2021. In 2021, 50% of hospitals deployed automation technologies, compared to 15% in 2020. This growth trend indicates the increasing adoption of IT in healthcare, contributing to the expansion of the connected healthcare market.
The rising healthcare expenditure is expected to drive the growth of the connected healthcare market. Healthcare expenditure encompasses the total monetary resources spent on healthcare services, treatments, and medical products within a specific healthcare system or region. Increasing healthcare expenditures provide the financial resources necessary for investing in technology, data security, research and development, and the infrastructure needed for implementing connected healthcare solutions. In May 2023, a report published by the UK Office for National Statistics indicated a 9.4% increase in healthcare spending in the UK in nominal terms and a 9.7% increase in real terms between 2020 and 2021. This rise in healthcare expenditures serves as a driver for the growth of the connected healthcare market.
Major companies in the connected healthcare market are strategically focusing on the development of technologically advanced products to enhance remote patient monitoring and improve healthcare outcomes. The ZAIDYN Connected Health solution, developed by ZS Associates Group, Inc., is one such innovation. Launched in October 2023, this AI-powered solution is part of the ZAIDYN by ZS platform, offering three product suites-health insights, patient engagement, and connected research. ZAIDYN Connected Health aims to assist pharmaceutical firms, healthcare providers, and payers in innovating to recognize unmet needs, engage patients, and enhance health outcomes. This exemplifies the commitment of major players to technological advancements and improving healthcare through connected solutions.
In a significant move in December 2021, Baxter International Inc., a prominent US-based healthcare company, completed the acquisition of Hill-Rom Holdings Inc. for $15 billion. This strategic acquisition is geared towards diversifying Baxter International Inc.'s product portfolio, expanding its presence in the connected care market, and offering customers a broader range of products, with a specific focus on critical care segments. Hill-Rom Holdings Inc., the acquired company, is a US-based medical technology provider known for its medical communication apps designed for caregivers and families.
Major companies operating in the connected healthcare market include Allscripts Healthcare Solutions Inc., Cerner Corporation, Koninklijke Philips N.V., International Business Machines Corporation, AirStrip Technologies LP, AgaMatrix Holdings LLC, AliveCor Inc., Apple Inc., Athenahealth Inc., Boston Scientific Corporation, GE Healthcare, Medtronic PLC, Microsoft Corporation, Qualcomm Incorporated, Systems Applications and Products in Data Processing (SAP), Oracle Corporation, Accenture PLC, Honeywell Life Care Solutions, Persistent Systems Limited, Sanofi S.A., Vivify Health Inc., Entia Ltd., GlaxoSmithKline PLC, NeuroFlow Inc., Butterfly Network Inc., OneRail, Evidation Health Inc., DarioHealth Corp., Pixium Vision SA, Stanley Healthcare Solutions
North America was the largest region in the connected healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the connected healthcare market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The connected healthcare market includes revenues earned by entities by providing healthcare products and services that combine health, technology, and mobile telecommunications. Connected healthcare enables hospitals, clinics, and other healthcare service providers to provide care remotely. It also ensures that doctors, patients, and family members access critical health information. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.