Connected Healthcare Market to Hit US$ 520.6 Bn in 2032 | Grow CAGR by 25.2% (Y-O-Y)
The advent of various cutting-edge technologies, including software, the internet, and Wi-Fi, has made it possible for patients to connect with service providers and healthcare facilities located remotely.
New York, April 18, 2023 (GLOBE NEWSWIRE) — According to Market.us, The Connected Healthcare Market estimated at USD 58.2 billion in the year 2022, is projected to reach a revised size of USD 520.6 billion by 2032, growing at a CAGR of 25.2% over the analysis period 2022-2030. Connected Healthcare is a healthcare organization with the skill to offer services slightly. It is a type of socio-technical model for the healthcare organization system. This system is mainly used to raise healthcare resources and offer customers opportunities that benefit from getting involved with surgeons. Advanced technology and the rising number of healthcare services outside emerging healthcare worldwide drive the market’s growth. Patients and healthcare organizations worldwide help from linked healthcare solutions.
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- By Type in 2022, the m-health segment has generated a revenue share of 64% in 2022.
- By Function, the telemedicine segment has accounted for the largest revenue share during the forecast period (2023 to 2032)
- By Application, the wellness and prevention healthcare segment generated a revenue share of 42.5% in 2022
- By End-User, the hospitals & clinics segment has dominated the market, accounting for the highest revenue share of 54.5% from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 42%.
- Europe held the second-largest revenue share of 33% in 2022.
- Asia-Pacific will grow at the fastest CAGR from 2023-2032.
Connected health offers various benefits and is considered to be the face of the healthcare industry. It combines a patient’s history with their lifestyle data and then delivers a patient diagnosis. Connected healthcare also aids in providing increased and flexible opportunities for the consumers that benefit from engaging with clinicians.
Factors Affecting the Growth of the Connected Healthcare Market
There are several factors that can affect the growth of the connected healthcare market. Some of these factors include:
- Increasing government expenditure: Increasing government expenditure on the healthcare sector to facilitate various healthcare services is vital in growing the market.
- Rising technological advancements: Increasing technical advancements and innovation in the healthcare sector and rising research and development will further drive the market’s growth.
- Technological advances: The development of various technologies, such as software, the internet, and Wi-Fi, helps connect patients to service providers from distant locations to hospitals and other healthcare facilities.
- The increasing popularity of wearable devices and smartphones: As technology continues to revolutionize patient care, the use of smartphones and wearable devices is increasing, bringing new benefits to the market.
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Top Trends in Global Connected Healthcare Market
Blockchain technology is evolving as an opportunity for the healthcare industry to more proficiently and securely manage and access patient records. Furthermore, numerous companies are incorporating blockchain technologies to protect patients’ data. Data security is a concern across industries, including healthcare. As a result, healthcare companies carefully and securely manage a vast amount of patient data.
Companies’ blockchain technology allows the sharing or license of data while maintaining stringent compliance with HIPPA rules, which is the right to control health data exposures. In addition, there is a growing trend of telemedicine services as governments worldwide restrict to avoid movement outside their homes.
Advanced technology is a growing number of healthcare services emerging globally. So are the factors driving the market—novel technology development in healthcare system management in the opportunity for market growth. High-speed internet and encouraging government creativities have also contributed to the market’s rapid growth. Growing government expenditure on healthcare to facilitate healthcare services is vital to raising market growth.
The connected healthcare market was dominated by North America, which acquired the most significant revenue share. This can be attributed to the presence of well-developed healthcare infrastructure, the high awareness levels among consumers, and the widespread coverage of the internet with supportive regulations formulated for augmented patient safety. Europe marked the second leading position in the market owing to a significant rise in the usage of smartphones by individuals and physicians—further, the rise in remote patient monitoring services to monitor various health and medical conditions.
The Asia-Pacific is expected to show the highest growth in the region due to the increased approval rate of smart wearable devices and increasing demand for M-Health services. Furthermore, Latin America, the Middle East & Africa will have a slow growth rate due to less awareness and disinclination to accept connected healthcare in low-income countries.
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Scope of the Report
|Market Value (2022)||USD 58.2 Billion|
|Market Size (2032)||USD 520.6 Billion|
|CAGR (from 2022 to 2032)||25.2%|
|North America Revenue Share||42%|
|Europe Revenue Share||33%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Increasing health and wellness concerns amongst people are anticipated to propel the connected healthcare market growth. As technology continues to transform patient care, and the patients desire to monitor their health, the acceptance of smartphones and wearable devices has risen. Personalized healthcare can solve chronic health problems and many lifestyle disorders by evolving technologies based on current discoveries in diagnostic and clinical medicine, genomics, and behavioral sciences.
Technological barriers hinder market growth despite the enormous potential of connected healthcare products and services. The increasing absence of security standards and increasing risk associated with data loss are the major factors, among others, that will obstruct market growth. The absence of security standards and risks related to data loss would also hamper growth. In addition, the unavailability of a qualified workforce to handle vast amounts of data and the lack of knowledge of software solutions and risks may also limit the market growth.
Governments and private agencies are increasingly investing in developing connected health solutions so that people living in remote areas can access better healthcare facilities. In addition, the growing requirement for efficient communication among medical professionals and patients has expanded the connected healthcare industry worldwide. As a result, the healthcare sector has evolved over the past few years. The connected healthcare market provides flexible opportunities for consumers to involve with clinicians.
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Report Segmentation of the Connected Healthcare Market
The m-health segment dominated the connected healthcare market, holding the most significant revenue share. The segmental growth is growing due to the cost-effectiveness and well-being of wearing wearables equipment and rising government initiatives towards health. In addition, an increase in smartphone use will benefit the population to access many healthcare services through wireless technology, therefore stimulating the approval of m-healthcare services.
The telemedicine segment is anticipated as the fastest-growing segment throughout the forecast period. For Instance, according to a Multidisciplinary Digital Publishing Institute journal survey of patients, telemedicine is a suitable form of medical care. This will increase the growth of the segment.
The wellness and prevention segment dominated the highest market share and is anticipated to emerge at the highest CAGR of 42.5% during the forecast period. The increasing awareness regarding overall health and well-being will likely boost the segment’s growth. In addition, the rising popularity of digital health trends can also support the segment’s overall growth.
The rise implementation of digital health technologies by hospitals in various countries worldwide is boosting the growth of the hospitals & clinics segment. As a result, hospitals have adopted some form of connected health for remote patient monitoring and implemented telemedicine services. Additionally, hospitals and healthcare providers are investing in remote patient monitoring technologies as a part of value-based care model. Therefore, hospitals have adopted some form of connected health for remote patient monitoring.
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- M-Health Services
- M-Health Devices
- Remote Patient Monitoring
- Clinical Monitoring
- Home Monitoring
- Assisted Living
- Other Functions
- Diagnosis & treatment
- Monitoring Application
- Education & Awareness
- Wellness & Prevention Healthcare Management
- Other Applications
- Hospitals & Clinics
- Home Monitoring
- Other End-Users
- The US
- The UK
- Rest of Western Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The competitive landscape of the market has also been examined in this report. Some of the major players include
- Allscripts Healthcare, LLC.
- Apple Inc.
- Mckesson Corporation
- Cerner Corporation
- Koninklijike Philips N.V.
- IBM Corporation
- Fitbit Inc.
- Omron Corporation
- General Electric Company
- NXGN Management, LLC
- Avcor Medical Health Care Products, Inc.
- BSN Medical Inc.
- Other Key Players
Recent Development of the Connected Healthcare Market
In April 2021, Siemens Healthineers AG pronounced the effective completion of the acquisition of Varian Medical Systems, Inc., along with Varian, is building a considered Collaboration named ‘EnVision’ to establish an all-inclusive digital therapeutic and diagnostic ecosystem that includes treatment management.
In July 2022, Teldoc Health, Inc., a prominent company in virtual care, pronounced that the completion of the acquisition will offer creative telehealth abilities linking providers to one another in complex medical environments.
In January 2021, Water Street Healthcare Partners acquired a growth investor from the company. As a result, it will influence the investment to take on acquisitions that will benefit the personal emergency response service industry to grow in the coming years.
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