ID: MRFR/HCIT/1360-CR | July 2019 | Region: Global | 149 pages
Global Connected Healthcare Market is expected to register a CAGR of 30.27% and is anticipated to reach USD 232.87 Million by 2025. The world is at the height of a modern model of healthcare that shifts away from a purely reactive approach to delivering constructive healthcare. In this transition, technology will play an important role.
The pandemic of the coronavirus has caused major disturbances to the global economic environment. Nevertheless, it has been clarified in the study that the pandemic has a positive influence on this particular business sphere. Related healthcare gained unparalleled momentum during an era when social distancing protocols pushed patients to opt for remote consulting practises and telehealth services. It is an integral part of the digital revolution of the global healthcare industry that has substantially facilitated remote patient monitoring and patient engagement. Healthcare technological development has encouraged hassle-free data storage and its convenient back-up. Therefore, the pandemic has led to the development of a new healthcare paradigm inclined towards providing more proactive healthcare.
Growing Integration of IT in Healthcare to Drive Market Growth
Patients are becoming more concerned about their healthcare and fitness with the improvement in technology. Connected healthcare services deal with and facilitate the treatment of chronic and infectious diseases rather than just diagnosis or prevention. Connected healthcare applications have increased the participation of the patient population, increased the use of smartphones and wearable devices in healthcare, cost-effectiveness and patient convenience, and the continuous increase in lifestyle diseases has led to the development of personalised healthcare solutions. In addition, growing ageing populations across the globe and continuous changing point of care models are contributing to increasing demand for linked healthcare devices for patient-related data tracking and sharing in real time, another main factor expected to help global market development. In addition, high internet penetration in developed and developing countries, coupled with growing government spending on the healthcare sector to promote multiple healthcare services, is a major factor driving the growth of the linked global healthcare industry.
Advanced Diagnostics Development to Create Growth Opportunities
Due to the need for efficient communication between medical personnel and patients, the telemedicine sector is expected to see lucrative growth during the forecast period. Telemedicine allows health informatics, diagnostic and imaging data to be transmitted from one location to another, thereby increasing the demand for diagnosis and treatment of diseases. In the coming years, the emergence of new modes of telemedicine, including telemedicine, advanced diagnostics and video telephony, will accelerate the growth of the segment. Growing investments by major players and increasing government spending on healthcare infrastructure growth in developing countries are expected to generate new revenue opportunities for market players over the forecast period.
Growing Cyber Attack Risks Impede Market Growth
However, some of the key factors that are expected to hamper the growth of the target market are the lack of security standards and the danger associated with data loss. Linked health care is revolutionary, but it raises many problems related to health data sensitivity. This involves cyber attack risks, data protection hazards and a lack of qualified workforce to manage large quantities of data, along with a lack of knowledge related to health apps will limit market growth.
Due to the growing number of electronically issued prescriptions, the e-Prescription segment should experience robust growth over the study timeframe. E-Prescriptions enhance the quality of treatment, precision and patient protection, thus propelling the development of the market. In addition, e-Prescription benefits such as minimising prescription drug mistakes, monitoring patient prescription fulfilment, and increased patient drug adherence would further stimulate the size of the market.
Over the coming years, the healthcare management segment is projected to show significant revenue share. Public health services, health systems, hospitals, medical facilities are the subject of healthcare management application of linked health. Access to reliable, full and reproducible health information would further improve the development of the connected health industry.
North America to Dominate Market Growth
Due to proven healthcare systems and technological development, North America accounted for 37 per cent of the global market share. In the linked healthcare solutions and application market, tracking and diagnosis and treatment applications dominate. With the growth in large numbers of mobile applications using those aims for wellness and wellbeing, it has gained a major role in the global linked healthcare industry. Thus, these related healthcare solutions help reduce costs by saving time by minimising medical visits and delivering improved healthcare systems. In addition, the inherent gap in different types of connected healthcare solutions has forced the development of a comprehensive system that offers consistent processes and approaches for various healthcare facilities and applications to be deployed.
Europe Growth Driven by Expanding Healthcare Infrastructure
In the next few years, Europe is projected to have lucrative growth in the global connected healthcare market due to high internet penetration, increased geriatric population and increased demand for integrated healthcare services.
Rising Adoption of Telemedicine to Drive APAC
The fastest-growing area is projected to be Asia-Pacific. In the connected healthcare market, the Asia-Pacific region has shown tremendous growth and is expected to dominate the industry by the end of the forecast period. Telemedicine, remote supervision, remote diagnosis, quick access to linked healthcare apps and, most significantly, the cost-effectiveness of such linked healthcare solutions are the driving forces. There are a large number of developing countries in the Asia-Pacific region, including India, Bangladesh, Thailand, Pakistan, Myanmar, Malaysia, Indonesia and Vietnam, among others which are increasingly, linked healthcare technologies are being used to improve healthcare, inform people about understanding, and also to treat serious and chronic diseases.
MEA to Witness Gradual Growth
Because of low internet penetration and lack of qualified technicians, the Middle East & Africa region is likely to represent restricted growth and have a globally linked healthcare market share. With the increasing awareness of the use of healthcare data, Latin America is expected to record a steep increase over the projected era..
Product Innovation to be the Primary Focus of Market Players
Due to the presence of numerous well-established global and regional vendors, the global linked health market is highly fragmented. Many new vendors are looking to enter the market in the coming years, despite many obstacles to new entrants, such as high implementation costs and insufficient infrastructure. With an increase in product/service extensions and technological advances, the competitive landscape in this sector is anticipated to intensify. Innovation, product growth, acquisition, and expansion were some of the main strategies pursued by the players employed in the global connected healthcare industry.
January 2021: The acquisition of Writi Inc., a cloud-based medication management software platform available on mobile devices and online sites, was completed by Jack Nathan Medical Corp. Writi has built a fast-growing virtual healthcare platform with the potential for the highly regulated LTC industry to achieve large-scale success and acceptance. JNH plans to provide comprehensive home health services with this purchase.
January 2021: The Medical Guardian reported that Water Street Healthcare Partners, a strategic investor focused solely on health care, has obtained a growth investment from the company. The organisation will leverage the deep health care experience and substantial capital investment of Water Street to undertake acquisitions and organic projects that will further its growth and rapidly extend its leadership role in the personal emergency response service (PERS) industry.
Frequently Asked Questions (FAQ) :
Connected healthcare market is projected to grow at a 30.27% CAGR between 2013-2022.
North America is expected to dominate the connected healthcare market.
Connected healthcare market is predicted to touch USD 232,871.45 million by 2022.
M-health devices segment will lead the connected healthcare market.
Increasing use of wearable devices in healthcare and rise in lifestyle diseases are the key factors driving the connected healthcare market.