Statistics on Global Connected Healthcare Market Size & Share to Surpass USD 296.55 Billion by 2028, Exhibit a CAGR of 27.9% | Industry Trends, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, June 27, 2022 /PRNewswire/ — As per Zion Market Research study, The global connected healthcare market attained revenue growth of USD 51.49 billion in 2021 and is forecasted to reach nearly USD 296.55 billion by 2028, with a compound annual growth rate (CAGR) of approximately 27.9 percent over the forecast period.
Key Industry Insights & Finding of the Connected Healthcare Market Reports:
- As per the analysis shared by our research analyst, the Connected Healthcare Market is expected to grow annually at a CAGR of around 27.9 % (2022-2028).
- Through the primary research, it was established that the Connected Healthcare Market was valued approximately USD 51.49 Billion in 2021 and is projected to reach to roughly USD 296.55 Billion by 2028.
- North America is likely to play a leading role and retain the highest share in the global connected healthcare during the projection period owing to the rapid adoption of advanced technology and strong network connectivity.
- Growing inclination toward remote patient monitoring services, Europe is likely to have a large connected healthcare market share in the next years.
- High internet penetration in the region, a thriving consumer electronics sector, rising government healthcare spending, and an expanding patient pool the Asia Pacific market is positioned for rapid expansion.
- The enormous scope of connected healthcare services and goods, market development is hampered by infrastructure and technological limitations.
Zion Market Research published the latest report titled as “Connected Healthcare Market By Type (MHealth Services, MHealth Devices, And E-Prescription), By Function (Remote Patient Monitoring, Clinical Monitoring, Telemedicine, And Others), By Application (Diagnosis & Treatment, Monitoring Applications, Wellness & Prevention, Healthcare Management, And Others), By End User (Hospitals & Clinics And Home Monitoring), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” into their research database.
Connected Healthcare Market : Overview
In general, connected health refers to a unified framework for telemedicine and telehealth through connected medical devices. Patients and healthcare organizations across the globe benefit from these linked healthcare solutions. Presently, healthcare organizations are under unprecedented strain, prompting an examination of innovative ways to provide treatment to patients while lowering costs which is mainly attracting connected healthcare solutions.
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Industry Dynamics:
Connected Healthcare Market : Growth Drivers
- Increasing popularity of wearable devices and smartphones is likely to enhance the market growth.
As technology continues to revolutionize patient care and patients’ willingness to track their health grows, the use of smartphones and wearable devices is increasing, bringing a new set of benefits to the global connected healthcare market. Trackers, blood pressure monitors, and glucose meters are examples of wearable devices that may be used to measure activities such as distance traveled, heart rate, and calories burned. Since patients may assess self-medical indicators with these gadgets, the expenditures for frequent checks are significantly lowered. Additionally, numerous organizations are also developing mHealth services throughout the world. All such factors coupled with rising digitization and growing inclination toward a healthy lifestyle are fostering the market growth.
Connected Healthcare Market : Restraints
- High-capital investment may hinder the market growth.
Despite the enormous scope of connected healthcare services and goods, market development is hampered by infrastructure and technological limitations. Installing essential equipment, systems, and devices associated with real-time monitoring of healthcare parameters is extremely expensive, posing a significant market constraint. Low penetration of the internet, as well as connected healthcare in underdeveloped countries, are also some of the factors that are limiting the market growth.
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Global Connected Healthcare Market : Opportunities
- Increasing adoption of digital health by private and public healthcare players is likely to offer better growth opportunities for market growth.
Scheduling and treatment plans are more flexible in the connected healthcare environment. Instead of waiting in lines at hospitals, people may get a variety of services at work or at home. In addition, smart wearables make it possible to get a diagnosis and treatment at home. This lowers the danger of disease transmission while allowing hospitals to focus on the patients who need it most. Also, the advantage of big data which helps physicians forecast and choose the best course of action for their patients by connecting diverse sections of the healthcare industry gives doctors more confidence when deciding on the best course of action while also reducing clinical error. With all such possibilities, healthcare operators are more willing to adopt connected healthcare.
Global Connected Healthcare Market : Challenges
- Dearth of security standards to challenge the market growth.
Factors like lack of security standards and the possibility of data loss are likely to pose a challenge to the market expansion. Although connected health care is groundbreaking, it raises a number of concerns about the security of health data. Data security threats, cyber-attacks, a dearth of knowledge of health apps, and a shortage of educated people to manage large amounts of data are also some of the factors that might pose a challenge to the global connected healthcare market’s growth.
Global Connected Healthcare Market : Segmentation
- The global connected health market is divided based on type, function, application, end-user, and region.
Based on the type, the global market is segregated based on e-Prescription, mHealth devices, and mHealth services. By function, the market is split into telemedicine, clinical monitoring, remote patient monitoring, and others. The application segment is bifurcated into healthcare management, wellness & prevention, monitoring applications, diagnosis & treatment, and others. Based on the end-user, the market is categorized into home monitoring and hospitals & clinics.
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List of Key Players of Connected Healthcare Market :
- Fitbit LLC
- Drägerwerk AG & Co. KGaA
- GE Healthcare
- Koninklijke Philips N.V.
- Omron Healthcare Inc.
- Apple Inc.
- Garmin International Inc.
- Boston Scientific Corp.
- Abbott
- Medtronic
Key questions answered in this report:
- What are the growth rate forecast and market size for Connected Healthcare Market ?
- What are the key driving factors propelling the Connected Healthcare Market forward?
- What are the most important companies in the Connected Healthcare Market Industry?
- What segments does the Connected Healthcare Market cover?
- How can I receive a free copy of the Connected Healthcare Market sample report and company profiles?
Report Scope:
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Recent Developments
- May 2021, IBM Watson Health introduced the newest iteration of IBM iConnect® Access, its diagnostic viewer and image interchange platform. IBM iConnect Access is a genuine zero-download online viewer that allows healthcare practitioners to gather, exchange, and receive medical imaging records across the company and expanded the healthcare team in real-time, from any internet-linked device.
- April 2021, Microsoft Corp. and Nuance Communications, Inc. recently disclosed the signing of a formal deal under which Microsoft would purchase Nuance for $56.00 per share, representing a 23 percent premium over Nuance’s closing price.
Regional Dominance:
- Rapid adoption of advanced technology.
North America is likely to play a leading role and retain the highest share in the global connected healthcare during the projection period owing to the rapid adoption of advanced technology and strong network connectivity. Furthermore, the regional market benefits from remote patient monitoring, connected healthcare devices, and the growing use of smartphones. Due to the sheer growing inclination toward remote patient monitoring services, Europe is likely to have a large connected healthcare market share in the next years. Furthermore, due to high internet penetration in the region, a thriving consumer electronics sector, rising government healthcare spending, and an expanding patient pool the Asia Pacific market is positioned for rapid expansion.
Global Connected Healthcare Market is segmented as follows:
Connected Healthcare Market : By Type Outlook (2022-2028)
- mHealth services
- mHealth devices
- e-Prescription
Connected Healthcare Market : By Function Outlook (2022-2028)
- Remote patient monitoring
- Clinical Monitoring
- Telemedicine
- Others
Connected Healthcare Market : By Application Outlook (2022-2028)
- Diagnosis & Treatment
- Monitoring Applications
- Wellness & Prevention
- Healthcare Management
- Others
Connected Healthcare Market : By End Use Outlook (2022-2028)
- Hospitals & Clinics
- Home Monitoring
Connected Healthcare Market : By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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