Segments - Connected Healthcare Market by Type (E-prescription, M-health Devices, and M-health Services), Function (Clinical Monitoring, Home Monitoring, Assisted Living, Telemedicine, Remote Patient Monitoring, and Others), Application (Monitoring, Diagnosis & Treatment, Wellness & Prevention, Healthcare Management, Education & Awareness, and Others), End-user (Hospitals & Clinics and Home Care), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global connected healthcare market size was around USD 26.89 billion in 2022 and is estimated to reach USD 100.69 billion by 2031, expanding at a CAGR of around 15.8% during the forecast period, 2023 to 2031. The growth of the market is attributed to the rising internet penetration and growing geriatric population.
Connected healthcare is referred to as a healthcare management system where all the aspects such as patient data and records are linked together. The connected healthcare management system enables hospitals, clinics, and other healthcare facilities to provide care to patients remotely. Connected health and other digital health tools facilitate efficient patient management.
M-health services, e-prescriptions, and m-health devices such as wearables & trackers are some of the examples of connected healthcare. The connected healthcare system offers agility in treatment plans and appointments. This system, with the help of wearables and other devices, help healthcare professionals and patients track, manage, or prevent several illnesses and hereditary conditions.
The system helps in minimizing errors in treatment plans, real-time data, and others. Wide adoption of advanced technologies in connected healthcare help healthcare professionals enhance patients experience.
COVID-19 affected the global connected healthcare market positively. The lockdown, social distancing policies, travel restrictions, and other pandemic-related regulations boosted the adoption of innovative and advanced technologies such as e-prescription, telemedicine, and others across the globe. An increasing number of patients and a limited number of healthcare providers during the pandemic period fueled the global connected healthcare market.
High demand for connected devices, that minimize travel and physical contact, among patients and healthcare professionals during the pandemic facilitated the growth of the global connected healthcare market.
The global connected healthcare market research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global connected healthcare market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2023 to 2031.
Blockchain technology facilitates managing, storing, and helping in accessing patient records and data efficiently. An increasing number of hospitals, clinics, and healthcare professionals adopting blockchain-based platforms to protect the patient identity and maintain health records.
Personalized healthcare provides solutions to several lifestyle diseases and chronic health problems. Personalized healthcare solutions aid healthcare professionals and companies increase their skill sets as well as profitability. Healthcare professionals use various advanced technologies based on genomics, clinical medicine, behavioral science, and others to provide personalized healthcare solutions to patients to enhance the patient experience.
An increasing number of consumers prefer using smartphones to access various healthcare applications to manage their health. Wearable devices such as blood pressure monitors, trackers, glucose meters, and others help patients track various aspects of such as calories burned, heart rate, oxygen level, distance traveled, and others.
Growing demand for easy access to health data among consumers propel several healthcare companies to develop smartphone applications and wearable devices, which spurs the demand for the global connected healthcare market.
Lack of security standards across the connected healthcare market leads to dangers associated with data loss. Increasing risks of data protection hazards, data theft, and cyber-attacks are anticipated to restrain the growth of the global connected healthcare market in the coming years.
Increasing demand for innovative and advanced technologies such as telemedicine, video telephony, wearables, and others offer lucrative opportunities to the market players. Growing government spending on healthcare infrastructure in developing counties is estimated to create revenue opportunities for the market players in the coming years.
The global connected healthcare market research report includes an assessment of the market trends, market segments, and regional markets. Market overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Connected Healthcare Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Type (E-prescription, M-health Devices, and M-health Services), Function (Clinical Monitoring, Home Monitoring, Assisted Living, Telemedicine, Remote Patient Monitoring, and Others), Application (Monitoring, Diagnosis & Treatment, Wellness & Prevention, Healthcare Management, Education & Awareness, and Others), and End-User (Hospitals & Clinics and Home Care) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
General Electric Company (GE Healthcare); Varian Medical Systems, Inc.; Boston Scientific Corporation; Siemens Healthcare GmbH; Teladoc Health, Inc.; Altera Digital Health Inc.; Allscripts Healthcare, LLC; OMRON Healthcare, Inc.; Fitbit; Koninklijke Philips N.V.; Oracle (Cerner Corporation); McKesson Corporation; Apple Inc.; International Business Machines Corporation; NXGN Management, LLC.; Medtronic; Stasis Labs Inc. (Statis Health); AirStrip Technologies, Inc; SAP SE; Accenture; Microsoft; Qualcomm Technologies, Inc.; AgaMatrix; Persistent Systems; Honeywell International Inc; Sanofi; Vivify Health, Inc.; and Others |
In terms of type, the global connected healthcare market is divided into e-prescription, m-health devices, and m-health services. The m-health services segment is projected to hold a key market share during the forecast period, owing to rising penetration of the internet and growing adoption of smart devices across the globe.
The young population across the globe is increasingly shifting toward using smart devices such as smartphones and smartphone applications to access several healthcare services. The rising availability and adoption of cost-effective smart wearable devices among consumers help in the expansion of the m-health segment.
The e-prescription segment is anticipated to register rapid growth in the coming years, owing to the growing adoption of electronic health records solutions to help in reducing medical errors globally. E-prescriptions offer several benefits such as patient protection, precision, improvement in quality of treatment, and monitoring of patient prescription fulfillment. These are the factors driving the e-prescription segment.
On the basis of function, the global connected healthcare market is segregated into clinical monitoring, home monitoring, assisted living, telemedicine, remote patient monitoring, and others. The telemedicine segment is estimated to witness a high CAGR during the forecast period, owing to the surging adoption of telemedicine services across the globe.
An increasing number of consumers are steadily opting and preferring telemedicine as an acceptable form of medical care. This factor boosts the growth of the telemedicine segment.
The remote patient monitoring segment is anticipated to register rapid growth in the coming years, due to the growing geriatric population across the globe. An increasing number of patients prefer to rest in the comfortable atmosphere of their houses. Remote patient monitoring services aid healthcare professionals to monitor critical health conditions of patients remotely. This is a major factor boosting the growth of the remote patient monitoring segment.
Based on application, the global connected healthcare market is divided into monitoring, diagnosis & treatment, wellness & prevention, healthcare management, education & awareness, and others. The healthcare management segment is expected to grow at a rapid pace during the forecast period, owing to the increasing number of patient data health records.
Healthcare professionals use connected healthcare services to gather, manage, and share sensitive patient data and health records across several connected devices. This makes the data easily accessible. Increasing penetration of connected healthcare services in medical facilities, public health systems, hospitals, and others spur the growth of the healthcare management segment.
The monitoring segment is anticipated to expand in the coming years, as several clinics, hospitals, and healthcare professionals are adopting remote patient monitoring and other monitoring systems. Growing geriatric population and rising adoption of wearable remote monitoring devices across the globe drive the monitoring segment.
On the basis of end-user, the global connected healthcare market is segregated into hospitals & clinics and home care. The hospitals & clinics segment is projected to account for a large market revenue share during the forecast period, owing to increasing demand for remote patient monitoring systems and electronic health records in hospitals and clinics across the globe.
An increasing number of hospitals and clinics are investing in remote patient technologies across the globe. Wide acceptance and adoption of advanced technology such as IoT-enabled healthcare solutions infrastructure boost the growth of the hospitals and clinics segment.
In terms of region, the global connected healthcare market Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The connected healthcare market in North America is expected to register a high CAGR during the forecast period, owing to the rapid technological advancements in the region.
Well developed healthcare infrastructure and wide adoption of the internet in countries such as the US and Canada facilitate the expansion of the connected healthcare market in the region. High adoption of smart devices, a growing number of smartphone applications for wellness & wellbeing, and increasing demand for telemedicine services across North America fuel the growth of the connected healthcare market in the region.
The connected healthcare market in Asia Pacific is estimated to register rapid growth in the coming years, due to the increasing adoption of smart wearable devices across the region. Rapid urbanization, rising disposable income, and increasing awareness regarding telemedicine across the region.
The growing geriatric population and prevalence of chronic diseases in the region facilitate the expansion of the connected healthcare market in Asia Pacific. Growing patient-centric approaches in healthcare as well as growing healthcare infrastructure boosts the market in Asia Pacific.
The global connected healthcare market has been segmented on the basis of
Key companies competing in the global connected healthcare market are General Electric Company (GE Healthcare); Varian Medical Systems, Inc.; Boston Scientific Corporation; Siemens Healthcare GmbH; Teladoc Health, Inc.; Altera Digital Health Inc.; Allscripts Healthcare, LLC; OMRON Healthcare, Inc.; Fitbit; Koninklijke Philips N.V.; Oracle (Cerner Corporation); McKesson Corporation; Apple Inc.; International Business Machines Corporation; NXGN Management, LLC.; Medtronic; Stasis Labs Inc. (Statis Health); AirStrip Technologies, Inc; SAP SE; Accenture; Microsoft; Qualcomm Technologies, Inc.; AgaMatrix; Persistent Systems; Honeywell International Inc; Sanofi; Vivify Health, Inc.; and others.
Some of these major companies have adopted various business development strategies including acquisitions, mergers, collaborations, partnerships, product launches, and production capacity expansion to expand their consumer base and enhance their market share.
The global connected healthcare market size was valued at around USD 23.22 billion in 2021 and is anticipated to reach around USD 103.2 billion by 2030.
The global connected healthcare market is estimated to register a CAGR of around 15.8% during the forecast period.
Type, function, application, end-user, and region are the segments provided in the global connected healthcare market report.
General Electric Company (GE Healthcare); Varian Medical Systems, Inc.; Boston Scientific Corporation; Siemens Healthcare GmbH; Teladoc Health, Inc.; Altera Digital Health Inc.; Allscripts Healthcare, LLC; OMRON Healthcare, Inc.; Fitbit; Koninklijke Philips N.V.; Oracle (Cerner Corporation); McKesson Corporation; Apple Inc.; International Business Machines Corporation; NXGN Management, LLC.; Medtronic; Stasis Labs Inc. (Statis Health); AirStrip Technologies, Inc; SAP SE; Accenture; Microsoft; Qualcomm Technologies, Inc.; AgaMatrix; Persistent Systems; Honeywell International Inc; Sanofi; and Vivify Health, Inc. are some of the key players in the global connected healthcare market.
North America dominates the global connected healthcare market.