Increasing prevalence of chronic diseases and infections, rising geriatric population, and increasing demand for remote patient monitoring are some key factors expected to drive Connected Healthcare market growth.
Increasing prevalence of chronic diseases and infections, rising geriatric population, and increasing demand for remote patient monitoring are some key factors expected to drive Connected Healthcare market growth.
Market Dynamics:
Connected health is transforming overall healthcare system by enabling virtual meetings between patients and their medical practitioners seamlessly and more conveniently than before. It is a socio-technical management system developed for delivering latest healthcare services virtually round the clock. Better internet connectivity is enabling healthcare facilities to provide better patient outcomes and improve clinical outcomes.
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Over the recent years, rapid advancements in connected health, high penetration of internet, and increasing incidence of chronic diseases and medical emergencies have resulted in high adoption of connected healthcare in many countries across the globe. Factors such as rapid advancements in healthcare sector, rising penetration of IT in healthcare, improving healthcare infrastructure and increasing healthcare expenditure, and growing awareness about telehealth are expected to fuel global market revenue growth during the forecast period.
In addition, growing network of hospitals and clinics, fast-paced adoption of advanced IoT technology and telehealth services, increasing penetration of smart devices and high-speed internet, and rising investments to accelerate research and development activities are expected to fuel global market growth going ahead. However, high capital investments, lack of security standards, high risk of data breaching and cyberattacks, and low awareness about advanced technologies, telemedicine, and mHealth apps are some key factors that can restrain global connected healthcare market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
e-Prescription Register Rapid Revenue CAGR:
The e-prescription segment is expected to register rapid revenue CAGR over the forecast period owing to factors such as high patient pool, increasing awareness of telemedicine services, and steady adoption of e-prescription services in many hospitals and clinics worldwide.
Telemedicine Segment to Account for Largest Revenue Share:
The telemedicine segment is expected to account for largest revenue share between 2020 and 2027. Revenue growth can be attributed to factors such as increasing prevalence of chronic diseases across the globe, high penetration of internet and smart devices, rising awareness about telemedicine and remote monitoring services, and high demand for telemedicine during the COVID-19 outbreak.
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Asia Pacific to Register for Rapid Revenue CAGR:
Asia Pacific market revenue is expected to expand at a rapid CAGR over the forecast period owing to presence of large patient pool, improving healthcare infrastructure, increasing adoption of latest healthcare systems and facilities, and rising awareness about connected healthcare and telemedicine. Other factors such as high penetration of internet and smart devices, growing demand for remote patient monitoring, and increasing number of government initiatives to encourage adoption of connected healthcare systems are expected to further boost Asia Pacific market growth during the forecast period.
Major Companies in the Market Include:
- Microsoft
- Apple Inc.
- Boston Scientific Corporation
- Cerner
- GE Healthcare
- Koninklijke Philips NV,
- Agamatrix, Inc.
- Athenahealth Inc.
- AirStrip Technologies
- AliveCor Inc.
- Qualcomm
- Honeywell Life Care Solutions
- Allscripts
- Sanofi
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For the purpose of this report, Emergen Research has segmented the global connected healthcare market on the basis of product, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2017–2027)
- m-Health Devices
- m-Health Services
- e-Prescription
Function Outlook (Revenue, USD Billion; 2017–2027)
- Clinical Monitoring
- Home Monitoring
- Telemedicine
- Assisted Living
Application Outlook (Revenue, USD Billion; 2017–2027)
- Monitoring Applications
- Diagnosis & Treatment
- Healthcare Management
- Education & Awareness
- Others
End Use Outlook (Revenue, USD Billion; 2017–2027)
- Hospitals
- Clinics
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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