The global connected healthcare market size is expected to gain momentum by reaching USD 297.95 billion by 2028 while exhibiting a CAGR of 28.4% between 2021 to 2028. In its report titled “Connected Healthcare Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 62.29 billion in 2020 and is estimated to be USD 51.68 billion in 2021.
Connected healthcare is a healthcare management system which uses technology to offer healthcare services remotely. In recent times due to extensive research and development in healthcare along with increased interoperability coupled with digital data management and support from government agencies and key players of the market are accelerating the market growth. For instance, In May 2018, Medicalchain came up with its telemedicine platform named MyClinic.com. This platform allows patients to have doctor consultations through video and use MedTokens to pay for consultations.
The outbreak of the COVID-19 pandemic has had a positive impact on. As, amid pandemic usage of various technologies like telemedicine, e-prescription, etc. increased. Moreover, COVID-19 influenced many companies to come up with updated new technology. For instance, in January 2021, Validic, a healthcare company which offers products such as remote-monitoring devices, sensors and wearables announced the launch of Validic impact. It is a remote patient monitoring solution, designed to integrate into electronic health record (EHR) and care management. We are providing in-depth research reports to help you better understand the current scenario of this market amid the pandemic.
By type the market is divided into mHealth services, mHealth devices and e-Prescription.
• Based on type, the mHealth services segment held the market share of 56.0% in 2020. This is attributable to increased adoption of smartphones and fast internet connectivity worldwide.
On the basis of function, the market is segmented into remote patient monitoring, clinical monitoring, telemedicine and others.
Based on application, the market is divided into diagnosis & treatment, monitoring applications, wellness & prevention, healthcare management and others.
By end user, the market is bifurcated into hospitals & clinics and home monitoring.
The research report focuses on analyzing connected healthcare technology by taking into consideration contributions, prospects, and growth trends. It presents detailed profiles of key players present in the market to determine their competencies in each segment. Besides, it ensures to help our clients better understand the competitive landscape, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Demand for Personalized Healthcare Solutions to Augment Market Growth
The rising demand for personalized healthcare by patients suffering with chronic health problems is expected to boost the connected healthcare market growth. As, it helps connect with patients without any hustle and use of these evolving technologies based on recent discoveries in genomics, behavioral sciences and diagnostics and & clinical medicine offer effective treatment. Therefore, many healthcare providers are using this technology. For instance, in September 2020, Roche promoted remote patient monitoring service for doctors to monitor people with diabetes outside of conventional care settings. Therefore, such personalized healthcare solutions along with company funding are constructing a strong foundation for accelerating market growth.
North America to Dominate Backed by Increased Usage of Telehealth Services in the Region
North America is expected to remain at the forefront and hold the largest position market during the forecast period owing to the growing adoption of smartphones. Besides, increasing usage of smartphones, connected healthcare products, and remote patient monitoring is favoring the regional market. For instance, in May 2020, as per Mckinsey data, there is a dramatic rise in the U.S. telehealth services. The consumers increased by 46% in 2020 in comparison to 11% in the previous year 2019 to avoid exposure to covid-19 and to substitute the canceled visits. The region’s market stood at USD 27.20 billion in 2020.
Europe is expected to showcase a significant connected healthcare market share in upcoming years, owing to the increasing trend of remote patient monitoring services. For instance, according to Healthcare IT News, in 2020, the Digital Healthcare Act (DVG) officially allowed doctors in Germany to prescribe medications through apps to their patients.