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The Connected Healthcare Market, valued at USD 0.06 billion in 2022, is expected to experience robust growth, reaching USD 0.53 billion by 2032, with a remarkable compound annual growth rate (CAGR) of 30.31% during the forecast period (2023 - 2032). This growth is primarily attributed to the increasing adoption of personalized healthcare solutions, the widespread use of smartphones and wearable devices, and the integration of advanced information technology.
Key Drivers of Connected Healthcare Market Growth:
Adoption of Personalized Healthcare Solutions: The market is witnessing a transformative shift with the adoption of personalized healthcare solutions. These solutions leverage connected devices, data analytics, and machine learning to offer individualized medical treatments. This approach enhances the precision and effectiveness of treatments, leading to improved patient outcomes and a higher quality of care.
Rise in Smartphones and Wearable Devices: The growing use of smartphones and wearable devices is a significant driver of market growth. These technologies enable remote patient monitoring and facilitate the collection of valuable health data, contributing to better healthcare management.
Integration of Information Technology: The integration of information technology, including genomics, behavioral sciences, diagnostics, and clinical medicine, is addressing chronic health issues and lifestyle disorders. Companies are investing in personalized healthcare solutions, leading to increased venture capital funding and notable market activities.
Telemedicine Services: The popularity of telemedicine services has surged, especially during the COVID-19 pandemic, as individuals seek alternative ways to monitor their health. The increased sales of smart wearables, such as smartwatches, indicate a potential long-term shift in how connected healthcare equipment and services are utilized.
Market Trends:
Venture Capital Funding: Companies in the connected healthcare sector are experiencing increased venture capital funding, signaling strong market support and growth potential.
Technological Advancements: Ongoing technological advancements, such as the development of mHealth devices and innovative product designs, are expected to propel market expansion.
Internet of Things (IoT) Integration: The targeted adoption of IoT devices and wearable medical equipment, comprising sensors and mobile communication devices, is contributing to market growth.
Connected Healthcare Market Segmentation:
1. Connected Healthcare Type:
· M-Health Services
· M-Health Devices
· E-prescription
2. Connected Healthcare Application:
· Monitoring Applications
· Diagnosis & Treatment
· Education & Awareness
· Healthcare Management
· Wellness & Prevention
· Other Applications
3. Connected Healthcare Regional Insights:
· North America: Leading the market with a highly developed healthcare infrastructure and extensive internet coverage.
· Europe: Significant growth fueled by increased smartphone usage and the rise of remote patient monitoring services.
· Asia-Pacific: Expected to experience the fastest CAGR, driven by the demand for wearable medical equipment and government funding for healthcare infrastructure.
Connected Healthcare Key Market Players:
Key companies in the connected healthcare market include Agamatrix, AirStrip Technologies, AliveCor Inc, Allscripts, Apple Inc., Athenahealth, Boston Scientific Corporation, Cerner, GE Healthcare, Honeywell Life Care Solutions, and Medtronics, among others.
Industry Developments:
· In 2019, Philips launched the HealthSuite System of Engagement, a cloud-based platform connecting patients, providers, and caregivers.
· In 2020, Fitbit introduced the Fitbit Sense smartwatch, incorporating stress management features and AI-powered tools.
Conclusion:
The connected healthcare market is poised for substantial growth, driven by the adoption of personalized healthcare solutions, advancements in technology, and increasing awareness of connected health devices. Key players are focusing on research and development, strategic initiatives, and global expansion to meet the rising demand in this competitive and evolving market environment.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65576
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