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:
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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Connected Healthcare Market : Growth Drivers
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
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
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
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
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 :
Key questions answered in this report:
Market size value in 2021
USD 51.49 Billion
Revenue forecast in 2028
USD 296.55 Billion
CAGR of almost 27.9 % 2022-2028
2016 - 2021
2022 - 2028
By Product Type, By Application, and By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Fitbit LLC, Drägerwerk AG & Co. KGaA, GE Healthcare, Koninklijke Philips N.V., Omron Healthcare, Inc., Apple, Inc., Garmin International, Inc., Boston Scientific Corp., Abbott, and Medtronic
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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)
Connected Healthcare Market : By Function Outlook (2022-2028)
Connected Healthcare Market : By Application Outlook (2022-2028)
Connected Healthcare Market : By End Use Outlook (2022-2028)
Connected Healthcare Market : By Region Outlook (2022-2028)
Middle East & Africa
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