Connected Healthcare Market Accelerates Expected CAGR of 28.60% to Exceed USD 959.1 Billion by 2034 – According to PMI

“Connected Healthcare Market” from 2024 to 2034, including target segments (Connected Healthcare Market, by function (telemedicine, home monitoring, lifestyle assistance, clinical monitoring), by type (e-prescription, mHealth services, mHealth Devices), Applications) (Diagnostics & Treatments, Monitoring Applications, Education & Awareness, Health & Prevention, Healthcare Management, Others), and Regional Forecasts, 2024-2034), Market Strategies & Industry Expertise & New Cutting Edges We offer the perfect combination of technologies. To provide you with the best experience.

COVINA, Feb. 25, 2024 (Globe Newswire) — “According to recent research studies, Connected healthcare market Size was valued at approximately USD 124.5 billion is expected to grow at a CAGR of in 2024 28.60% To extend the value of USD 959.1 billion By 2034. ”

What is connected healthcare?

Market overview:

Connected healthcare refers to the integration of technology into healthcare systems to improve delivery and access to healthcare services, improve patient outcomes, and streamline operations. At its core, connected healthcare leverages a variety of digital technologies to facilitate communication, data sharing, and collaboration between patients, providers, medical devices, and systems.

Key elements of linked healthcare include:

• Health Information Technology (HIT): This includes electronic health records (EHRs), patient portals, telehealth platforms, and other digital tools that enable the secure exchange of health information between patients and healthcare providers.

• Internet of Things (IoT) devices: IoT devices such as wearable fitness trackers, smartwatches, and medical sensors collect real-time data on patient health metrics, activity, and vital signs. These devices enable remote monitoring and preventive medical intervention.

• Telemedicine and telemedicine services: Telehealth platforms allow patients to consult with health care providers remotely, reducing the need for in-person visits and improving access to care, especially in underserved areas.

• Data analysis and artificial intelligence (AI): Advanced analytics and AI algorithms can process large amounts of medical data to identify trends, predict patient outcomes, and personalize treatment plans. These technologies also play an important role in disease diagnosis, drug discovery, and population health management.

• Mobile health (mHealth) applications: Mobile apps allow patients to track their health metrics, manage chronic conditions, access educational resources, and easily communicate with their healthcare providers from their smartphones or tablets.

• Interoperability standards: Standardized protocols and interoperable systems enable seamless data exchange and integration between different healthcare facilities, electronic devices, and software platforms.

story continues

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*Note: PMI sample report includes:

• Overview and introduction of market research

• Market revenue and CAGR

• Market drivers and restraints

• Key key players in the market

• Regional analysis of the market with detailed graphs

• Detailed market segmentation in tabular format

• Recent market trends/news

• Market opportunities and challenges

Top leaders in the connected healthcare market:

• Accenture

• IBM Co., Ltd.

• SAP SE

• GE Healthcare Co., Ltd.

• Oracle Corporation

• microsoft

• Airstrip Technologies Co., Ltd.

• Medtronic Co., Ltd.

• Allscripts Healthcare Solutions Co., Ltd.

• Boston Scientific Corporation.

Market dynamics:

Driving factors:

• Rapid advances in digital health technologies such as IoT, AI, cloud computing, and mobile applications are driving the expansion of connected healthcare solutions.

• Demand for remote monitoring solutions and telehealth services is increasing, especially in rural and underserved areas, driving the adoption of connected healthcare systems.

• An aging population and an increase in chronic diseases are increasing the need for remote patient monitoring, personalized care plans, and proactive interventions, driving demand for connected healthcare solutions.

• Healthcare providers are under pressure to reduce costs, improve operational efficiency, and improve patient outcomes. Connected healthcare technologies offer opportunities to streamline workflows, optimize resource utilization, and prevent costly medical errors.

• Government regulations, policies, and financial incentives aimed at promoting interoperability, data exchange, and telehealth adoption are driving the adoption of connected healthcare solutions.

• Patients are becoming increasingly proactive in managing their health and expect convenient access to healthcare services, personalized care experiences, and real-time health information, driving demand for connected healthcare solutions.

Inhibiting factors:

Emerging trends and opportunities Connected healthcare market:

• The increasing prevalence of chronic diseases and aging of the population are increasing the demand for remote patient monitoring solutions. RPM allows healthcare providers to remotely monitor patient health metrics, vital signs, and medication adherence in real time, facilitating early intervention, personalized care planning, and improved patient outcomes.

• The proliferation of wearable health technologies such as smartwatches, fitness trackers, and medical-grade wearables has enabled individuals to continuously monitor their health and fitness metrics.

• Telemedicine and virtual care solutions allow patients to consult with healthcare providers remotely, eliminating geographic barriers, improving access to healthcare services, and reducing healthcare costs.

• AI-powered analytics and machine learning algorithms analyze vast amounts of medical data to identify patterns, trends, and insights that inform clinical decision-making, disease diagnosis, and treatment optimization.

• Blockchain technology offers an opportunity to enhance data security, integrity, and interoperability in connected healthcare systems. Blockchain can address challenges related to data privacy, identity management, and health data interoperability by enabling secure and transparent transactions, data sharing, and decentralized health information exchange.

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Connected Healthcare Market Challenges:

• Population disparities in access to technology, internet connectivity, and digital literacy skills are contributing to the digital divide in healthcare.

• Socioeconomic factors, geographic location, and cultural barriers can limit access to connected healthcare services, exacerbate health inequalities, and widen disparities in health outcomes.

• Integrating connected healthcare solutions with existing healthcare infrastructure, legacy systems, and electronic health record (EHR) systems presents technical challenges and interoperability issues.

• Seamless integration requires compatibility, data standardization, and interoperability protocols to ensure data exchange and workflow integration across diverse healthcare settings.

• Limited financial resources, budget constraints, and uncertainty about the return on investment (ROI) for connected healthcare investments can deter healthcare organizations from implementing and expanding connected healthcare solutions.

• To justify investments in connected healthcare technology, it is important to demonstrate tangible benefits, cost savings, and improved patient outcomes.

Detailed segmentation:

Connected Healthcare Market by Function:

• • • telemedicine

    • home monitoring

    • Livelihood support

    • clinical monitoring

Connected Healthcare Market by Type:

• • • electronic prescription

    • mHealth services

    • mHealth device

Connected Healthcare Market by Application:

• • • diagnosis and treatment

    • Application monitoring

    • education and awareness

    • health and prevention

    • health care

    • others

Connected Healthcare Market by Region:

• • • North America

    • Europe

      • • Germany

        • England

        • France

        • Russia

        • Italy

        • rest of europe

    • Asia Pacific

      • • China

        • India

        • Japan

        • South Korea

        • Rest of Asia Pacific

    • latin america

      • • Brazil

        • Mexico

        • Rest of Latin America

    • middle east and africa

Regional analysis:

Regional insights focus on the diverse market dynamics, regulatory landscape, and growth drivers shaping the Connected Healthcare market across various geographical regions. Understanding regional nuances and market trends is essential for stakeholders to take advantage of new opportunities and drive market expansion in the connected healthcare space.

North America is witnessing increasing adoption of remote patient monitoring solutions for chronic disease patient monitoring, population health management, and readmission prevention, and Asia-Pacific market is estimated to gain the fastest share during the forecast period. RPM technologies such as wearable sensors, mobile apps, and remote monitoring devices allow patients to take an active role in their health management and facilitate proactive interventions by healthcare providers.

Report scope:

Key highlights of the connected healthcare market:

• The connected healthcare market is experiencing steady growth due to factors such as rising healthcare costs, technological advancements, and increasing demand for cost-effective manufacturing solutions.

• Connected Healthcare offers manufacturers a cost-effective solution by reducing overhead, labor costs, and infrastructure investments associated with in-house production.

• Outsourcing companies often have expertise in areas such as design, engineering, regulatory compliance, and manufacturing processes, giving medical device companies access to skills and resources not available in-house.

• Outsourcing partners help medical device companies deal with complex regulatory landscapes and ensure compliance with strict quality and safety standards to European marking regulations imposed by regulators such as the US FDA (Food and Drug Administration). Helpful.

• Outsourcing allows medical device manufacturers to expand their market reach by accessing outsourcing partners with established networks, distribution channels, and market presence in different regions around the world.

• The connected healthcare market is characterized by strategic partnerships and collaborations between manufacturers and outsourcing companies, enabling expertise sharing, risk mitigation, and innovation throughout the product development lifecycle.

• Rapid advances in technologies such as additive manufacturing, robotics, artificial intelligence, and digital health solutions are driving innovation and efficiency in the connected healthcare market.

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