Global Connected healthcare Market: Overview
Globally, healthcare expenses are on the rise and the major reason for this is the challenges involved in efficient healthcare delivery. In hospitals & clinics, there is a large vacancy rate for specialists and physicians and is a lack of sufficient beds. The critical care waiting times are also on the rise and these prevalent chronic conditions require long hospitalization times. Furthermore, the industry’s economics have long been driven by paying for care delivered; ignoring the most important part of the care process and it is the outcome. Several transformations have attempted to change the present circumstances which must address the needs of all the major forces in the healthcare ecosystem which include the payers, providers and the patients. The healthcare providers face cost pressures because of the increasing burden on the healthcare delivery system. Payers target reducing hospitalization time and controlling hospital visits and admissions to ensure lower insurance pay outs. Patients want quicker outcomes and choice in the healthcare ecosystem.
The connected health market is revolutionizing healthcare delivery by integrating technology to facilitate remote patient monitoring, telemedicine, and data-driven healthcare management. With a focus on improving accessibility, efficiency, and patient outcomes, connected health solutions enable seamless communication between patients, caregivers, and healthcare providers. This market is witnessing exponential growth fueled by advancements in IoT, AI, and mobile technologies.
Connected health is a new model for healthcare delivery which provides healthcare services remotely. These healthcare solutions consolidate information from many different spheres of a person’s world to give a complete picture of their health that includes biological, genetic, medical, lifestyle and sentiment/mood data. These solutions put the patient at the center of the healthcare system gathering, linking and interpreting information from many different sources to enable informed, patient-centered care decisions.
The Connected Healthcare Market Size was estimated at USD 0.05 billion in 2022 and is expected to expand from USD 0.06 billion in 2023 to USD 0.52 billion by 2032, with a compound yearly growth rate (CAGR) of 30.3% over the forecast period (2023-2032). Among all the regions in the world, the U.S. has been the first choice for the deployment of mobile health Furthermore, the inherent difference in various types of connected healthcare solutions has compelled the formation of a strong framework that provides standardized processes and approach for deploying various healthcare services and applications in this region.
Global Connected healthcare Market - Competitive Analysis
The connected health products and services are developed by different ecosystem players such as device manufacturers (medical, wearable, and others), mobile operators, content providers, healthcare providers and pharmaceutical and medical insurers. The increasing demand for these solutions due to its convenience, accuracy, and cost-effectiveness have forced companies to focus on new product developments and innovations; further, carry out other market developments as well. In this connected healthcare market, major companies are adapting partnerships and collaboration strategies to strengthen their position among other players. The companies have adopted this strategy to combine their assets and achieve a common set of goals.
For instance, in August 2016, Allscripts signs 10 years strategic agreement with Optumcare to deploy Allscripts TouchWork suite as its exclusive electronic health record (EHR) and practice management (PM) solution for physicians. The will work together to provide physicians the clinical, health plan and analytic data that will further enhance the high-quality care they provide to their patients.
Since, the market started gaining attraction; companies across the globe have been striving hard to bring about innovations in mHealth devices and services, depending upon the demand of the consumers. It is expected that with the advent of technological breakthrough achieved by software developers, content providers and network providers and upgraded communication channels, the mHealth devices and solutions will have a favorable impact on the connected healthcare market. Like in October 2016; AliveCor launched the world’s smallest single lead ECG the product name is Kardia. Kardia Band works with Apple Watch to provide a single lead medical grade ECG of the user’s heart rhythm to identify possible Atrial Fibrillation (AFib). AliveCor will ultimately help towards earlier detection and treatment of potentially fatal heart rhythm disorders. This is the way of trying to fast-track innovation into frontline clinical practice.
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