Market Overview:
The Global Connected Care Market was estimated at USD 37.29 Billion in 2021 and is projected to reach USD 174.55 Billion by 2028, growing at a CAGR of 24.67% during the analysis period.
Technology-enabled care, also known as connected health care, is the use of contemporary technology to allow patients to receive healthcare remotely, outside of conventional models of care delivery. In reality, it refers to any strategy that makes it possible to deliver healthcare in a way that is more patient-centered and participative. Examples of this type of care include telehealth programs, remote care such as home visits, illness, and lifestyle management, and new technologies to improve patient connectivity. Improving information sharing and, ultimately, patient care, also entails connecting a patient's care. The Government Accounting Office (GAO) of the United States claims that remote patient monitoring technology is still in development and that there is no agreement on how to use and remunerate for the range of delivery models, including the breadth of services and procedures.
Top Key Players Covered In The Connected Care Market:
- Allscripts Healthcare LLC. (U.S.)
- Cerner Corporation (U.S.)
- Koninklijke Philips N. V (Netherlands)
- McKesson Corporation (U.S.)
- Apple Inc. (U.S.)
- Omron Corporation (Japan)
- General Electric Company (U.S.)
- Fitbit Inc. (U.S.)
- IBM Corporation (U.S.)
- NXGN Management LLC and other major players.
- Market Dynamics and Factors:
The high benefits of personalized healthcare solutions are driving the connected care market. Chronic health issues and many lifestyle disorders may be treated with the help of personalized healthcare, which is based on recent advances in genetics, behavioral sciences, diagnostics, and clinical medicine. In September 2020, Roche will launch a remote patient monitoring system that will enable medical professionals to monitor diabetic patients outside of the hospital. Additionally, companies around the globe have realized the value of utilizing individualized healthcare solutions to increase employee productivity and profits. The market has reportedly undergone unusual activity, such as an increase in venture capital financing, claims McKinsey.
Rising integration of it in healthcare is expected to drive the connected care market. Healthcare is one industry where data security is still a concern. As a result, the healthcare sector is embracing blockchain technology as a way to, among other things, handle, store, and access patient information more effectively and securely. A blockchain council article claims that the technology safeguards patient identification and keeps track of its origin. In May 2018, Medicalchain released MyClinic.com, a telemedicine platform that allows users to pay with MedTokens and have video consultations with doctors. In addition, many companies are implementing blockchain technology to protect patient data.
Connected Care Market Report Highlight:
- By type, the mHealth services segment is anticipated to lead the growth of the Connected Care market in the forecasted timeframe. People can now access a variety of healthcare services via wireless technology thanks to rising smartphone adoption, which has led to the rising acceptance of mHealth services.
- By function, the telemedicine segment is expected to have the highest share of the Connected Care market over the projected period. Because of things like the rapidly growing use of telemedicine services. For instance, up to 89% of patients prefer telemedicine as an acceptable form of medical care, according to a survey conducted by the Multidisciplinary Digital Publishing Institute (MDPI) journals.
- By application, the wellness & prevention segment is set to develop at the highest CAGR during the forecasted timeframe. A sizable audience has been drawn in by the possibility of getting professional opinions from home. The majority of the time, minor medical issues like the common cold and the flu don't need to be treated right away in the hospital. In this situation, connected care offers remote consulting, prevention treatment, and cause diagnosis.
- The North American region is expected to have the highest share of the Connected Care market over the projected period. Due to rising healthcare costs, expanding smartphone use, increasing demand for connected healthcare products, and remote patient monitoring, the region dominated the global market in 2020.
Key Industry Development:
In April 2021, Varian Medical Systems, Inc. was acquired by Siemens Healthineers AG Siemens Healthineers, in collaboration with Varian, is developing "EnVision," an all-encompassing digital, diagnostic, and therapeutic environment that incorporates treatment management. AI-assisted analytics will be used by Siemens Healthineers to boost the creation and delivery of data-driven precision care.
In July 2020, Mount Sinai Health System and OMRON Healthcare, Inc. cooperated. Patients at high risk were able to use VitalSight to monitor their blood pressure at home because of this partnership.
Connected Care Market Segmentation:
By Type
- mHealth services
- mHealth devices
- e-Prescription
By Function
- Remote patient monitoring
- Clinical Monitoring
- Telemedicine
- Others
By Application
- Diagnosis & Treatment
- Monitoring Applications
- Wellness & Prevention
- Healthcare Management
- Others
For this report, Introspective Market Research has segmented the Connected Care Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
