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Connected Healthcare Global Market Report 2022

·4-min read

Major players in the connected healthcare market are Allscripts Healthcare, LLC, Cerner Corporation, Koninklijke Philips N. V. , IBM Corporation, AirStrip, AgaMatrix, AliveCor, Inc. , Apple Inc, Athenahealth Inc.

New York, June 01, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Connected Healthcare Global Market Report 2022" -
, Boston Scientific Corporation, GE Healthcare, Medtronic, Microsoft Corporation, Qualcomm, SAP, Oracle, Accenture, Honeywell Life Care Solutions, Persistent Systems, Sanofi and Vivify Health, Inc.

The global connected healthcare market is expected to grow from $78.65 billion in 2021 to $99.87 billion in 2022 at a compound annual growth rate (CAGR) of 26.98%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $266.69 billion in 2026 at a CAGR of 27.83%.

The connected healthcare market consists of sales of connected healthcare products and services by entities (organizations, sole traders, and partnerships) combining health, technology and mobile telecommunications.Connected healthcare enables hospitals, clinics and other healthcare service providers to provide care remotely.

It also ensures that doctors, patients and family members have access to critical health information.

The main types of connected healthcare are e-Prescription, mHealth services and mHealth devices.E-prescription refers to a digital format prescription different from traditional written prescription, used to send prescription orders to patients, physicians, or other medical practitioners during treatment.

E-prescriptions enhances the practice of prescribing, improves accuracy with minimal writing errors.The different connected healthcare functions include remote patient monitoring, clinical monitoring, telemedicine and other functions.

The applications of connected healthcare include monitoring applications, diagnosis and treatment, education and awareness, healthcare management and wellness and prevention, which are used by end-users such as hospitals and clinics and home monitoring.

North America was the largest region in the connected healthcare market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The growing integration of IT in healthcare is significantly contributing to the growth of the connected healthcare market.Connected healthcare uses the internet and other wireless technology to gather patients’ data and help patients connect with their caregivers, which promotes healthcare monitoring remotely using automated systems.

Connected healthcare requires healthcare IT integration software and its integration into healthcare devices and applications for smooth function and maintaining of vast medical data, which enhances remote healthcare management. For instance, in 2021, according to a report by US based medical workflow company, Mobius MD, in the United States, approximately 3.87 million people used health or fitness apps in 2020. According to US based customer engagement platform, MoEngage, the downloads of health and fitness apps in Q1 and Q2 2020, grew by 46% worldwide, with India seeing the highest increase in downloads, rising by 156%. Therefore, the growing integration of IT in healthcare is expected to propel the growth of the connected healthcare market over the forecast period.

Technological advancement in connected healthcare is the key trend gaining popularity in connected healthcare market.The connected healthcare industry is increasingly focusing on developing new technologies that could give better solutions and results.

For instance, in June 2020, Boston Scientific, a US-based medical solutions company, announced the launch of the DIRECTSENSE Technology, a tool for measuring the effect of radiofrequency (RF) energy delivery during cardiac ablation treatments. The DIRECTSENSE Technology is available on the RHYTHMIA HDx Mapping System that monitors changes in local impedance, electrical resistance around the tip of the ablation catheter, providing physicians with an additional measurement of therapy effect during an ablation.

In February 2021, Koninklijke Philips N.V., a Dutch professional healthcare solutions company, acquired BioTelemetry Inc, for an undisclosed amount. Through this acquisition, Koninklijke Philips aims to enhance its cardiac care portfolio, telehealth and integrated solution for patient care monitoring and expand its market reach in connected healthcare. BioTelemetry is a US-based remote cardiac management and connected healthcare services provider.

The countries covered in the connected healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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