What Transformation Has the Connected Healthcare Market Undergone?
The connected healthcare market has seen considerable growth due to a variety of factors.
• The market size of connected healthcare has seen significant expansion in the past few years. The market is projected to expand from $155.31 billion in 2024 to $195.91 billion in 2025, achieving a compound annual growth rate (CAGR) of 26.1%.
The escalation during the historical period is linked to factors such as the ageing population and chronic illnesses, the embrace of digital health, efficiency and costs related to healthcare, remote monitoring of patients, and demand driven by the pandemic.
How Will The Connected Healthcare Market Size Evolve In The Foreseeable Future?
The connected healthcare market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for connected healthcare is predicted to experience considerable expansion in the coming years, reaching a value of $555.58 billion by 2029 with a compound annual growth rate (CAGR) of 29.8%.
This progress during the forecast period can be ascribed to the burgeoning adoption of personalized medicine, interoperability of health data, models of value-based care, heightened emphasis on mental health and well-being, equity and accessibility in healthcare, and an increasing demand for data protection and cybersecurity. The forecast period will also see major trends such as the proliferation of IoT devices and sensors, the application of artificial intelligence in healthcare, the popularity of wearable health technology, and advancements in technology and product innovations.
Which Drivers Are Accelerating Growth In The Connected Healthcare Market?
The increasing incorporation of IT in the health sector is substantially driving the expansion of the connected healthcare market. Connected healthcare employs the internet and other digital technology to collect patient data and facilitate a connection between patients and their caregivers, endorsing remote health monitoring through automated systems. The integration of healthcare IT software with health devices and applications is required for the seamless operation and management of extensive medical data, which provides a boost to remote health management. For example, in November 2022, a Healthcare Information and Management Systems Society (HIMSS) survey revealed that 61% of healthcare executives implemented automation technologies, indicating a pronounced rise from prior years. This escalating trend is part of a larger endeavor to improve operational functionality and lower expenses in healthcare settings. Consequently, the escalating incorporation of IT in health services is predicted to fuel the expansion of the connected healthcare market throughout the projected period.
What Are The Core Segments Of The Global Connected Healthcare Market?
The connected healthcare market covered in this report is segmented –
1) By Type: e-Prescription, mHealth Services, mHealth Devices
2) By Function: Remote Patient Monitoring, Clinical Monitoring, Telemedicine, Other Functions
3) By Application: Monitoring Applications, Diagnosis And Treatment, Education And Awareness, Healthcare Management, Wellness And Prevention
4) By End Users: Hospitals And Clinics, Home Monitoring
Subsegments:
1) By e-Prescription: Electronic Prescription Management Systems, E-Pharmacy Integration, Prescription Refill and Renewal Systems
2) By mHealth Services: Remote Patient Monitoring Services, Telemedicine and Virtual Consultation Services, Health and Wellness Coaching Services
3) By mHealth Devices: Wearable Fitness Trackers, Mobile Health Monitors, Smart Medication Management Devices
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Which Emerging Trends Are Reshaping The Connected Healthcare Market Size?
Significant enterprises in the connected healthcare market are concentrating on the creation of technologically superior products like ZAIDYN Connected Health solution to augment remote patient monitoring and refine healthcare results. ZAIDYN Connected Health provides an edge to pharmaceutical companies, healthcare providers, and payers in terms of innovation, thereby helping to identify unserved needs, interacting with patients more effectively, and improving health outcomes. For instance, ZS Associates Group, Inc., an American management consulting and technology firm, unveiled the AI-driven ZAIDYN Connected Health solution in October 2023, under the ZAIDYN by ZS platform. The solution includes three product suites meant to fill in the healthcare gaps and design a patient-oriented future. These suites focus on health insights, patient engagement, and connected research.
Who Are the Key Players in the Connected Healthcare Market?
Major companies operating in the connected healthcare market include:
• Allscripts Healthcare Solutions Inc.
• Cerner Corporation
• Koninklijke Philips N.V.
• International Business Machines Corporation
• AirStrip Technologies LP
• AgaMatrix Holdings LLC
• AliveCor Inc.
• Apple Inc.
• Athenahealth Inc.
• Boston Scientific Corporation
• GE Healthcare
• Medtronic plc
• Microsoft Corporation
• Qualcomm Incorporated
• Systems Applications and Products in Data Processing (SAP)
• Oracle Corporation
• Accenture plc
• Honeywell Life Care Solutions
• Persistent Systems Limited
• Sanofi S.A.
• Vivify Health Inc.
• Entia Ltd.
• GlaxoSmithKline plc
• NeuroFlow Inc.
• Butterfly Network Inc.
• OneRail
• Evidation Health Inc.
• DarioHealth Corp.
• Pixium Vision SA
• Stanley Healthcare Solutions
What are the Regional Insights into the Connected Healthcare Market?
North America was the largest region in the connected healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected healthcare market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
