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.
Connected Care is defined as quality health care that is personalized and accessed through technology. It is the actual-time, electronic communication between the healthcare provider and a patient. Examples of Connected Care are remote patient monitoring, telehealth, and secure e-mail communication between clinicians and their patients. Through Connected Care, by using technology such as laptops, iPads, and smartphones, healthcare providers can easily communicate with their patients and also other primary, secondary, and tertiary healthcare providers. Connected Care is centered around the person, their goals, and their needs. In connected care, patients experience graceful treatment plans and appointments. At time patients do not always need an appointment and can be diagnosed and treated using a digital interface. There is no need to physically sit within a hospital, freeing up resources for emergencies and reducing, Individuals can receive care at home, in their car, or even in the workplace.
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Major Key Players for Connected Care Market:
- Allscripts Healthcare LLC. (the 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
Market Dynamics and Factors:
In developed and developing countries, high Internet penetration combined with increased government spending on the healthcare sector to facilitate various healthcare services is currently a major factor driving growth in the globally connected care market. Apart from that, the rising global aging population, increases the incidence rate of injuries in all age groups, the rising count of road accidents can be considered as fetal non-fatal injury, various activities such as trekking, and adventure sports result in minor injuries, continuously evolving point of care models are driving increased demand for connected care devices for real-time monitoring and sharing of patient data, which is another key factor expected to drive global market growth.
Connected Care Market Report Highlight:
- By type, mHealth services segment is anticipated to have the highest share of the market over the forecasted timeframe. Increased smartphone users rate allows people to use a variety of healthcare services via wireless technology, it gives patients faster access to providers and care. Resulting in increased acceptance of mHealth services.
- By function, the telemedicine segment is expected to dominate the market in the projected timeframe. The rise in the adoption of telemedicine services, for instance, according to the Multidisciplinary Digital Publishing Institute (MDPI) journals survey, 89% of patients use telemedicine as an acceptable form of medical care thus, helping in the segment’s growth.
- By application, the wellness & prevention segment is expected to lead the growth of the market. It is the most utilized application of connected care. The option to get experts’ opinions from home has captured a large audience thus, driving the development of the segment.
- In the connected care market, North America is the dominating region. In 2020, the North American market reached USD 27.20 billion. Due to rising healthcare costs, increasing smartphone adoption, rising demand for connected healthcare products, and remote patient monitoring, the region dominated the global market in 2020.
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Key Industry Development:
In September 2021, Medtronic India partnered with Statis Health, a unit of Stasis Labs, for promoting the latter’s bedside patient monitoring system across India.
In April 2021, Siemens Healthineers AG completed its acquisition of Varian Medical Systems, Inc. Siemens Healthineers is working with Varian to create “EnVision,” a comprehensive digital, diagnostic, and therapeutic environment that includes treatment management. Siemens Healthineers will use AI-assisted analytics to accelerate the development and delivery of data-driven precision care.
Connected Care Market Segmentation:
- mHealth services
- mHealth devices
- Remote patient monitoring
- Clinical Monitoring
- Diagnosis & Treatment
- Monitoring Applications
- Wellness & Prevention
- Healthcare Management
For this report, Introspective Market Research has segmented the Connected Care Market based on the region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Connected Care Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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