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What Is the Forecast for the Connected Healthcare Market from 2024 to 2025?

The size of the connected healthcare market has seen a significant increase in recent years. It is projected to rise from $155.31 billion in 2024 to $195.91 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 26.1%. The previous growth can be linked to factors such as the elderly population and chronic illnesses, the adoption of digital health, healthcare expenditure and efficiency, remote patient surveillance, and the demand driven by the pandemic.

What Is the Projected Market Size of the Connected Healthcare Market?

The market size of connected healthcare is projected to undergo substantial expansion in the forthcoming years, ballooning to $555.58 billion by 2029 with a CAGR of 29.8%. This surge during the forecast period is due to factors such as the adoption of personalized medicine, interoperability of health data, value-based care models, increased focus on mental health and well-being, access and fairness in healthcare, rising cybersecurity and data protection, and a swell in demand for population health management. Expectations for the forecast period include extensive use of IoT devices and sensors, incorporation of artificial intelligence in healthcare, the rise of wearable health technology, technological progressions and product innovativeness.

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Who are the Major Competitors in the Connected Healthcare Market Outlook?

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 Is Fueling Growth in the Connected Healthcare Market?

The escalating incorporation of Information Technology into healthcare has become a significant factor boosting the expansion of the connected healthcare sector. Connected healthcare uses internet technology and other wireless solutions to compile patient data and facilitate communication between patients and their healthcare providers. This strategy encourages remote health monitoring via automated systems. Successful operation of connected healthcare necessitates the application of healthcare IT integration software into medical devices and applications, allowing for efficient management of vast amounts of medical data and enhancing distant healthcare management. For instance, per the Healthcare Information and Management Systems Society’s report in November 2022, 61% of healthcare executives have implemented automation technologies, a significant leap from previous years. This rise is a segment of a wider initiative to improve operational efficiency and slash costs in healthcare services. Hence, the escalating incorporation of IT in healthcare is projected to fuel the growth of the connected healthcare market throughout the predicted period.

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Which Connected Healthcare Market Segments Are Growing the Fastest?

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

Which Industry Trends Are Shaping the Future of the Connected Healthcare Market?

Leading enterprises in the connected healthcare sector are working on the creation of technologically progressive products, for example, the ZAIDYN Connected Health solution. This solution is aimed at bolstering remote patient monitoring and ameliorating healthcare outcomes. ZAIDYN Connected Health is useful to pharmaceutical companies, healthcare providers, and payers as it fuels innovation to address unfulfilled needs, involve patients and better health outcomes. As an illustration, in October 2023, the ZAIDYN Connected Health solution, powered by AI, was unveiled by ZS Associates Group, Inc., a management consulting and technology corporation based in the US. It was introduced as a part of the ZAIDYN by ZS platform. It comprises three product suites designed to bridge the healthcare gaps and lay the foundation for a future that is patient-centric. These are: health insights, patient engagement, and connected research.

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Which Countries Are Leading 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.

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This Report Delivers Insight On:

1. How big is the connected healthcare market, and how is it changing globally?

2. Who are the major companies in the connected healthcare market, and how are they performing?

3. What are the key opportunities and risks in the connected healthcare market right now?

4. Which products or customer segments are growing the most in the connected healthcare market?

5. What factors are helping or slowing down the growth of the connected healthcare market?

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