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How Is The Connected Healthcare Market Expected To Grow In Terms Of Size?
The market size for connected healthcare has witnessed dynamic expansion in the past few years. The predictions for growth suggest an increase from $155.31 billion in 2024 to $194.52 billion in 2025, with a compound annual growth rate (CAGR) of 25.2%. This growth during the historic period is primarily due to factors such as an aging demographic and chronic illnesses, integration of digital health solutions, efficiency and costs related to healthcare, monitoring of patients remotely, and a surge in demand caused by the pandemic.
The market for connected healthcare is anticipated to experience a significant surge in the coming years, with a projected growth to $544.49 billion by 2029, boasting a compound annual growth rate (CAGR) of 29.3%. Factors contributing to this forecasted expansion involve increased acceptance of personalized medicine, the interoperability of health data, and emerging models of value-based care. There is also the increasing focus on mental health and well-being, healthcare accessibility and fairness, enhanced cybersecurity and data protection measures, and a rising demand for managing population health. The period’s major trends encompass the proliferation of IoT devices and sensors, the introduction of artificial intelligence in healthcare, the surge of wearable health technology, technological progress, and product innovation.
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What Market Forces Are Contributing To The Growth Of The Connected Healthcare Market?
The escalating convergence of IT in the healthcare sector is playing a significant role in driving the expansion of the connected healthcare market. Connected healthcare involves the utilization of the internet and different wireless technologies to collect patient’s data and enable patients to interact with their healthcare providers. This actively encourages remote medical monitoring through automated systems. The medical data, required for efficient functioning and maintenance in connected healthcare, greatly enhance remote healthcare management due to the need for healthcare IT integration software and its integration into health devices and applications. For example, a Healthcare Information and Management Systems Society survey in November 2022 revealed that 61% of healthcare executives had implemented automation technologies, reflecting a notable surge from earlier years. This trend forms part of a wider movement aiming to improve operational efficiency and reduce expenses in healthcare environments. Therefore, the escalating convergence of IT in the healthcare sector is anticipated to impel the expansion of the connected healthcare market throughout the predicted period.
How Is The Connected Healthcare Market Segmented Across Key Categories?
The connected healthcaremarket 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
What Key Trends Are Driving Growth In The Connected Healthcare Market?
Leading enterprises in the connected healthcare market are concentrating their efforts on creating cutting-edge products such as ZAIDYN Connected Health solution, designed to strengthen remote patient monitoring and bolster healthcare results. This solution aids pharmaceutical corporations, healthcare providers, and payers to innovate and more effectively identify unmet needs, interact with patients, and augment health outcomes. For example, in October 2023, ZS Associates Group, Inc., a management consulting and technology firm based in the US, introduced the AI-fueled ZAIDYN Connected Health solution as a component of the ZAIDYN by ZS platform. It offers three product suites aimed to bridge the healthcare disparities and craft a patient-focused future: health insights, patient engagement, and connected research.
Who Are The Major Stakeholders Operating 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
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How Do Regional Dynamics Influence The Connected Healthcare Market Performance?
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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