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Market Overview

The connected healthcare market has witnessed exponential growth, surging from $124.39 billion in 2023 to an estimated $158.37 billion in 2024 at an impressive CAGR of 27.3%. Historical growth can be attributed to factors like an aging population, the rise of chronic diseases, digital health adoption, efficiency in healthcare costs, the surge in remote patient monitoring, and the heightened demand spurred by the pandemic.

Future Projections

The growth trajectory for the connected healthcare market continues to ascend, with expectations to reach a staggering $424.8 billion in 2028 at an even higher CAGR of 28.0%. Key drivers in the forecast period include the increasing adoption of personalized medicine, health data interoperability, value-based care models, a growing focus on mental health and well-being, efforts towards healthcare access and equity, the rising importance of cybersecurity and data protection, and a burgeoning demand for population health management.

Major Trends in the Forecast Period

• Expansion of IoT devices and sensors
• Integration of artificial intelligence in healthcare
• Rise of wearable health technology
• Continuous technological advancements
• Focus on product innovations

Rising Healthcare Expenditure Fuels Growth

The connected healthcare market is set to benefit from the escalating global healthcare expenditure. As countries allocate more financial resources to healthcare services, technology, and infrastructure, demand for connected healthcare solutions will soar. For instance, the UK witnessed a 9.4% increase in healthcare spending between 2020 and 2021, contributing significantly to the growth of the connected healthcare market.

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Key Players in the Market

The market is dominated by major companies like Allscripts Healthcare Solutions, Cerner Corporation, Koninklijke Philips, IBM, Apple, GE Healthcare, and many more. These players play a pivotal role in driving innovations and expanding the market with diverse products and services.

Revolutionary Advancements Enhance Market Competitiveness

Major companies are focusing on technological advancements to gain a competitive edge. An example is ZS Associates Group, Inc., which launched the AI-powered ZAIDYN Connected Health solution. This innovative product aids pharmaceutical firms, healthcare providers, and payers in recognizing unmet needs, engaging patients, and enhancing health outcomes. The solution offers three product suites – health insights, patient engagement, and connected research.

Strategic Acquisitions: Baxter International Inc. Case Study

In December 2021, Baxter International Inc. acquired Hill-Rom Holdings Inc. for $15 billion, signaling a strategic move to diversify its product portfolio and strengthen its presence in the connected care market, especially in critical care segments. Hill-Rom Holdings Inc., known for its medical communication apps, complements Baxter’s objective of offering a wider array of products to its customers.

Market Segmentation

The connected healthcare market is segmented based on:

1) Type

• e-Prescription
• mHealth Services
• mHealth Devices

2) Function

• Remote Patient Monitoring
• Clinical Monitoring
• Telemedicine
• Other Functions

3) Application

• Monitoring Applications
• Diagnosis and Treatment
• Education and Awareness
• Healthcare Management
• Wellness and Prevention

4) End Users

• Hospitals and Clinics
• Home Monitoring

Regional Dynamics

In 2023, North America emerged as the largest region in the connected healthcare market, with Asia-Pacific projected to be the fastest-growing region in the forecast period. This shift indicates a global trend towards the integration of connected healthcare solutions.

In conclusion, the connected healthcare market is on an upward trajectory, driven by a confluence of factors such as technological advancements, rising healthcare expenditure, and strategic innovations by major players. The future holds promising opportunities for healthcare transformation through connected technologies.

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