Connected Healthcare Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Connected Healthcare Market is segmented By Type (M-Health Services, M-Health Devices, E-Prescription), By Application (Monitoring Application, Diagnosis & Treatment, Education and Awareness, Healthcare Management, Wellness and Prevention, Others), By End User (Medical device manufacturers, Medical device supplier, Government Research Laboratory, Research and Development (R&D) Companies, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

Global Connected Health Market reached US$ XX million in 2023 and is expected to reach US$ XX million by 2031, growing at a CAGR of XX% during the forecast period 2024-2031

Connected health commonly refers to a method of healthcare management that leverages technology for the delivery of healthcare services or management of medical conditions. Some notable examples of connected health include remote patient monitoring (RPM), decentralized clinical trials (DCTs), mobile personal emergency response systems (mPERS), and telemedicine.

Market Scope

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Market Dynamics: Drivers & Restraints

Rise in technological advancements

The rise of connected devices in healthcare, supported by government initiatives for digitization, is propelling the growth of telehealth, the Internet of Medical things and others within the sector. These technologies are anticipated to play a pivotal role in developing innovative diagnostic methods and treatment plans.

For instance, telemedicine gained popularity in the U.S. in 2020 till date due to relaxed HIPPA regulations. Technology providers have innovated to support this growth, with telehealth expected to become a $185.6 billion industry by 2026. To reach its full potential, telemedicine must support regulatory requirements and provide a positive experience for patients and medical professionals. Expanding broadband service to rural, underserved, and marginalized communities is crucial for equitable telehealth delivery.

Privacy and security concerns

Centralized datasets of personal information, family history, EMRs, genomic data, associated social and cultural factors are targets for hackers and malicious software. This leads to a need for adequate privacy and security measures. One approach is to apply best practices from other industries and use safeguards to help minimize risk while allowing for the support of critical health and research advancements. Clear privacy guidelines and security rules must be implemented at various levels from personal devices, applications, and backend database platforms that can safeguard all personally identifiable medical data while also keeping it secure. 

Market Segment Analysis

The global connected health market is segmented based on type, application, end-user, and region.

The M-Health services  from the type segment accounted for approximately 47.3% of the connected health  market share

The M-Health services from the type segment accounted for approximately 47.3%. Mobile health (mHealth) is a solution that uses mobile devices to make healthcare more accessible, efficient, and affordable. This technology has opened doors for healthcare providers to address the challenges of silos and improve system efficiency and quality of care. By leveraging smartphones and mobility, mHealth aims to make connected healthcare a reality.

For instance, in October 2023, Cedars-Sinai introduced a new mHealth application called Cedars-Sinai Connect, which offers virtual care for various clinical conditions. The app provides 24/7 access to healthcare professionals for urgent care and same-day appointments for primary care. It covers conditions like colds, headaches, anxiety, type 2 diabetes, wellness visits, and specialist referrals. The app uses a guided intake process to assess patients' health information and symptoms, then connects them with a healthcare professional via video.

Market Geographical Share

North America is estimated to hold about 38.4% of the total market share throughout the forecast period

North America is estimated to hold about 38.4% of the total market share throughout the forecast period owing to factors like novel product launches, growing adoption of smartphones, rise in demand for connected healthcare products, and remote monitoring.

For instance, in October 2023, ZS, a global management consulting and technology firm, announced the launch of the AI-powered ZAIDYN Connected Health solution, part of the ZAIDYN by ZS platform. ZAIDYN Connected Health helps pharmaceutical companies, healthcare providers and payers innovate so they can understand unmet needs, better engage with patients, and improve health outcomes. In an evolving healthcare ecosystem, these entities need to have intelligence they can trust.

Market Major Players

The major global players in the market include Accenture Plc, Boston Scientific Corporation, Airstrip Technology, IBM Corporation, SAP SE, Oracle Corporation, GE Healthcare, Microsoft Corporation, Medtronic, and Allscripts among others.

Key Developments

In September 2023, Apollo announced the launch of the Comprehensive Connected Care program, which is powered by Apollo's advanced Connected Care technology. The nationwide implementation of Apollo's Comprehensive Connected Care services will provide clinical teams and nursing staff with a comprehensive, real-time patient overview throughout various stages of patient care, including emergency and ambulance services, in-patient care, post-surgery care, and home care.

Why Purchase the Report?

• To visualize the global connected health market segmentation based on type, application, end-user, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of the connected health market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global connected health market report would provide approximately 64 tables, 61 figures, and 186 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies