Connected Healthcare Market Will Generate New Growth Opportunities By 2026
The global healthcare systems has been witnessing paradigmatic shift from acute and reactive care to patient-centric care that characterizes increased patient engagement. In recent years, the various trends driving these shifts piggyback on extensive digitization of healthcare systems, driving adoption of electronic healthcare records among care providers. The proliferation of connected health devices such as wearable and apps in the industry, supported by advanced connectivity such as internet of things (IoT), has improved the access to health data among providers and patients.
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The various functional aspects under connected healthcare are telemedicine, home monitoring, assisted living, eHealth services, and mHealth. The growing adoption of connected healthcare technologies by patients and their caregivers across the globe are aimed at significantly improving healthcare outcomes and boosting patient welfare. In numerous developing and developed countries, there has been considerable thrust by governments to bolster the uptake of healthcare systems among various stakeholders.
The in-depth study offers a critical assessment of lucrative avenues and insights into the emerging paradigms in the connected healthcare market. The insights can be a guide to investors to evaluate the viability of their funding on development and uptake of connected healthcare technologies.
There is a growing potential of connected healthcare in optimizing care pathways, especially for remote monitoring of patients and tracking. The growing focus on this factor is reinforcing new avenues in the connected healthcare market. There is a growing use of technology-enabled care to empower patients, driven by the adoption of digital technologies. The rising application of connected healthcare systems in the healthcare industries has enabled patients to take increased participation in their health management and well-being. The rising potential of connected healthcare technologies and services to reduce hospitalization costs and to improve the quality of care is aiding in the rapid expansion of the connected healthcare market. This is notably observed in the management of a range of chronic diseases and life-threatening conditions. The rising use of connected healthcare services to bolster the collaboration between patients, clinicians, providers, and care givers is also boosting the market.
In various countries, there is a rising adoption of several intuitive health monitoring technologies by patients and clinicians in hospitals, such as integrated notification and alarm systems. In addition, the growing use of a variety of health monitors among patients for specific health and fitness outcomes, such as in lowering cholesterol, reducing weight, and tracking glucose levels. Despite the enormous potential connected technologies have been showing in the global healthcare systems, their uptake is adversely influenced by the lack of reliable infrastructures and ineffective network security safeguards.
Among the various regions, the connected healthcare market is expected to make rapid strides in developed regions, notably North America and Europe. The strides are notably driven by the rapid uptake of various integrated healthcare technologies to engage patients across the continuum of care delivery for improving healthcare outcomes. The uptake is expected to be supported by the inroads made by IoT and wearable technologies in their economies. Meanwhile, developing regions, such as Asia Pacific, in all likelihood are expected to be no less lucrative in the connected healthcare market. The growth is fueled by the rising adoption of technology-driven care, supported by the widespread use of smartphones and wearables, among patients and providers.
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The connected healthcare market features an increasingly dynamic competitive landscape. Several players are expected to tap into avenues in emerging regions, with the promise of lucrative returns. Moreover, a growing number of players will leverage the potential of their intuitive connected healthcare services, in order to gain a better foothold in the market. Some of the prominent names in the connected healthcare market are Qualcomm, Koninklijke Philips N.V., GE Healthcare, Athenahealth Inc., SAP SE, and Oracle Corporation.
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