Global Connected Healthcare Market Set For 28.0% Growth, Reaching $424.8 Billion By 2028

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How Will Connected Healthcare Market Size Evolve in 2024 and Beyond?

The connected healthcare market size, at $124.39 billion in 2023, is set to grow and reach $158.37 billion in 2024 at a compound annual growth rate CAGR of 27.3%. This notable growth during the historic period can be attributed to an aging population grappling with chronic diseases, the widespread adoption of digital health technology, an emphasis on healthcare cost-effectiveness, the rise of remote patient monitoring, and the heightened demand induced by the global pandemic.

The connected healthcare market size is expected to see exponential growth in the next few years. It will grow to $424.8 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%. The growth in the forecast period can be attributed to increasing adoption of personalized medicine, health data interoperability, value-based care models, increasing mental health and well-being focus, healthcare access and equity, growing cybersecurity and data protection, growing demand for population health management. Major trends in the forecast period include expansion of iot devices and sensors, artificial intelligence in healthcare, wearable health technology, technological advancements, and product innovations.

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Precisely What Are The Primary Growth Drivers Of The Connected Healthcare Market?

Significant contributions to the growth of the connected healthcare market have been due to the increasing integration of information technology in healthcare. Connected healthcare leverages the internet and other wireless technology to collect comprehensive patients’ data, enabling patients to sync with their healthcare professionals. This promotes remote healthcare monitoring through automated systems. Efficient functioning of connected healthcare necessitates the integration of healthcare IT software into healthcare devices and applications. Such integration helps maintain vast medical data, thereby enhancing remote healthcare management. A survey in May 2021, conducted among 112 provider chief financial officers and financial and revenue cycle executives by The Healthcare Financial Management Association, revealed that the deployment of automation technologies in hospitals had tripled from 2020 to 2021, with 50% of hospitals deploying these technologies in 2021 compared to just 15% in 2020. Thus, the growth and integration of IT in healthcare are poised to drive the connected healthcare market growth throughout the forecast period.

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Who Are The Key Players in The Connected Healthcare Market?

The connected healthcare market is home to myriad major players, including 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 Emerging Trends Are Seen in the Connected Healthcare Market?

Technological advancements are being embraced by major firms in the connected healthcare market. They are focusing on the development of technologically advanced products like ZAIDYN Connected Health solution, that can improve remote patient monitoring and enhance healthcare outcomes. ZAIDYN Connected Health facilitates pharmaceutical firms, healthcare providers, and payers in identifying unmet needs, engaging patients, and improving health outcomes. A case in point, in October 2023, ZS Associates Group, Inc., a US-based management consulting and technology firm, introduced the AI-powered ZAIDYN Connected Health solution, a component of the ZAIDYN by ZS platform. It offers three product suites designed to address gaps in healthcare and build a patient-centric future. These suites include health insights, patient engagement, and connected research.

What Are The Segments In The Connected Healthcare Market?

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

Where Does The Connected Healthcare Market Stand Regionally?

In 2023, North America emerged as the largest region in the connected healthcare market. Meanwhile, Asia-Pacific is projected to be the fastest-growing region during the forecast period. Besides these, other regions encompassed in the connected healthcare market report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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