At 28.9% CAGR, Connected Healthcare Market Size Is Expected to reach USD 420.8 billion by 2027, says Brandessence Market Research

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PUNE, India, March 15, 2021 /PRNewswire/ -- Global Connected Healthcare Market size is valued at USD 55.2 Million in 2020 and expected to reach USD 420.8 Million by 2027 with a CAGR of 28.9% over the forecast period. Increasing health awareness and rising prevalence of chronic diseases with growing geriatric population are anticipated to drive the growth of Global Connected Healthcare Market.

Connected healthcare refers to the deployment of technology such as internet, Wi-Fi, etc to connect patients to the service provider and one service provider to others with an automated system in real time. The connected healthcare helps to improve patient interaction & satisfaction through coordinating and easy accessibility to patient data by constant monitoring of vital parameters. The data collected by system is accessible to team and doctor to provide personalized treatment. The connected system increases the patient engagement through educating, meeting scheduling, and prescription filling which increases patient decision-making capability & satisfaction.

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The data collected from one patient can be helpful in treatment of other patient affected by less known diseases and difficult cases like sudden surge of diseases like covid19 can be controlled with easy access to global data & eliminates unnecessary experiments on patients. The remote treatment has increased the penetration of the medical facilities which helps individuals to receive service at reduced cost and low hassle. The development of smart devices such as health band notify the irregularities of parameter to individual, or their doctor has reduced the chances to get extremely ill which becomes expensive at reduced chances of errors. The treatment delivery service changes have increased the patient satisfaction and also made it helpful for chronic illness patients for regular observation.

Key Players for Global Connected Healthcare Market Report

Some of the key players for global connected healthcare market are Agamatrix, AirStrip Technologies, Athenahealth, Allscripts, Apple, Accenture, AliveCor, Boston Scientific Corporation, Cerner, Honeywell Life Care Solutions, IBM Corporation, Persistent Systems, Sanofi, Vivify Health, SAP, Oracle, GE Healthcare, Microsoft Corporation, Medtronic, Koninklijke Philips N.V., Qualcomm and others.

News: Philips Entered in An Agreement to Acquire BioTelemetry

January 27th 2021; Philips, a health tech giant entered into an agreement to acquire BioTelemetry, a remote cardiac care company and consideration are going on to buy Capsule Technologies. BioTelemetry monitors approx. a million of cardiac patients annually with the boast of wearable heart monitors and AI-based data analytics. The acquisition will help Philips, a connected care enterprise to expand its remote monitoring solution by adding remote cardiac monitoring technology.

During Covid-19 pandemic, the governments around the globe have imposed the movement restriction which led to reduced medical facilities & treatment. The increased focus on social distancing due to communicative disease covid-19, the patients have shifted towards virtual healthcare. The connected healthcare market has witnessed an increased growth in lockdown & expected to grow in near future due to growing digitalization & growing old age population.

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Increasing Technological Development & Increasing Health Awareness are the Major Factors Driving the Growth of Global Connected Healthcare Market

The major factor driving the growth of global connected healthcare market is the increasing health awareness with growing technological development in medical profession such as remote monitoring, virtual healthcare and etc. According RAND Corp., almost 50 percent of undergoing treatment patients has used telehealth during lockdown in United States. In addition, the growing old age population & total global population with remote location will also supplement the growth of the market. According to UN; population aged 65 years or over is 9% in 2019 & projected to be 16% by 2050. Furthermore, the growing prevalence chronic disease and shortage of healthcare professional is also anticipated to augment the market growth. According to world health report, the chronic diseases account expected to rise from 60% to 73% of all deaths and from 43% to 60% of the global burden of disease for 2002 and 2020 respectively with 79% of the deaths occur in the developing countries. Major chronic diseases are cardiovascular diseases (CVD), cancer, chronic obstructive pulmonary disease and type 2-diabetes.

However, the lack of the IT infrastructure to support the market and skilled & technical individuals to understand or operated the devices may hamper the market growth within the forecast period. In spite of that, increased penetration of electronic & technology such as smartphone and internet globally may offer various opportunities for the further growth of the market.

North America is Anticipated to Dominate the Global Connected Healthcare Market

On the basis of region, the global connected healthcare market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. North America is expected to dominate the global connected healthcare market within the forecast period due to the increasing geriatric population along with increasing life expectancy in this region. According to World Bank; the life expectancy of the region is at 79 in 2018. And, according to CDC; old age population of United States is going to double by 2030. In addition, early adoption of highly advanced healthcare solutions and growing number of cases of the chronic illness are also fostering the market growth in this region. According to CDC; 6 out of 10 adults are affected by chronic disease and 4 out of 10 have two or more chronic diseases.

Asia Pacific is anticipated to grow at a faster pace due to its developing economies. The region has most polluted countries such as Bangladesh, Pakistan, etc which makes its more susceptible to increased health issue and the large population of region makes it a huge market. In addition, the growing technological changes such as electronic penetration and growing IT infrastructure are also expected to foster market growth in this region.

The regions covered in global connected healthcare market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global connected healthcare is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Connected Healthcare Market Segmentation:

Global connected healthcare market report is segmented on the basis of function, type, application and region & country level. Based upon function, global connected healthcare market is classified into telemedicine, home monitoring, assisted living and clinical monitoring. Based upon type, the market is divided into m-health services, m-health devices and e-prescription. Based upon application, global connected healthcare market is divided into monitoring applications, diagnosis & treatment, education & awareness, healthcare management, wellness & prevention and others.

By Function:

• Telemedicine
• Home Monitoring
• Assisted Living
• Clinical Monitoring

By Type:

• M-Health Services
• M-Health Devices
• E-prescription

By Application:

• Monitoring Applications
• Diagnosis & Treatment
• Education & Awareness
• Healthcare Management
• Wellness & Prevention
• Others

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