Connected Healthcare Market Size Worth Around US$ 6.6 Bn by 2027

LOS ANGELES, May 5, 2020 /PRNewswire/ -- Acumen Research and Consulting, Recently Published Report on "Connected Healthcare Market Size, Share, Growth, Forecast 2020 - 2027".

The global connected healthcare market is expected to reach the market value of around US$ 6,600 Mn by 2027 and is anticipated to grow at a CAGR of around 11% in terms of revenue during the forecast period 2020 to 2027.

Connected healthcare helps consumers to communicate with the doctors by visiting them or by sending medical reports periodically to monitor the health of consumers.

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Connected healthcare enables patients to interact with the physicians without visiting them in person and clinicians to monitor the health of their patients by collecting patient data frequently. Connected healthcare offers all members significant flexibility. In reviewing their clinical records, patients can contact the doctor from all over the world and the doctors can track these results and agree to avoid those complications of infection.

North America witness to hold around 40% of the global market share in 2019 due to advance technology and well establishes healthcare sector in the region. The connected healthcare systems and the application market dominate the tracking, evaluation and treatment applications. Growing adoption of smartphone devices and increasing mobile application related to healthcare are the factors driving the growth of connected healthcare market. These connected healthcare technology lead to cost savings by reducing the number of visits to physicians and delivering improved patient care services. Furthermore, the fundamental variance between different types of interconnected healthcare systems has prompted the establishment of a comprehensive system with standard procedures and methods for various programs and healthcare facilities.

Market dynamics

The key factors that contribute its growth to the market is due to government-sponsored projects to offer quality hospitals and data storage facilities. Patient surveillance is conducted in real time due to the integration of healthcare services and computers, especially through eliminating unwanted appointments through physicians; it often provides consumers to utilize virtual hospitals based on cloud to make decisions and delivering evidence-based treatment. Moreover, connected healthcare solutions make individual healthcare options convenient for consumers and assist medical professionals to supply the community with more and more reliable treatments.

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Although the connected health care system is innovative, it presents many sensitivity-related challenges to health data. The data centers are focusing on healthcare sector by simplification and digitization of health data and by increasing demand. Furthermore, data security is the other challenge in connected healthcare market which is expected to increase due to large number of data where this data needs shield from cyber attacks. n developing countries, connected healthcare facilities have challenges due to a lack of service infrastructure. One of the main factors limiting development of the connected healthcare sector is the lack of medical services and the shortage of medical professionals in underdeveloped countries.

Developing markets provide huge opportunities for connected healthcare developers:

• This consists of large rural, remote and isolated areas that have no access to HCPs (patients, carers, and healthcare professionals) and poor per capita healthcare spending
• They have a high prevalence communicable diseases and non-communicable diseases
• Innovative solutions will be easier where the infrastructure is not safe or limited and connected healthcare offers the potential of enhancing access

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The global connected healthcare market includes prominent players such as IBM Corporation, Accenture Plc, Boston Scientific Corporation, SAP SE, Oracle Corporation, GE Healthcare, Microsoft Corporation, Medtronic, Airstrip Technology, Allscripts, Koninklijke Philips N.V., Athenahealth Inc., Cerner, Agamatrix, Inc., AliveCor Inc., Qualcomm, and others.

Recent Developments

• In August 2019, Boston Scientific Corporation has announced that the acquisition of BTG plc has been completed. In keeping with the agreement scheme previously announced
• In April 2020, Philips enables continuous control of patients with COVID-19 in hospitals and GPs
• In March 2020, Cybersafety is an growing issue for health authorities, regulators, experts and manufacturers of medical equipment and patients
• In June 2016, CarePoint 5.0 has also been introduced by Philips to enhance the welfare and sensitivity of people living in senior communities.

By Target Audience

• Medical device supplier
• Medical device manufacturers
• Government Research Laboratory
• Marketing Research and Consulting Service Provider
• Research and Development R&D Companies
• Medical Research Laboratories

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