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Connected Health Market outlook with industry review and forecasts

07-12-2019 12:36 PM CET | Health & Medicine

Press release from: Global Market Insights, Inc.

Connected Health Market

Connected Health Market

Connected Health Market size is expected to grow significantly from 2019 to 2025. Connected health market will experience tremendous growth during the forecast period owing to rising demand for wearable devices across the globe. Changing consumer preference towards healthier and disease-free lifestyle will foster industry growth. Wearable technologies are extensively used by people in bracelets, watches, footwear, eyewear, clothing and other daily wear. Availability of advanced devices such as clothing wearables to monitor body oxygen of individuals for better health care will surge demand for such devices thereby, augmenting connected health business growth over the coming years.

Furthermore, technological advancements in healthcare devices for maintaining health in geriatric population will positively impact industry growth. Telehealth provides long-term remote monitoring services for patient’s with heart failure, diabetes, recurrent urine infections, chronic diseases and falls. Remote monitoring management for elderly patients include various services such as elderly safety monitoring, daily activities tracking and location tracking. Rapidly growing geriatric population base worldwide will further drive business growth. However, concerns related to data security may restrict the connected health industry growth over the coming years.

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e-Prescription segment should witness robust growth over the analysis timeframe due to increasing number of electronically generated prescription. e-Prescriptions improve the quality of care, accuracy and patient safety thereby, propelling segment growth. Moreover, benefits of e-Prescription such as reduction in prescription drug errors, tracking fulfillment of patient’s prescriptions and improved medication adherence among patients will further spur the segment size.

Telemedicine segment is estimated to witness lucrative growth during the forecast period owing to requirement of effective communication between medical staff and patients. Telemedicine enables transmission of health informatics, medical and imaging data from one site to another thereby, increasing its demand in disease diagnosis and treatment. Development of newer forms of telemedicine including telemedical devices, advanced diagnostics and video telephony will accelerate segment growth during the forthcoming years.

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Healthcare management segment is anticipated to show considerable revenue share over the coming years. Healthcare management application of connected health focuses on public health systems, healthcare systems, hospitals, medical facilities. Access to accurate, complete and reproducible health information will further enhance connected health industry growth.

Asia Pacific connected health market will grow significantly during the forecast period owing to presence of large patient pool in highly populous countries such as China and India. Increasing number of internet users and growing healthcare expenditure in the region will surge demand for connected health. Growing awareness among people coupled with rising adoption of technologically advanced devices should further foster regional business growth.

Some of the major industry players in the connected health market include Accenture, Airstrip Technology, Boston Scientific, GE Healthcare, IBM, Koninklijke Philips, Medtronic, Microsoft, SAP and Oracle. Prominent players focus on various strategies to capitalize on market opportunities and sustain market competition. For instance, in December 2016, Medtronic partnered with Fitbit to integrate health and activity tracking for diabetes management. This strategy enabled companies to broaden its customer base and gain more market share.

Company Profiles:
• Accenture Plc
• Airstrip Technology
• Boston Scientific Corporation
• GE Healthcare
• IBM Corporation
• Koninklijke Philips N.V
• Medtronic
• Microsoft Corporation
• Oracle Corporation

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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