Connected Health Market outlook with industry review and forecasts
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.
• Accenture Plc
• Airstrip Technology
• Boston Scientific Corporation
• GE Healthcare
• IBM Corporation
• Koninklijke Philips N.V
• Microsoft Corporation
• Oracle Corporation
• SAP SE
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