Opportunities in Connected Healthcare Market| The Impact of IoT on Healthcare | - Report by Emergen Research

The Connected Healthcare Market has been rapidly expanding in recent years, owing to advancements in technology and the increasing demand for more efficient and effective healthcare services. The market encompasses a wide range of technologies and devices that are designed to enhance patient care and optimize healthcare delivery.

According to a report by the Center for Connected Health Policy, 37 states in the United States have enacted laws mandating reimbursement for telehealth services, highlighting the growing acceptance of these technologies among healthcare payers and providers. Additionally, a report by Emergen Research predicts that the global connected healthcare market will reach $72.7 billion by 2023, growing at a CAGR of 28.3% during the forecast period.

Connected healthcare refers to the use of various technologies and devices to facilitate remote monitoring, communication, and collaboration among healthcare providers, patients, and caregivers. These technologies include mHealth solutions, telemedicine systems, remote patient monitoring devices, and healthcare wearables, among others. Connected healthcare enables healthcare providers to deliver personalized and patient-centric care, while also improving clinical outcomes and reducing healthcare costs.

Several factors are driving the growth of the connected healthcare market. One of the primary drivers is the increasing prevalence of chronic diseases, such as diabetes, cardiovascular disease, and cancer, which require ongoing management and monitoring. Connected healthcare technologies enable healthcare providers to monitor patients remotely and deliver timely interventions, thereby improving patient outcomes and reducing hospital readmissions.

Another major driver of the market is the growing demand for home healthcare services, which is fueled by an aging population and the rising cost of hospital-based care. Connected healthcare technologies enable patients to receive high-quality care in the comfort of their own homes, while also reducing the burden on hospitals and other healthcare facilities.

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Despite the many benefits of connected healthcare, there are also several factors that are hindering the growth of the market. One of the primary restraints is the high cost of implementing and maintaining these technologies, which can be prohibitive for many healthcare organizations. Additionally, concerns about data privacy and security are also limiting the adoption of connected healthcare technologies, as healthcare providers and patients alike are wary of potential breaches and cyber attacks.

Despite these challenges, the connected healthcare market is expected to continue growing in the coming years, driven by several key growth factors. One of the most significant growth factors is the increasing adoption of healthcare wearables and other connected devices, which are becoming increasingly affordable and accessible to patients. These devices enable patients to monitor their own health and communicate with their healthcare providers in real-time, empowering them to take an active role in their own care.

Another growth factor is the increasing adoption of telemedicine and remote patient monitoring technologies, which are enabling healthcare providers to deliver high-quality care to patients in remote or underserved areas. These technologies are also improving patient access to care and reducing healthcare costs, as patients can receive care without needing to travel long distances or visit a healthcare facility.

Major Companies and Competitive Landscape :

The competitive landscape of the Connected Healthcare Market is characterized by the presence of a large number of players, both established companies and emerging startups. These players are competing on the basis of product offerings, technology innovation, pricing strategies, and partnerships and collaborations.

Some of the key players in the market include:

Apple Inc.
Qualcomm Inc.
Philips Healthcare
Medtronic plc
Cisco Systems, Inc.
GE Healthcare
Microsoft Corporation
Cerner Corporation
Allscripts Healthcare Solutions Inc.
Honeywell Life Care Solutions
These companies are investing heavily in research and development to develop new and innovative products that meet the evolving needs of healthcare providers and patients. They are also focusing on expanding their product portfolios through mergers and acquisitions and strategic partnerships.

For instance, in 2020, Philips Healthcare launched a new suite of connected care solutions, including remote patient monitoring devices and telehealth platforms, aimed at improving patient outcomes and reducing healthcare costs. Similarly, in 2019, Medtronic plc acquired Nutrino Health Ltd, a provider of personalized nutrition technology, to enhance its offerings in the connected healthcare space.

In addition to established players, the market is also seeing the entry of several emerging startups and technology companies. These companies are leveraging cutting-edge technologies such as artificial intelligence, machine learning, and blockchain to develop innovative solutions for the healthcare industry.

For example, Biofourmis, a Singapore-based digital health startup, has developed a personalized remote monitoring platform that uses AI and predictive analytics to detect early warning signs of patient deterioration. Another example is Docbot, a US-based startup that has developed an AI-powered platform for the early detection of colon cancer.

Overall, the Connected Healthcare Market is highly competitive, with players across the value chain vying for market share and dominance. As the market continues to evolve and grow, it is likely that we will see further consolidation and strategic partnerships among players, as well as increased investment in research and development to drive innovation and differentiation.

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Connected Healthcare Market Segmentation :

The m-Health Market is segmented based on type, function, and application. This segmentation provides a comprehensive understanding of the market and helps in identifying key growth opportunities and trends.

Based on type, the market is segmented into m-Health devices, m-Health services, and e-Prescription. The m-Health devices segment includes wearable health devices, such as fitness trackers and smartwatches, and other mobile health monitoring devices. The m-Health services segment includes healthcare services delivered through mobile devices, such as telemedicine and mobile health apps. The e-Prescription segment includes electronic prescribing of medicines, which allows healthcare providers to send prescriptions directly to pharmacies, reducing errors and improving patient safety.

Based on function, the market is segmented into clinical monitoring, home monitoring, telemedicine, and assisted living. The clinical monitoring segment includes devices and services for monitoring patients in a clinical setting, such as hospitals and clinics. The home monitoring segment includes devices and services for monitoring patients in their homes, such as remote patient monitoring and mobile health apps. The telemedicine segment includes services for remote consultations and diagnosis, while the assisted living segment includes devices and services for supporting elderly and disabled patients in their daily lives.

Based on application, the market is segmented into monitoring applications, diagnosis and treatment, healthcare management, wellness and prevention, and education and awareness. The monitoring applications segment includes devices and services for monitoring patients' vital signs and health status. The diagnosis and treatment segment includes telemedicine services for remote consultations and diagnosis, as well as mobile health apps that support self-diagnosis and self-treatment

Regionally, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North American market includes the United States, Canada, and Mexico. The European market includes the United Kingdom, Germany, France, BENELUX, and the rest of Europe. The Asia Pacific market includes China, Japan, South Korea, and the rest of APAC. The Latin American market includes Brazil and the rest of LATAM. The Middle East and Africa market includes Saudi Arabia, the United Arab Emirates, and the rest of MEA.

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