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Convergence in Healthcare Market Unlocking Potential, Addressing Hurdles: The Evolving Convergence in Healthcare Market

07-10-2024 04:25 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: InsightAce Analytic Pvt.Ltd

/ PR Agency: InsightAce Analytic Pvt.Ltd
Convergence in Healthcare Market Unlocking Potential,

Global Convergence in Healthcare Market Worth $304.5 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Convergence in Healthcare Market- (Product Type (Diagnostic Imaging Systems, Monitoring Devices, Digital Therapeutics, Others), By Application (Cardiology, Oncology, Neurology, Orthopedics, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Home Care Settings, Others)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Convergence in Healthcare Market is valued at US$ 126.2 Bn in 2023, and it is expected to reach US$ 304.5 Bn by 2031, with a CAGR of 11.78% during the forecast period of 2024-2031.

Technological convergence is transforming the healthcare sector. This trend is leading to the development of integrated products and solutions that combine different technologies and services. For instance, telehealth is being merged with medical products through the use of remote patient monitoring equipment. This allows patients to have their vital signs and other health information collected non-invasively at home, with the data securely shared with healthcare professionals. Small wearable devices connected to apps enable regular monitoring of conditions like blood pressure, blood sugar, weight, and even electrocardiograms, all without the need for a doctor's visit.

The market for these integrated healthcare solutions is driven by several factors: the growing need for such solutions, advancements in technology, and an emphasis on efficiency and cost reduction in healthcare. However, challenges remain, including limitations on interoperability between different systems, concerns about data security and privacy, and resistance to change within the healthcare industry. Despite these obstacles, the convergence of technologies in healthcare offers significant potential for innovation and future growth.

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List of Prominent Players in the Convergence in Healthcare Market:

• Epic Systems Corporation
• Cerner Corporation
• Optum, Inc.
• Agfa HealthCare
• GE Healthcare
• Stryker
• Boston Scientific Corporation
• Abbott
• Baxter
• Siemens Healthineers AG
• FUJIFILM Holdings
• Koninklijke Philips N.V.
• Honeywell International Inc.
• PreXion, Inc.
• CALCiViS
• Veradigm
• Biotelemetry
• Other Prominent Players

Market Dynamics:

Drivers-
The growing demand for integrated healthcare solutions has accelerated the deployment of convergence technologies. Patients and healthcare providers want seamless and efficient healthcare experiences that incorporate several components of care, such as medical devices, electronic health records, and telemedicine. Convergence technologies enable the integration of these various components, resulting in greater coordination and patient outcomes.

Additionally, technological breakthroughs like artificial intelligence and cloud computing have contributed significantly to industry growth. These technologies serve as the foundation for data analytics, predictive modeling, and personalized medicine, all of which are critical components of healthcare convergence. Using this technology, healthcare providers can get useful information, make better decisions, and provide more targeted and effective care.

Challenges:
Convergence in healthcare business confronts certain problems as well. There is a requirement for interoperability between various healthcare systems and technology. As healthcare providers deploy convergence solutions, these systems must connect and share data seamlessly.

Standardization and compatibility concerns may occur, impeding the smooth integration of various technologies and preventing healthcare from realizing its full convergence potential. Furthermore, there are issues with data privacy and security.

With the rising usage of interconnected healthcare systems and the acquisition of massive volumes of patient data, protecting this information from unwanted access or breaches is critical. To protect patient data and maintain public trust, healthcare organizations must employ strong cybersecurity protections and follow stringent privacy standards.

Regional Trends:
North America is predicted to be the largest market for healthcare convergence over the forecast period. North America has positioned itself as the primary geographical market for convergence in healthcare. This is owing to established healthcare infrastructure and high healthcare costs. The United States is the world's single largest market due to the presence of major medical device manufacturers and hospital systems.

The region is an early adopter of new technologies, and its legislative framework encourages innovation. The majority of global businesses have their headquarters in the United States and prioritize research and development (R&D) to create innovative solutions for the North American market. Moreover, Europe is predicted to be the fastest-growing market for healthcare convergence. The increased prevalence of coronary artery disease in Europe is driving market expansion.

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Recent Developments:
• In October 2023, Koninklijke Philips N.V., a medical technology business, has launched a visual patient avatar monitoring solution. It uses colors, movement, and forms to provide important information regarding a patient's condition. It all falls inside an anesthesiologist's or anesthetist's peripheral field of vision.

• In April 2023, Honeywell International Inc., a healthcare provider, has introduced a real-time health monitoring system that collects and records patients' vital signs both in the hospital and remotely. The technology, which is designed to be always connected to patients, notifies physicians of changes in patients' vital signs and significantly lowers the time required to gather, analyze, and apply patient data as actionable insights.

• In December 2023, GE Healthcare, a medical technology business, has signed an agreement with Nantworks AirStrip, a vendor-agnostic clinical surveillance technology startup, to commercialize integrated patient monitoring and cardiac data visualization for healthcare systems.

• In October 2023, PreXion, Inc., a medical device business, has created a dental imaging product line. The business has presented its new Evolve Sensor intraoral dental digital imaging sensor, as well as the 3-in-1 PreXion3D Evolve CBCT, PAN, and CEPH, which are billed as a full dental imaging solution in one device.

Segmentation of Convergence in Healthcare Market-
Convergence in Healthcare Market- By Product Type
• Diagnostic Imaging Systems
• Monitoring Devices
• Digital Therapeutics
• Others (Surgical Systems, Dental Systems, etc.)
Convergence in Healthcare Market- By Application
• Cardiology
• Oncology
• Neurology
• Orthopedics
• Others (Urology, etc.)
Convergence in Healthcare Market-By End User
• Hospitals & Clinics
• Diagnostic Centers
• Home Care Settings
• Others (Academic & Research Institutes, etc.)
Convergence in Healthcare Market- By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions.
Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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