Connected Healthcare Market Estimations and Technological Advancement in Healthcare Sector

The Global Connected Healthcare Market is expected to reach USD 105.33 billion by the end of the forecasted period and is expected to grow at a CAGR of 30.2%.

Connected healthcare is expected to show flourishing growth owing to an increasing application of healthcare information technologies and extensive use of smartphones and wearable devices into healthcare. Furthermore, cost effectiveness and patients’ convenience will drive the connected healthcare market. Connected healthcare provides numerous advantages to the healthcare provider as well as the patients. Increasing efficiency, cost effectiveness, and clinical data management are major objectives achieved through connected healthcare.

Key Players in the Connected Healthcare Market:

The major players operating in the connected healthcare market includes Allscripts (US), Athenahealth Inc. (US), Boston Scientific Corporation (US), Cerner (US), Agamatrix, Inc. (US), Airstrip Technology (US), AliveCor Inc. (Australia), Koninklijke Philips N.V. (Netherlands), GE healthcare (UK), Qualcomm (US), Medtronics (Ireland), Siemens AG (Germany), and others. These players provide number of healthcare IT software for healthcare management.

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Allscripts

Allscripts provides healthcare professionals with electronic health records technology and practice management. Its solutions include care coordination, clinical and patient engagement.

August, 2017: Allscripts acquired McKesson’s Enterprise Information Solutions business to offer the most comprehensive, high performing health information technology and solutions.
December, 2016: Allscripts announced the acquisition of Core Medical Solutions, a recognised healthcare IT software leader with a strong presence in both Victoria and Western Australia with a perspective of strengthening global presence through geographical expansion.
January, 2016: Allscripts expanded its partnership with Concentra. This partnership will help Concentra to improve system performance and provide access to solutions experts for support. Allscripts will further empower its network of care providers strengthening its healthcare IT business.

Athenahealth Inc.:

June, 2017: Athenahealth Inc. entered into an agreement to acquire Praxify Technologies, Inc., a Palo Alto-based company focused on reinventing how doctors work with health data to drive productivity, portability, and improved decision support. The company focuses on the decision support system in healthcare, thus stream lining work flow in healthcare institutes.
October, 2016: Athenahealth Inc. entered into a partnership with Tandigm Health on population health initiatives.

IBM

EMR, digital hospital framework, population health insights, and care management are healthcare software solutions provided by IBM, which significantly contributed to their market share in the developed economies like in the U.S. and Europe.

January 2017: IBM announced the use of block chain technology for security exchange of healthcare data.

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Connected Healthcare Market In Americas:

The connected healthcare market in the Americas is driven by the concentration of key industry players in the U.S. market and continuous demand for healthcare IT solutions in various hospitals, clinics, and other healthcare providers. For instance, in March, 2016, Allscripts and AssistRx entered into to a partnership to improve the efficiency and speed of prescribing specialty medications in the U.S market.

Brief TOC

1 Report Prologue

2 Introduction

2.1 Scope of Study

2.2 Research Objective

2.3 Assumptions & Limitations

2.3.1 Assumptions

2.3.2 Limitations

2.4 Market Structure

3 Research Methodology

3.1 Research Process

3.2 Primary Research

3.3 Secondary Research

4 Market Dynamics

4.1 Introduction

4.2 Drivers

4.2.1 Connected Healthcare applications has increased the involvement of patient population

4.2.2 Increasing use of Smartphones and wearable devices into healthcare has led to the growth of the market

4.2.3 Cost effectiveness and Patients’ Convenience will drive the connected healthcare market

4.2.4 Continuous increase in Lifestyle Disease has led to the development of personalized healthcare solutions

4.3 Restraints

4.3.1 Increasing privacy and cybercrimes restraint the growth of connected healthcare market

4.3.2 Lack of Awareness about the possible applications of connected healthcare

4.3.3 Reluctance to share information regarding the health has limit the growth of the market

4.4 Opportunities

4.4.1 Growing partnership between the companies has become the entrance gateway for new firms

4.4.2 Introduction of connected healthcare in developing economies will boost the growth of the connected healthcare

4.5 Challenges

4.5.1 Low rate of literacy and language barriers in low- and middle-income countries (LMICs) is a big challenge for the connected healthcare solutions

4.5.2 Potential risk of Hardware or Software failure will barred the growth of the market

4.5.3 Stringent Regulations and Standards will restraining the growth of the market

…Continued

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