Connected Healthcare Market Size, Share, Growth Analysis, By Type(M-Health, E-Health, remote patient monitoring (RPM), telemedicine), By End user(Healthcare payers, and other stakeholders), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45A2165 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 63 |Figures: 75

Connected Healthcare Market Insights

Connected Healthcare Market size was valued at USD 38.06 billion in 2021 and is poised to grow from USD 45.71 billion in 2022 to USD 197.86 billion by 2030, at a CAGR of 20.1% during the forecast period (2023-2030).

The growing geriatric population with chronic disease coupled with the digital revolution and the increasing government expenditure on the healthcare sector are expected to drive the connected healthcare market during the forecasted period.

The report on the global connected healthcare market offers a comprehensive analysis of the industry. The report provides a thorough analysis of the market's key segments, trends, drivers, restraints, competitive environment, and other important elements.

The internet's increasing use in healthcare functions is a major factor in the connected healthcare market's rapid growth. The Internet is used in smartphones, tablets, and wearable devices to promote the transfer, storage, and display of clinical data wirelessly. Increasing demand for the internet in healthcare operations at an affordable cost and also improving diagnostics, patient experience, and disease management with less error is pushing the market growth. The growth of wearable technology adoption for accurate capturing, monitoring, and analyzing physiological data for enhancing health and healthcare outcomes.

US Connected Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 38.06 billion

Largest Segment

m-health

Fastest Growth

Growth Rate

20.1% CAGR

Global Connected Healthcare Market ($ Bn)
Country Share for North America Region (%)

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Connected Healthcare Market Segmental Analysis

The global connected healthcare market is segmented based on type, end-use, and geography. In terms of type, it includes M-Health (Mobile Health), E-Health (Electronic Health), Remote Patient Monitoring (RPM), telemedicine, and other connected healthcare solutions. The end-use segment covers hospitals and clinics, individual users, healthcare payers, and other stakeholders within the healthcare ecosystem. Geographically, the market is divided into regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Connected Healthcare Market Analysis By Type

Global connected healthcare market, two segments stand out as the largest and fastest growing: M-Health (Mobile Health) and Telemedicine. M-Health has emerged as the largest segment, revolutionizing the way healthcare is delivered and empowering individuals to take control of their well-being. With the widespread adoption of smartphones, tablets, and wearable devices, M-Health has witnessed tremendous growth. The convenience and accessibility offered by mobile devices have enabled people to monitor their health, track fitness, manage chronic conditions, and access medical information anytime, anywhere.

Telemedicine, on the other hand, represents the fastest-growing segment within the connected healthcare market. It has experienced accelerated adoption and acceptance, especially in the wake of the COVID-19 pandemic. Telemedicine leverages communication technologies to facilitate remote consultations and virtual care delivery, eliminating geographical barriers and enabling access to medical expertise from the comfort of one's home.

Connected Healthcare Market Analysis By end-user

global connected healthcare market's end-use segment, two segments stand out as the largest and fastest growing: Hospitals and Clinics, and Individual Users.Hospitals and Clinics represent the largest segment within the connected healthcare market. These healthcare facilities are at the forefront of implementing connected healthcare solutions to enhance patient care, optimize workflows, and improve operational efficiency. Connected technologies such as electronic health records (EHRs), remote patient monitoring (RPM), and telemedicine are increasingly integrated into hospital systems, allowing for seamless data exchange and streamlined healthcare delivery. With the growing demand for efficient and patient-centric care, the market size for connected healthcare solutions in hospitals and clinics is projected to grow during the forecast period.

Individual Users, on the other hand, represent the fastest-growing segment within the connected healthcare market. The rise of smartphones, wearable devices, and health apps has empowered individuals to actively participate in their own health management. Connected healthcare solutions enable users to monitor vital signs, track fitness levels, manage chronic conditions, and access medical information on-the-go. With the increasing emphasis on preventive care and personalized health tracking, the individual users segment is witnessing rapid adoption.

Global Connected Healthcare Market By Type

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Connected Healthcare Market Regional Insights

North America holds the dominant position in the connected healthcare market, driven by its advanced healthcare infrastructure and early adoption of innovative technologies. The region boasts a robust ecosystem of healthcare providers, technology companies, and regulatory frameworks that support the implementation of connected healthcare solutions. For example, the United States is a leading player in the market, leveraging connected healthcare to improve patient outcomes and enhance healthcare delivery. Institutions like the Mayo Clinic have implemented remote patient monitoring and telemedicine solutions, enabling remote consultations and real-time monitoring for patients with chronic conditions. This focus on connected healthcare has propelled North America to the forefront, accounting for a significant share in the global market.

On the other hand, the Asia-Pacific region is witnessing remarkable growth and emerges as the fastest-growing region in the connected healthcare market. With rising healthcare expenditure, increasing digitalization, and a large population, the region presents significant opportunities for connected healthcare solutions. For instance, China has been actively promoting telemedicine and digital health initiatives to address healthcare accessibility challenges in rural areas. Companies like Ping An Good Doctor have leveraged mobile health platforms to provide online consultations and medication delivery services to millions of users. Additionally, countries like India and Australia have seen a surge in telemedicine adoption during the COVID-19 pandemic. The Asia-Pacific region's rapid economic growth, coupled with the adoption of advanced technologies, positions it as a key driver of the connected healthcare market's expansion.

Global Connected Healthcare Market By Geography
  • Largest
  • Fastest

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Connected Healthcare Market Dynamics

Connected Healthcare Market Drivers

Increasing Healthcare Needs

  • The rising prevalence of chronic diseases, aging populations, and the growing demand for personalized and proactive healthcare have created a need for connected healthcare solutions. Connected technologies offer remote patient monitoring, telemedicine, and health tracking, enabling timely interventions, reducing hospital visits, and improving overall patient outcomes.

Connected Healthcare Market Restraints

Data Privacy and Security Concerns

  • The exchange of sensitive patient data in connected healthcare raises concerns about data privacy and security. The storage, transmission, and protection of patient information must comply with stringent regulations and robust cybersecurity measures to prevent data breaches and maintain patient trust.

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Connected Healthcare Market Competitive Landscape

TThe competitive landscape of the global connected healthcare market is characterized by a diverse range of players, including healthcare technology providers, telecommunication companies, device manufacturers, and software developers. Key players in the market are consistently focusing on innovation, partnerships, and mergers to gain a competitive edge. Companies are investing in research and development to develop advanced connected healthcare solutions that offer seamless connectivity, data security, and user-friendly interfaces. Additionally, strategic collaborations with healthcare providers and payers are helping market players expand their market presence and improve their product offerings. The competitive landscape is marked by intense competition, with players striving to differentiate themselves through technological advancements, quality products, and comprehensive service offerings. The market is dynamic and highly competitive, driving companies to continuously innovate and evolve to meet the evolving needs of healthcare providers and end-users.

Connected Healthcare Market Top Player’s Company Profiles

  • Google LLC (US)
  • Philips Healthcare (Netherlands)
  • Cerner Corporation (US)
  • Medtronic plc (Ireland)
  • General Electric Company (US)
  • Cisco Systems, Inc. (US)
  • IBM Corporation (US)
  • Oracle Corporation (US)
  • Siemens Healthineers AG (Germany)
  • Allscripts Healthcare Solutions, Inc. (US)
  • Athenahealth (US)
  • Epic Systems Corporation (US)
  • Honeywell International Inc. (US)
  • Teladoc Health, Inc. (US)
  • McKesson Corporation (US)
  • Nuance Communications, Inc. (US)
  • GE Healthcare (United Kingdom)

Connected Healthcare Market Recent Developments

  • In April 2021, Siemens Healthineers AG announced the successful completion of its acquisition of Varian Medical Systems, Inc. This acquisition marked a significant milestone in the strategic partnership between Siemens Healthineers and Varian, known as "EnVision." The partnership aims to establish a comprehensive digital, diagnostic, and therapeutic ecosystem that encompasses treatment management.

Connected Healthcare Key Market Trends

  • Telemedicine involves the use of technology to provide healthcare services remotely, allowing patients to consult with healthcare professionals without the need for in-person visits. Remote patient monitoring involves the use of connected devices to collect and transmit patient data to healthcare providers, enabling continuous monitoring and proactive healthcare management. This trend has been accelerated by factors such as advancements in telecommunications infrastructure, increased access to smartphones and wearable devices, and the need for convenient and accessible healthcare services, especially during the COVID-19 pandemic. Telemedicine and remote patient monitoring offer benefits such as improved access to healthcare, reduced healthcare costs, and enhanced patient convenience. As a result, healthcare providers, technology companies, and patients are increasingly embracing these digital health solutions, leading to significant market growth and opportunities in the connected healthcare sector.

Connected Healthcare Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Deployment mode team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analyses, The global connected healthcare market is poised for robust growth in the foreseeable future. A growing shift towards predictive healthcare is pushing the demand for IoT-enabled wearable devices for monitoring patient health through home care. Various technology and consumer electronics manufacturers such as Apple IncSamsung, Omron Corporation, and others are introducing various wearable watches, bands, etc. to promote monitoring of health status in real-time.

The market is expected to experience strong growth in the years to follow owing to the rising popularity of telehealth. Telehealth includes medical counseling, physical and occupational therapy, home health, and chronic disease monitoring and management.

Report Metric Details
Market size value in 2023 USD 38.06 billion
Market size value in 2031 USD 197.86 billion
Growth Rate 20.1%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • M-Health, E-Health, remote patient monitoring (RPM), telemedicine
  • End user
    • Healthcare payers, and other stakeholders
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Google LLC (US)
  • Philips Healthcare (Netherlands)
  • Cerner Corporation (US)
  • Medtronic plc (Ireland)
  • General Electric Company (US)
  • Cisco Systems, Inc. (US)
  • IBM Corporation (US)
  • Oracle Corporation (US)
  • Siemens Healthineers AG (Germany)
  • Allscripts Healthcare Solutions, Inc. (US)
  • Athenahealth (US)
  • Epic Systems Corporation (US)
  • Honeywell International Inc. (US)
  • Teladoc Health, Inc. (US)
  • McKesson Corporation (US)
  • Nuance Communications, Inc. (US)
  • GE Healthcare (United Kingdom)
Customization scope

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  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Connected Healthcare Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Connected Healthcare Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Connected Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Connected Healthcare Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Connected Healthcare Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Connected Healthcare Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Connected Healthcare Market size was valued at USD 38.06 billion in 2021 and is poised to grow from USD 45.71 billion in 2022 to USD 197.86 billion by 2030, at a CAGR of 20.1% during the forecast period (2023-2030).

TThe competitive landscape of the connected healthcare market is characterized by a diverse range of players, including healthcare technology providers, telecommunication companies, device manufacturers, and software developers. Key players in the market are consistently focusing on innovation, partnerships, and mergers to gain a competitive edge. Companies are investing in research and development to develop advanced connected healthcare solutions that offer seamless connectivity, data security, and user-friendly interfaces. Additionally, strategic collaborations with healthcare providers and payers are helping market players expand their market presence and improve their product offerings. The competitive landscape is marked by intense competition, with players striving to differentiate themselves through technological advancements, quality products, and comprehensive service offerings. The market is dynamic and highly competitive, driving companies to continuously innovate and evolve to meet the evolving needs of healthcare providers and end-users. 'Apple Inc. (US)', 'Google LLC (US)', 'Microsoft Corporation (US)', 'Qualcomm Technologies, Inc. (US)', 'Philips Healthcare (Netherlands)', 'Cerner Corporation (US)', 'Medtronic plc (Ireland)', 'General Electric Company (US)', 'Cisco Systems, Inc. (US)', 'IBM Corporation (US)', 'Oracle Corporation (US)', 'Siemens Healthineers AG (Germany)', 'Allscripts Healthcare Solutions, Inc. (US)', 'Athenahealth (US)', 'Epic Systems Corporation (US)', 'Honeywell International Inc. (US)', 'Teladoc Health, Inc. (US)', 'McKesson Corporation (US)', 'Nuance Communications, Inc. (US)', 'GE Healthcare (United Kingdom)'

The rising prevalence of chronic diseases, aging populations, and the growing demand for personalized and proactive healthcare have created a need for connected healthcare solutions. Connected technologies offer remote patient monitoring, telemedicine, and health tracking, enabling timely interventions, reducing hospital visits, and improving overall patient outcomes.

Telemedicine involves the use of technology to provide healthcare services remotely, allowing patients to consult with healthcare professionals without the need for in-person visits. Remote patient monitoring involves the use of connected devices to collect and transmit patient data to healthcare providers, enabling continuous monitoring and proactive healthcare management. This trend has been accelerated by factors such as advancements in telecommunications infrastructure, increased access to smartphones and wearable devices, and the need for convenient and accessible healthcare services, especially during the COVID-19 pandemic. Telemedicine and remote patient monitoring offer benefits such as improved access to healthcare, reduced healthcare costs, and enhanced patient convenience. As a result, healthcare providers, technology companies, and patients are increasingly embracing these digital health solutions, leading to significant market growth and opportunities in the connected healthcare sector.

North America holds the dominant position in the connected healthcare market, driven by its advanced healthcare infrastructure and early adoption of innovative technologies. The region boasts a robust ecosystem of healthcare providers, technology companies, and regulatory frameworks that support the implementation of connected healthcare solutions. For example, the United States is a leading player in the market, leveraging connected healthcare to improve patient outcomes and enhance healthcare delivery. Institutions like the Mayo Clinic have implemented remote patient monitoring and telemedicine solutions, enabling remote consultations and real-time monitoring for patients with chronic conditions. This focus on connected healthcare has propelled North America to the forefront, accounting for a significant share in the market.

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