Connected Healthcare Market: Rise in Home-based Remote Monitoring to Drive the Market
Connected Healthcare Market: An Overview
The global healthcare systems are undergoing a vibrant change, where patient centric are replacing conventional reactive care model consistently. Recently, extensive digitalization has driven healthcare systems with extensive medical records of patients at the fingertips of professional caretakers. Additionally, adoption of wearable technology and connected apps through IOT is expected to drive this momentum further in the near future.
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On the back of these extensive changes and changing landscape, the connected healthcare market is expected to grow in a robust manner during the forecast perio. The connected healthcare market is registering a significant CAGR growth at the moment.
Connected healthcare market offers more than essential services like home monitoring, telemedicine, ehealth and mhealth services. It also does it in in a cost-effective manner. According to a new press release by Microsoft, the virtual assistant AI technology can soon be expected to replace primary meeting with general health practitioners. Consequently, government agencies globally are supporting move to digitalize healthcare with infusion of government subsidies and programs.
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The in-depth study offers a critical assessment of lucrative avenues and insights into the emerging paradigms in the connected healthcare market. The insights can be a guide to investors to evaluate the viability of their funding on development and uptake of connected healthcare technologies.
Connected Healthcare Market: Key Trends
Remote monitoring and tracking is gaining prominence in the connected healthcare market. The growing patient preference towards these trends is fuelling the rise of home-based remote monitoring, especially for individuals who are bedridden with serious illnesses. Various advanced monitoring devices and interconnected technology is driving the costs of these programs down to empower patients.
As a result, there is a growing participation in healthcare systems by patients. These patients demand more transparency and knowledge through these systems, which makes for an ideal interaction between various stakeholders including nurses, doctors, patients and healthcare institutions.
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Adoption of digital technology is expected to increase due to increasing quality of care, lowering costs and increasing number of cases comprising of grave illnesses. Digitalization not only provides more information for patients but also helps doctors consult other doctors, view latest research in the field of medicine and if necessary, prescribe better alternatives to well-known medicines. The connected healthcare market is growing significantly due to these trends.
Connected Healthcare Market: Regional Outlook
The global connected healthcare market report is divided in five regions including North America, Europe, Asia Pacific, Latin America, Middle East & Africa. The connected healthcare market is expected to take giant strides in developed markets of North America and Europe. These regional markets not only support the initial capital investments and have delivered significant gains but also support various inroads made by IOT technology already. The connected healthcare market in Asia Pacific is also expected to make significant gains during the forecast period. The large penetration of smartphones in the region, long queues due to large population sizes are expected to drive the connected healthcare market further.
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Global Connected Healthcare Market: Competitive Landscape
The key players in the global connected healthcare market increasingly form a dynamic and competitive business landscape. New players are expected to seek entry into the market due to lucrative opportunities. Major players in the connected healthcare market are Qualcomm, Koninklijke Philips N.V., GE Healthcare, Athenahealth Inc., SAP SE, and Oracle Corporation.
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