Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
Global Connected Health Care Market Was Valued At US$ 2.69 Bn In 2019 And It Is Expected To Reach More Than US$ XX Bn By 2028, Likely To Grow With The CAGR Of 28.3% During The Forecast Period.
Technology-enabled care (TEC) is primarily known as connected health care that aims to maximize the healthcare resources and to provide increased and flexible opportunities for the consumers that aid to engage with clinicians. It uses available consumer technologies to deliver patient care outside of the hospital or doctor's office. The persistent rise in geriatric population directly impacts the growth and development of connected health services as the elderly population is highly susceptible to acquire several health disorders as compared to younger adults.
Increasing The Use Of Smartphones And Other Wireless Technology Is Expected To Fuel The Growth Of The Connected Health Market During The Forecast Period
Increasing adoption of smartphones and Wearable devices for medical, wellness and fitness consisting of various form factors depending on the purpose and placement of the human body. Wearable devices can be integrated into apparel to become less intrusive. Sensors such as biomechanical and motion are placed at specific parts of the body to communicate with an overall Body Area Network system.
Moreover, the rising adoption of mhealth methods in emerging countries are anticipated offering growth opportunities to the companies in the connected health care market.
Rising Prevalence Of Chronic And Lifestyle Associated Diseases And Increased Healthcare Awareness Drive The Connected Health Care Market
Connected healthcare provides healthcare services remotely. The connectivity of healthcare facilities and devices, patient monitoring is done on a real-time basis, notably cutting down unnecessary visits by doctors. It also gives them the chance to utilize the virtual infrastructure of cloud computing to make informed decisions and offer evidence-based treatment. Growth is mainly driven by government-sponsored programs enabled by better healthcare infrastructure and data storage facilities. Moreover, connected healthcare solutions provide ease to the patients to consumer healthcare services and help the medical experts to provide better and efficient cure to the patients.
Connected healthcare is transformational, but it poses multiple challenges related to the sensitivity of health data. It includes threats of cyber-attack, dangers related to data security and lack of skilled manpower to handle large volume data along with lack of awareness related to health apps may restrict the market growth.
Healthcare Management Application Projected As The Fastest-Growing Application Segment Over The Forecast Period
The healthcare management application segment is growing at a CAGR of 30.79% during the forecast period. The growth of the segment is attributed to the implementation of the Affordable Care Act (ACA) in the U.S., the government supports adoption of healthcare information technology (HCIT) for the prevention of diseases, growing geriatric population and the subsequent increase in the prevalence of chronic diseases, need for affordable treatment options due to the rising healthcare costs, and advancing IT and big data capabilities.
mHealth Services Accounted For The Largest Share Of The Global Connected Healthcare Market
The growth of the mHealth solutions market can be attributed to factors such as the growing demand for healthcare applications, the advent of advanced connectivity and network technologies, robust penetration of new communication technologies to provide uninterrupted healthcare services, and rising focus on patient-centric healthcare. They are also supporting the transition of healthcare delivery from institution-centric frameworks to patient-centric care. The mobile health applications are extremely useful in enabling this transition. These applications enable patients and healthcare professionals to access the relevant health information of patients as and when required.
North America To Dominate The Connected Healthcare Market During The Forecast Period
North America is expected to hold a significant market value share of more than 40%, in the globally connected healthcare market. It is anticipated to grow at a CAGR of xx % over the forecast period. The growth is attributed to the rising adoption of healthcare IT solutions, the presence of key companies, legislative initiatives, such as HITECH Law, 2009, and availability of sophisticated healthcare IT infrastructure in this region.
Technological advancements and various government initiatives promoting the adoption of digital platforms in the life science industry are the key factors contributing to the largest revenue share. There are various initiatives being undertaken for developing eHealth and clinical interoperability, which is also driving the market.
Asia-Pacific Is Expected To Be The Fastest-Growing Market In The Connected Healthcare Market Over The Forecast Period
Asia-Pacific registers the fastest growing CAGR of 30.76% during the forecast period as the APAC region holds more than 50% of the world’s population, and therefore any major technological shifts, related to health care are likely to shape the future of the region. Many Asian countries, such as China, Japan, and India are improving health IT infrastructure, rising initiatives for promoting connected health services, and gradually increasing adoption of advanced technologies, such as smart wearables to cater to the increasing healthcare service demand. Hence, APAC is expected to show promising opportunities to deploy connected healthcare.
To cater the growing demand for connectivity solutions in healthcare facilities, the connected healthcare solution providers are started focusing on the business model of business to business (B2B) globally.
Some of the key players in the global Connected Healthcare market are GE Healthcare, Accenture Plc, IBM Corporation, Oracle Corporation, Microsoft Corporation, Airstrip Technology, Medtronic, Koninklijke Philips N.V., Boston Scientific Corporation, Athenahealth Inc., Agamatrix, Inc., Qualcomm, and AliveCor Inc.
Global Connected Healthcare Market Key segments:
Global Connected Healthcare Market, By Function
- Home Monitoring
- Assisted Living
- Clinical Monitoring
Global Connected Healthcare Market, By Type
- mHealth Services
- mHealth Devices
Global Connected Healthcare Market, By Application
- Monitoring Applications
- Diagnosis & Treatment
- Education & Awareness
- Wellness & Prevention
- Healthcare Management
Global Connected Healthcare, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America