Connected Healthcare Market Overview:
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 solutions consolidate information from many different spheres of a person’s world to give a more complete picture of their health that includes biological, genetic, medical, lifestyle and sentiment/mood data. Connected healthcare puts the patient at the centre of the healthcare system gathering, linking and interpreting information from many different sources to enable informed, patient-centred care decisions.
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Some of the key players in this market are: Agamatrix, Inc. (US), Airstrip Technology (US), AliveCor Inc. (Australia), Allscripts (US), Athenahealth Inc. (US), Boston Scientific Corporation (US), Cerner (US), Koninklijke Philips N.V. (Netherlands), GE healthcare (UK), Qualcomm (US), Medtronics (Ireland) and others.
The global Connected Healthcare Market is segmented into type and application. On the basis of type the market is sub-segmented into m-health devices, m-health services and e-prescription. On the basis of application the market is sub-segmented into monitoring applications, diagnosis & treatment, education and awareness, healthcare management, wellness & prevention and others.
The drivers for the global Connected Healthcare market are rising number of chronic diseases, rising incomes, growing network of information, increasing awareness, growing integration of wireless technologies, convenience of medical devices, falling prices and growing affordability of mobile devices and others. The restraints are the poor coverage of network in the developing regions, high cost of the devices, nascent technology in under developed economies, limited reimbursement, lack of technological awareness among the ageing population, concerns over data security and privacy and others.
Connected healthcare is also known as technology-enabled care (TEC), as it involves the convergence of health technology, digital media and mobile devices. Thus it is the cross integration of technology, professionals, and patients with an aim to reduce costs of healthcare delivery and providing timely treatment. Thus it is seen as a solution to the rising healthcare costs at times when the budgets is constraining. The prime mover of the connected healthcare market is the growing number of connected users itself. The last decades has witnessed an explosive growth in the number of smartphone and tablet users. Another example can be seen in the falling divide for smartphone ownership between developing and developed economies. Smartphone ownership rates in emerging and developing nations climbed from a median of 21% in 2013 to an eye watering 37% in 2015. Other notable developments is the development of sensor technology enabling the use of biosensing wearables, such as digital blood pressure monitors and glucose sensors. Development of real time sensing and analytics, has added fire to the market and smartphones are incorporating a growing range of sensors.
However there are barriers to the deployment of connected healthcare. These include concerns over quality, reliability, privacy and security. However, the falling cost of digital technology and the improving quality and reliability of devices and applications have reduced these concerns. Attitude towards technology represents other constraint on the market. The digital divide is prominent not only among nations but also among sex. There also is an effect of the demographic dividend that is paying well for the market as in nearly every country, millennials are much more likely to be internet and smartphone users compared with those ages 35 and older. Other findings reveal that smartphone ownership rates have skyrocketed in many countries since 2013. This includes increases of over 25 percentage points among the economies of Turkey, Malaysia, Chile and Brazil.
Technocrats are also charged of developing technology without involvement of the people they are aimed at. Concerns about inequality of access due to the cost and broadband speeds differences have skewed the market in favour of the developed regions such as North America and Europe.
While connected healthcare is booming in the industrialized nations, the field has shifted in favour of the developing countries, stemming from the rapid rise of mobile phone penetration in low-income nations. For example, in a study conducted by Pew research in contrast to a median of 45% across emerging and developing countries reported using the internet occasionally in 2013, the number in 2015, rose to a whopping 54%. The largest growth has been reported from large emerging economies such as Malaysia, Brazil and China. The comparative figures in 2015 was 87% for advanced economies such as U.S. and Canada, major Western European nations, Australia, Japan etc.
In a number of emerging and developing countries, more people have access to the internet and are also using it more frequently. In 12 emerging nations surveyed in 2014 and 2015, there were significant increases in the share of adult internet users who say they access the internet several times a day, including in Nigeria (+20 points), Ghana (+19) and China (+13). Thus developing region nations are likely to be the leaders in connected healthcare market in the near future.
However Africa remains a dark continent for the connected healthcare market due to its poor socio economic conditions. The countries with the least smartphone ownership rates are Tanzania (11%), Uganda (4%) and Ethiopia (4%). The transparency in the political systems also reflects in the market with democratic nations scoring high over the wealthy but non-transparent gulf region economies.
Other regions expected to yield good growth are the Scandinavian nations of Iceland, Norway, Finland and others.
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