The connected healthcare market size has grown exponentially in recent years, surging from $155.31 billion in 2024 to a projected $195.91 billion in 2025. This growth, driven by factors such as aging population, rise in chronic diseases, adoption of digital health, efficiency in healthcare costs, remote patient monitoring, and increased demand due to the pandemic phenomenon, represents a compound annual growth rate (CAGR) of 26.1%.
The growth is expected to continue, with the market forecasted to reach a staggering $555.58 billion in 2029 at a CAGR of 29.8%. This forecasted expansion is attributed to the increasing adoption of personalized medicine, health data interoperability, value-based care models, increased focus on mental health and well-being, healthcare access and equity, growing cybersecurity and data protection, and rising demand for population health management.
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What Are The Key Drivers Of The Connected Healthcare Market?
The growing integration of IT in healthcare significantly contributes to the growth of the connected healthcare market. The pivotal role of connected healthcare is utilizing the internet and wireless technology to gather patient data and facilitate connections with caregivers, promoting remote, efficient healthcare monitoring through automated systems. For example, a survey by the Healthcare Information and Management Systems Society (HIMSS) in November 2022 revealed that 61% of healthcare executives reported deploying automation technologies – a marked increase from previous years. This surge underlines a broader push towards enhancing operational efficiency and reducing costs in healthcare settings.
Which Are The Major Segments In The Global Connected Healthcare Market?
The connected healthcare market is classified into distinct segments:
1) By Type: e-Prescription, mHealth Services, mHealth Devices
2) By Function: Remote Patient Monitoring, Clinical Monitoring, Telemedicine, Other Functions
3) By Application: Monitoring Applications, Diagnosis And Treatment, Education And Awareness, Healthcare Management, Wellness And Prevention
4) By End Users: Hospitals And Clinics, Home Monitoring
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Which Are The Prime Players In The Connected Healthcare Market?
Notably, major companies currently operating in the connected healthcare market include Allscripts Healthcare Solutions Inc., Cerner Corporation, Koninklijke Philips N.V., International Business Machines Corporation, AirStrip Technologies LP, AgaMatrix Holdings LLC, AliveCor Inc., Apple Inc., Athenahealth Inc., Boston Scientific Corporation, GE Healthcare, Medtronic plc, Microsoft Corporation, Qualcomm Incorporated, Systems Applications and Products in Data Processing (SAP), Oracle Corporation, Accenture plc, Honeywell Life Care Solutions, Persistent Systems Limited, Sanofi S.A., Vivify Health Inc., Entia Ltd., GlaxoSmithKline plc, NeuroFlow Inc., Butterfly Network Inc., OneRail, Evidation Health Inc., DarioHealth Corp., Pixium Vision SA, Stanley Healthcare Solutions.
What Trends Are Emerging In The Connected Healthcare Market?
Major companies in the connected healthcare market are focusing on developing technologically advanced products, such as the ZAIDYN Connected Health solution launched in October 2023. Aimed at enhancing remote patient monitoring and improving health outcomes, this AI-powered solution helps pharmaceutical firms, healthcare providers, and payers innovate and better comprehend unmet needs, engage patients, and enhance health outcomes.
Which Regions Are Booming In The Connected Healthcare Market?
North America stood as the largest region in the connected healthcare market in 2024, with Asia-Pacific projected to be the fastest-growing region in the forecast period. The market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Connected Healthcare Market Report 2025 Offer?
Connected healthcare is a technology-driven system that links devices, services, and providers, facilitating the smooth exchange of health data, enabling better patient care through real-time monitoring, remote diagnostics, and customized treatments. The Connected Healthcare Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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