The Global Connected Care Market was estimated at USD 37.29 Billion in 2021, and is projected to reach USD 174.55 Billion by 2028, growing at a CAGR of 24.67% during the analysis period. Analysis Period 2024-2032
The Connected Care Market encompasses a range of technologies and services aimed at improving healthcare delivery by facilitating seamless communication and data exchange between patients and healthcare providers. This market includes telehealth, remote patient monitoring, mobile health applications, and integrated health management systems, all designed to enhance patient care and outcomes. The proliferation of smartphones, wearables, and advanced communication networks has driven the growth of connected care solutions, enabling real-time health monitoring and virtual consultations. These technologies are particularly beneficial for managing chronic diseases, offering timely interventions, and reducing the need for hospital visits. The adoption of connected care is further propelled by the growing emphasis on patient-centered care, cost reduction in healthcare, and the increasing aging population requiring long-term care. Governments and healthcare organizations worldwide are investing in digital health infrastructure to improve access to quality healthcare services, especially in remote and underserved areas.
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Top Leading Key Players:
Allscripts Healthcare LLC. (U.S.), Cerner Corporation (U.S.), Koninklijke Philips N. V (Netherlands), McKesson Corporation (U.S.), Apple Inc. (U.S.), Omron Corporation (Japan), General Electric Company (U.S.), Fitbit Inc. (U.S.), IBM Corporation (U.S.), NXGN Management LLC and other major players.
Drivers of Connected Care:
· Technological Advancements: The rapid evolution of digital health technologies such as telemedicine platforms, wearable devices, and IoT-enabled medical devices is a significant driver of connected care. These advancements facilitate remote patient monitoring, real-time data collection, and seamless communication between healthcare providers and patients, improving healthcare accessibility and efficiency.
· Growing Aging Population: The aging population worldwide is creating a higher demand for healthcare services, leading to increased interest in connected care solutions. With remote monitoring and virtual consultations, healthcare providers can manage chronic conditions more effectively, reduce hospital readmissions, and enhance overall patient outcomes, addressing the challenges posed by an aging demographic.
Opportunities in Connected Care:
· Market Expansion: The global connected care market presents vast opportunities for growth, driven by the adoption of digital health solutions and the integration of AI and machine learning in healthcare analytics. As healthcare systems strive for more personalized and efficient care delivery, the demand for connected care technologies is expected to surge, creating opportunities for companies offering innovative solutions.
· Improved Patient Engagement: Connected care promotes greater patient engagement through tools like mobile apps, remote monitoring devices, and virtual consultations. This not only enhances patient satisfaction but also empowers individuals to actively participate in their healthcare management, leading to better health outcomes and potentially reducing healthcare costs associated with preventable conditions.
Segmentation Analysis of Connected Care Market:
By Type
· mHealth services
· mHealth devices
· e-Prescription
By Function
· Remote patient monitoring
· Clinical Monitoring
· Telemedicine
· Others
By Application
· Diagnosis & Treatment
· Monitoring Applications
· Wellness & Prevention
· Healthcare Management
· Others
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By Region
· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
Key Developments of Connected Care Market
April 2021 – The acquisition of Varian Medical Systems, Inc. by Siemens Healthineers AG was completed successfully. Siemens Healthineers, in collaboration with Varian, is developing "EnVision," an all-encompassing digital, diagnostic, and therapeutic environment that incorporates treatment management. AI-assisted analytics will be used by Siemens Healthineers to boost the creation and delivery of data-driven precision care.
July 2020 – Teladoc Health, Inc., a virtual care leader, announced the completion of its acquisition of InTouch Health. This purchase will deliver cutting-edge telehealth capabilities that will connect providers in difficult medical settings. Teladoc, on the other hand, will integrate the care experience across outpatient and home care settings, ensuring more access to high-quality treatment and improved health outcomes.
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