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Global connected healthcare market to hit USD 10.2 billion by 2024

Medical Market Research

The global connected healthcare market is anticipated to reach USD 150 billion by 2024 due to persistent geriatric population as elderly population is highly susceptible to acquire several health disorders as compared to younger adults.

The world is on the cusp of transformation in which data, devices and applications will connect medicine and people seamlessly and securely. 

According to the World Health Organization (WHO) projections, global geriatric population is anticipated to reach around 1.5 billion by the year 2050. Thus, a consistent rise in geriatric population would boost the growth of connected healthcare market. The revolution in healthcare connectivity offers promising next generation solutions.

M-Health devices include blood glucose meters, cardiac monitors and blood pressure monitors, which will be the main drivers of growth. Pulse oximetry, neurological monitoring, sleep monitors, and wearable fitness and heart rate meters will also make up this segment in the forecast years. The advancement in connectivity technology along with the introduction of IT healthcare is also awakens the opportunity for connected healthcare devices.

According to Goldstein Research, global connected healthcare industry is segmented on the basis of type, function, application and by target audience. On the basis of type, M-Health services hold the largest market share followed by M-Health devices and E-Prescription. M-Service, which includes wellness, prevention, diagnostic and monitoring services expected to be worth USD 50 billion by 2024, growing at a CAGR of 30% over the forecast period i.e. 2016-2024. The global m-health devices market will grow at an average annual rate of 38.6% over the next five to six years. Geographically, North America holds the largest connected healthcare market share which is expected to grow at the CAGR of 30% over the forecast period i.e. 2016-2024. Africa is the fastest developing geography and is projected to develop at the rate of 27.5% by 2024. Asia-Pacific connected healthcare market is expected to be the fastest growing market and tends to reach at USD 25.8 billion by 2024. Europe being the second largest region for this market and is anticipated to grow at a compound annual growth rate of 27.6% during the forecast period i.e. 2016-2024.

“Global Connected Healthcare Market Make an Inquiry about this news Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, competitive analysis includes the in-depth analysis of the major players and leaders in healthcare industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry manufacturers, suppliers, and distributors, pharmaceutical & biotechnology companies, healthcare institutions, clinical centers, medical research laboratories and academic medical centers and universities to analyze the future prospects of the overall healthcare industry.

Global Connected Healthcare Industry Segmentation can be classified on the basis of:

By Type

  • M-Health Services
  • M-Health Devices
  • E-Prescription

By Function

  • Home Monitoring
  • Clinical Monitoring
  • Assisted Living
  • Telemedicine

By Application

  • Monitoring Application
  • Diagnosis & Treatment
  • Education and Awareness
  • Healthcare Management
  • Wellness and Prevention
  • Others

By Target Audience

  • Medical device manufacturers
  • Medical device supplier
  • Government Research Laboratory
  • Research and Development (R&D) Companies
  • Marketing Research and Consulting Service Provider
  • Medical Research Laboratories

By Geography

  • North America (US, Canada)Connected HealthcareMarket {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) Connected HealthcareMarket {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) Connected HealthcareMarket {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Latin America (Brazil, Mexico and Rest of Latin America)Connected HealthcareMarket {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) Connected HealthcareMarket {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}

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Market Trends, Drivers & Challenges

Connected Healthcare maintains the personalized healthcare by reducing resources and increasing demand of quality healthcare services. The advancement in connectivity technology along with the introduction of IT healthcare is also awakens the opportunity for connected healthcare devices.Due to the connectivity of healthcare facilities and devices, patient monitoring is done on real time basis, notably cutting down of unnecessary visits by doctors; also give them the chance to utilize virtual infrastructure of cloud computing to make informed decisions and offer evidence based treatment. Furthermore, streamlining and digitizing health data as well as its expanded use, strain the data centers. Data security is another risk that is likely to increase with the volume of data hence the need to shield information from cyber-attacks.

“Global Connected Healthcare Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global connected healthcare market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

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