Global Connected Care Market – Industry Trends and Forecast to 2029

 Connected Care Market Analysis and Size

Connected healthcare is frequently used to refer to technology-enabled care, in which new technology enables patients to access healthcare remotely outside of traditional models of care delivery. In reality, it encompasses any system that allows healthcare to be delivered in a more patient-centered and participatory manner.

Data Bridge Market Research analyses that the connected care market which was USD 37,264.73 million in 2021, is expected to reach USD 360481.17 million by 2029, at a CAGR of 32.8% during the forecast period 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Connected Care Market Scope and Segmentation      

Market Definition

Connected health, also known as technology-enabled care (TEC), aims to provide more and more flexible opportunities for consumers to engage with clinicians while also maximizing healthcare resources. The term "connected health" refers to a socio-technical model for the healthcare management system.

Global Connected Care Market Dynamics

Drivers

• Rise in ageing population

According to the World Health Organization's (WHO) Global Health and Aging report, "the number of people aged 65 or older is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050, with the majority of the increase occurring in developing countries." Furthermore, by 2050, the number of people 65 and older is expected to outnumber children under five. These are the certain factors that helps the market to grow.

• Government Initiatives

Strategic initiatives such as partnerships, acquisitions, and mergers, as well as new product launches and investments, are some marketing and growth strategies used by these healthcare companies to gain a competitive advantage. For innstance, in September 2021, Medtronic India joined forces with Statis Health, a division of Stasis Labs, to promote the latter's bedside patient monitoring system throughout India. A bedside monitor and a cloud-connected app provide remote monitoring across devices in the connected care monitoring system.

Opportunities

• Increase in elderly population

WHO attributes the rapid growth of the elderly population to a shift in the leading cause of death, from infections to chronic non infectious diseases, which increased life expectancy. Hypertension, high cholesterol, arthritis, diabetes, heart disease, cancer, dementia, and congestive heart failure are instances of chronic conditions. Heart disease, stroke, and cancer have been the leading chronic conditions affecting the ageing population, particularly in high-income countries. Furthermore, the prevalence of obesity and falls is rising.

Restraints/Challenges

• Lack of awareness

Lack of awareness about the potential applications of connected care, rising privacy and cybercrime, and reluctance to share health information are the major factors acting as restraints, and will further challenge the growth of the connected care market during the forecast period.

This connected care market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the connected care market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Connected Care Market

In response to the COVID-19 crisis, industry observed substantial growth. This is attributed to the rising requirement for transforming the healthcare experience for healthcare workers and patients. The growing necessity for an agile and inter-professional workforce to deliver team-based care through an empowered front-line staff leveraging technology for offering higher-value work added an edge to the usage of connected health systems. Continuous access to health services in safe and convenient approaches mainly in the post-COVID-19 world will also favor the market growth.

Recent developments

• In September 2021, Medtronic India collaborated with Statis Health, a division of Stasis Labs, to promote the latter's bedside patient monitoring system throughout India. A bedside monitor and a cloud-connected app provide remote monitoring across devices in the connected care monitoring system.

• In August 2021, Royal Philips added two new products to its HealthSuite, one is focusing on acute care telehealth and the other on patient flow capacity.

Global Connected Care Market Scope

The connected care market is segmented on the basis of type, application, function and target audience. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

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

 Application

• Monitoring
• Diagnosis and Treatment
• Education and Awareness
• Healthcare Management
• Wellness and Prevention

 Function

• Home Monitoring
• Clinical Monitoring
• Assisted Living
• Telemedicine

 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

Connected Care Market Regional Analysis/Insights

The connected care market is analyzed and market size insights and trends are provided by country, type, application, function and target audience as referenced above.

The countries covered in the connected care market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the connected care market due to well-developed internet infrastructure, healthcare sector and presence of major players in this region.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 owing to growing number of aged-population suffering from various diseases.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The connected care market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for connected care market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the connected care market. The data is available for historic period 2010-2020.

Competitive Landscape and Connected Care Market Share Analysis

The connected care market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to connected care market.

Some of the major players operating in the connected care market are:

• AgaMatrix (U.S.)
• AirStrip Technologies, Inc (U.S.)
• AliveCor, Inc. (U.S.)
• Allscripts Healthcare, LLC (U.S.)
• Apple Inc. (U.S.)
• Boston Scientific Corporation (U.S.)
• Cerner (U.S.)
• General Electric (U.S.)
• Honeywell International Inc. (U.S.)
• Medtronic (Ireland)
• Microsoft (U.S.)
• Persistent Systems (India)
• Koninklijke Philips N.V. (Netherlands)
• Qualcomm Technologies, Inc. (U.S.)
• Vivify Health, Inc. (Canada)
• IBM Corporation (U.S.)

SKU-56105