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Connected Health Market is expected to reach US$ 453.56 billion by 2030

Global connected health market is predicted to grow to USD 453.56 billion by 2030. Unlock insights on Growth and Gains

By The Insight Partners

M-Health Services Segment to Hold Significant Share of Connected Health Market During 2022–2030  

According to our latest study on "Connected Health Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type, Application, and End User," the connected health market size was valued at US$ 62.61 billion in 2022 and is expected to reach US$ 453.56 billion by 2030. The market is estimated to register a CAGR of 28.1% from 2022 to 2030. The rising adoption of digital health and the mAgeing program by WHO are the key factors driving the market. The adoption of the Internet of Medical Things (IoMT) is the trend in the market. However, security and privacy issues hamper the connected health market growth.

Connected devices create greater agility and mobility, which increase productivity and efficiency. A survey by the Pew Research Center conducted in 2020 states that 21% of Americans (~70 million people) are using wearable tech. Further, IoT is being integrated with healthcare, where it is known as the Internet of Medical Things (IoMT). The IoMT will enable advanced monitoring of patients suffering from long-term health conditions. Also, mHealth apps and IoMT devices such as wearables are being widely used by the global population. For instance, Apple launched a new feature, “Time to Walk,” in January 2021, an inspiring new audio walking experience on the Apple Watch for Fitness+ subscribers—created to encourage users to increase walking activities and benefit from it. Approximately all IoMT devices are required to be connected to a mobile health app; these devices provide the app with useful data that ensures better health management. Thus, the adoption of the internet of medical things is likely to bring new connected health market trends in the coming years.  

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00002975

The emerging market in regions is Asia Pacific which is likely to create significant opportunities for the key market players to expand their businesses in the coming years. The majority of players are focusing on implementing their expansion plans in developing countries, such as India and China, owing to a significant portion of the population suffering from chronic diseases in these countries. Advancements in home diagnostics have boosted the demand for telemedicine in the healthcare market and encouraged the introduction of advanced analytical systems, along with the shift to connected health. Healthcare companies are targeting patients or consumers in developing nations due to the rising number of diseases such as cancer. Hence, advancements related to infectious disease testing, molecular oncology, and pharmacogenomics in emerging countries are likely to provide lucrative opportunities to the players operating in the market during the forecast period.

Connected Health Market, by Type

The connected health market, by type, is bifurcated into m-health services and m-health devices. The connected health market analysis estimated that the m-health services segment held a larger share of the market in 2022; however, the m-health devices segment is likely to record a higher CAGR in the market during 2022–2030. Instead of having patients monitored internally at medical facilities, connected health puts more emphasis on remote data transfer and the provision of appropriate healthcare services at home. Aside from the ability to deliver healthcare remotely, the biggest breakthrough in connected health is the vast data that is made available. With the help of connected health services, doctors can make more informed decisions and provide proactive treatment that puts the needs of the patients first.

Connected Health Market, by Application:

The connected health market, by application, is segmented into monitoring applications, diagnosis and treatment, healthcare management, wellness and prevention, and others. The connected health market analysis estimated that the monitoring applications segment held the largest share of the market in 2022; however, the diagnosis and treatment segment is likely to register the highest CAGR in the market during 2022–2030. The digital age, including the Internet of Things (IoT), digital sensors, and big data tools, has opened new growth opportunities for healthcare services, with monitoring systems playing an important role and improving access to patients. The incorporation of these systems increased significantly during the COVID-19 pandemic. Patients suffering from chronic diseases, older adults, and patients who experience moderate symptoms of SARS-CoV-2 viral infection would benefit from health remote monitoring systems.

Connected Health Market, by End User:

By end user, the market is segmented into hospitals and clinics, home monitoring, and others. The hospitals and clinics segment held the largest market share in 2022; however, the home monitoring segment is likely to record the highest CAGR in the market during 2022–2030. According to OAE Publishing Inc., in 2021, approximately 50% of all American hospitals have implemented some form of connected health for remote patient monitoring, and ~80% of European countries have included telemedicine services in their healthcare services.

Connected Health Market, by Geography:   

The connected health market report, based on geography, is primarily segmented into North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In terms of revenue, North America dominated the connected health market share.

The US held a significant share in North America as the country has strong technological developments. The FDA regulates most of the mHealth apps in the US that perform patient-specific analysis and/or patient-specific treatment or diagnosis recommendations to confirm that any application that might lead to health risks is moderated. The rising use of smartphones and the prevalence of mobile technology use both lifestyle and clinical applications, which propels the connected health market growth in the US.

The connected health market report is focused on prominent companies in the market such as Athena Health, AgaMatrix, AirStrip, AliveCor Inc., Allscripts Healthcare LLC, Apple Inc., NXGN Management LLC, Cerner Corporation, Cognizant, and Honeywell International Inc.

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