Connected Health Market Trends and Growth, Size by 2030

Connected Health Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis By Type (M-Health Services and M-Health Devices), Application (Monitoring Applications, Education and Awareness, Wellness and Prevention, Healthcare Management, and Others), End User (Hospitals and Clinics, Home Monitoring, and Others)

Publication Month : Feb 2024

  • Report Code : TIPRE00002975
  • Category : Healthcare IT
  • Status : Data Released
  • No. of Pages : 150
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[Research Report] 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.

Market Insights and Analyst View:

Numerous healthcare organizations are finding new and more efficient ways to enhance the quality of treatment they provide due to the demand for value and an increasingly competitive environment. Enabling patient-provider connectivity "anytime and anywhere" is one way to make services more accessible and possibly less expensive. Remote diagnosis, treatment, monitoring, and communication are all possible with connected health (cHealth), an integrated care delivery system powered by technology. Factors such as the rising adoption of digital health and mAgeing program by WHO propel the connected health market growth.

Market Drivers:

Digital health contributes to making healthcare practices more manageable and easier by collecting health-related data or healthcare information and offering services to patients. Connected health technology is a tool that supports treatments, chronic disease management, and disease surveillance. The incidence of chronic diseases, including heart disease, diabetes, and cancer, is increasing as a result of changing lifestyles. For patients suffering from non-communicable diseases who need constant monitoring, digital health plays a key role in meeting such requirements. In many instances, the management of chronic diseases has changed as a result of remote monitoring via m-health technologies and data evaluation via digital tools and wearables. In addition to shifting the focus from acute and reactive care to proactive and preventative care, connected health has altered the way patients engage with healthcare providers and healthcare-based systems. Increased development and implementation of technologies that make digital healthcare affordable and convenient have aided in its adoption.

The increasing information technology leads to the rising adoption in the health sector is helping to grow connected health rapidly across the globe. Under mHealth, devices such as mobile phones, laptops, and tablets are playing a major role in increasing health coverage. Due to increasing mobile technology, governments and other organizations are turning to mobile devices to improve efficient productivity and also focus on coupling their power to use present health data in a timely manner. The hasty development of advanced technology allows the increased sharing of data information between electronic systems. The increasing health data security helps users with accurate data and provides decision-makers to improve the ability to make critical decisions. Thus, due to the easy access and wide variety of applications, a large number of people can use digital health, which is likely to boost the connected health market growth.

The adoption of the Internet of Medical Things (IoMT) is expected to bring new connected health markettrends in the coming years. However, many healthcare organizations introduce risks that result in personal health data breaches and do not provide guidelines for safeguarding electronic personal health information. Thus, the rising threats of using these services proportionally boost the health data security that restricts the connected health market.

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Connected Health Market: Strategic Insights

connected-health-market
Market Size Value inUS$ 62.61 billion in 2022
Market Size Value byUS$ 453.56 billion by 2030
Growth rateCAGR of 28.1% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Report Segmentation and Scope:

The “connected health market analysis” has been carried out by considering the following segments: type, application, and end user. By type, the market is bifurcated into m-health services and m-health devices. By application, the market is segmented into monitoring applications, diagnosis and treatment, healthcare management, wellness and prevention, and others. Based on end user, the market is categorized into hospitals and clinics, home monitoring, and others.

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Segmental Analysis:

The connected health market, by type, is bifurcated into m-health services and m-health devices. The m-health services segment held a larger share of the market in 2022; however, the m-health devices segment is likely to register a higher CAGR in the connected health 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 prioritizes patients’ needs.

Infectious Disease Therapeutics Market, by Type – 2022 and 2030

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By application, the connected health market is segmented into monitoring applications, diagnosis and treatment, healthcare management, wellness and prevention, and others. 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 connected health market during 2022–2030. Remote monitoring systems integrated with the Internet of Things (IoT), digital sensors, and big data tools improve access to patients, which has opened new opportunities that focus on improving the delivery of healthcare services. The incorporation of these systems increased significantly during the COVID-19 crisis. Health remote monitoring systems (HRMS) offer various advantages, including reduced patient load at health centers and hospitals.

By end user, the connected health market is segmented into hospitals and clinics, home monitoring, and others. In 2022, the hospitals and clinics segment dominated the connected health market share. However, the home monitoring segment is expected to register the highest CAGR during 2022–2030. According to OAE Publishing Inc., in 2021, approximately half 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.

Regional Analysis:

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

In terms of revenue, in 2022, North America dominated the connected health market share. The market in Asia Pacific is anticipated to register the highest CAGR during 2022–2030. The market in Asia Pacific is growing due to the rising investments from international players in India and China, expanding bases of CRO services, advancing healthcare infrastructure, and improving government support. Moreover, Apollo introduced the Comprehensive Connected Care Programme in India in 2023. This program makes use of Apollo's cutting-edge Connected Care technology. Apollo's Comprehensive Connected Care services will be implemented nationwide, giving clinical teams and nursing staff access to a thorough, up-to-date patient overview at every stage of patient care, including home care, post-surgery care, in-patient care, and emergency and ambulance services.

 

Competitive Landscape and Key Companies:

The connected health market report is focused on prominent players 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. The connected health market forecast can help stakeholders plan their growth strategies. These companies focus on new technologies, upgrading existing products, and market expansions to meet the growing consumer demand worldwide.

  • In December 2023, GE HealthCare and AirStrip entered into a joint commercialization agreement. GE HealthCare became the exclusive distributor of AirStrip Cardiology and Patient Monitoring solutions in the US, offering data visualization technology to healthcare systems.
  • In January 2023, BioIntelliSense partnered with care.ai to incorporate BioIntelliSense’s high-frequency vital sign trending data and algorithmic-based alerting into care.ai’s Ambient Monitoring workflows. The partnership relates the complementary capabilities of these transformative technologies to improve patient satisfaction, optimize clinical operations, and directly address the key challenges faced by the overburdened healthcare workforce.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What is connected health?

A technique of managing healthcare that uses technology to deliver services or treat medical issues is usually referred to as "connected health." Mobile personal emergency response systems (mPERS), telemedicine, decentralised clinical trials (DCTs), and remote patient monitoring (RPM) are a few prominent instances of linked health. Consumer-grade wearables and wireless implanted medical devices are examples of connected health devices. Insulin pumps, blood pressure monitors, glucose monitors, pulse oximeters, personal ECG monitors, and other devices are frequently connected medical devices.

What are the driving factors for the connected health market across the globe?

The factors that are driving growth of the market are rising adoption of digital health and mAgeing program by WHO.

Which application segment is dominating the connected health market?

The connected health market, based on application, is segmented segmented into monitoring applications, diagnosis and treatment, healthcare management, wellness and prevention, and others. 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 connected health market during 2022–2030.

Who are the major players in the connected health market?

The connected health market majorly consists of the players such as Athena Health, AgaMatrix AirStrip, AliveCor Inc, Allscripts Healthcare LLC, NXGN Management LLC, Cerner Corporation, Cognizant, Honeywell International Inc among others.

Which country is dominated the connected health market?

US holds the largest market share in connected health market. The US held a significant share in the connected health market 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 market growth.

Which region is the fastest growing the connected health market?

Asia Pacific is expected to be the fastest growing region in the connected health market. The connected health market in Asia Pacific is growing due to the rising investments from international players in India and China, expanding bases of CRO services, advancing healthcare infrastructure, and improving government support. Moreover, Apollo introduced the Comprehensive Connected Care Programme in India in 2023.

Which end user segment is dominating the connected health market?

The connected health market, based on end user, segmented into hospitals and clinics, home monitoring, and others. In 2022, the hospitals and clinics segment dominated the connected health market share. However, the home monitoring segment is expected to register the highest CAGR during 2022–2030.

Which type segment is dominating the connected health market?

The connected health market, based on type, is bifurcated into m-health services and m-health devices. The m-health services segment held a larger share of the market in 2022; however, the m-health devices segment is likely to register a higher CAGR in the connected health market during 2022–2030.

The List of Companies - Connected Health Market

  1. Athena Health
  2. AgaMatrix
  3. AirStrip
  4. AliveCor Inc 
  5. Allscripts Healthcare, LLC
  6. Apple Inc
  7. NXGN Management, LLC
  8. Cerner Corporation
  9. Cognizant
  10. Honeywell International Inc

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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