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Extensive research carried out by the market research analysts at Technavio has shown that the global connected health market will witness tremendous growth and will post an impressive CAGR of more than 26% over the forecast period. The changing healthcare scenario demands the entire healthcare ecosystem ranging from hospitals, medical practitioners, resources, insurance coverage, and regulatory framework to be well equipped to handle the increasing volume of patient information. Connected health has led to the development of new products and services based primarily on the smooth sharing of patient health data across the entire market to create a complete view of the population. Moreover, the introduction of advanced devices for patient health information and medical history provide improved visibility to doctors. This ensures the continuous monitoring of patients as the focus has now shifted to improving patient health rather than manually preparing the records. With the proper use of these solutions, smaller medical errors can be eliminated, increasing savings for hospitals and patients. Thus, the focus of healthcare is gradually shifting to consumerism, easy access, regulation, mobility to create a holistic health care services framework, and compliance, which will boost the connected health industry growth prospects in the coming years.
The increasing adoption of telemedicine is one of the emerging trends that is anticipated to drive this market’s growth during the predicted period. Based on the connected health market trends, Telemedicine is the delivery of long-distance healthcare solutions with the help of telecommunications technology. For instance, Google’s Helpouts is a telemedicine service that connects users, experts, and medical professionals online. This technology has substantial growth potential in rural areas and in developing economies such as Africa. Moreover, telemedicine helps in extended therapy in which patient and therapists communicate remotely, whenever a diagnosis or follow-up is required. Furthermore, telemedicine helps manage chronic health conditions such as type 2 diabetes and heart diseases with remote monitoring and virtual visits. So, healthcare organizations have increased the adoption of telemedicine to harness the full potential of digital health technology.
The global connected health market is highly fragmented due to the presence of numerous well-established global and regional vendors. Despite several barriers to new entrants such as high implementation cost and inadequate infrastructure, many new vendors are looking to enter the market in the coming years. The competitive environment in this market is expected to intensify with an increase in product/service extensions, technological innovations, and M&A.
Key vendors in this market are
Other prominent vendors in this market are AeroScout, Abbott, Agfa-Gevaert, Alcatel-Lucent, Cardio Net, Epic Systems, Evolent Health, F. Hoffmann-La Roche, Google, Honeywell Life Care Solutions, HP, Huawei, Johnson & Johnson, Medtronic, Microsoft, Misfit, OMRON, Proteus Digital Health, Qualcomm, Skyscape, Voxiva, Warby Parker, WellDoc, and Zebra Technologies.
During 2015, the monitoring devices segment dominated the market and accounted for more than 64% of the total market shares in terms of revenue. Monitoring devices are used to display, measure, and document physiological information that is obtained at regular intervals from sensors attached to the patient or input devices. With the rise in government regulations to control health care cost, the demand for devices like remote patient monitoring (RPM) will increase. Moreover, technological innovation and the development of portable and convenient products will also contribute to this segment’s growth over the next four years.
In terms of geography, the global connected health market was led by North America, accounting for more than 36% of the market shares. The growth of this market in this region is attributed to the high adoption of smart devices for healthcare-related information. Also, the growing awareness and rising incidences of chronic diseases will also aid in this market’s growth in North America.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Product segmentation
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: Explore Technavio
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