The connected healthcare market is growing at a robust rate, according to a report from Verified Market Research. The 202-page report, “Connected Healthcare Market,” predicts the market will grow globally by 25.01 percent CAGR to reach $85,427.95 million by 2028.
The growing geriatric population with chronic disease, coupled with the digital revolution and rising government expenditure on the healthcare sector, are expected to drive the market during the forecasted period, the report says. The increasing penetration of the Internet in healthcare functions is noted as a major driver.
Improvements in diagnostics, patient experience, and disease management with less error is also pushing market growth. The pervasive adoption of wearable technology for accurate capturing, monitoring, and analyzing physiological data for enhancing health and healthcare outcome is a key driver.
The analysts also note that a growing shift toward predictive healthcare is pushing the demand for IoT-enabled wearable devices for monitoring patient health through home care. Various technology and consumer electronics manufacturers such as Apple Inc., Samsung, Omron Corp., and others are introducing various watches, bands, rings, and other wearables. to promote monitoring of health status in real time.
The rising popularity of telehealth, which includes medical counseling, physical and occupational therapy, home health, and chronic disease monitoring and management, will also play a role in the market’s strong growth in the years to follow.
“The growth of the market is further driven by the health crisis induced by the COVID-19,” the analysts say. “It has shown a sharp increase in remotely monitored technologies such as telehealth, telemedicine, etc.”
Benefits included increasing access to healthcare, limiting the risk of infection through no exposure to the medical professionals, and preserving scarce PPE supplies. The growing technological landscape in the healthcare sector is promoting the use of AI, machine learning, and deep learning in the medical field for understanding the accurate needs of healthcare professionals. Key developments include:
Microsoft has acquired Nuance, a speech-recognition firm that grasps the specialized language of medicine — tech that won’t be easy for others to replicate.
IBM Watson Health has announced the latest release of IBM iConnect Access, its diagnostic viewer and image exchange platform, to allow healthcare providers to aggregate, exchange, and access medical imaging data across the enterprise and extended care team.
The major players in the market are GE Healthcare, Accenture Plc., SAP SE, Boston Scientific, IBM, Oracle, Microsoft, Airstrip Technology, Medtronic, and Allscripts.
For a copy of the report, visit here .