Connected Healthcare Market: An Overview
The global healthcare systems are undergoing a vibrant change, where patient centric are replacing conventional reactive care model consistently. Recently, extensive digitalization has driven healthcare systems with extensive medical records of patients at the fingertips of professional caretakers. Additionally, adoption of wearable technology and connected apps through IOT is expected to drive this momentum further in the near future.
On the back of these extensive changes and changing landscape, the connected healthcare market is expected to grow in a robust manner during the forecast perio. The connected healthcare market is registering a significant CAGR growth at the moment.
Connected healthcare market offers more than essential services like home monitoring, telemedicine, ehealth and mhealth services. It also does it in in a cost-effective manner. According to a new press release by Microsoft, the virtual assistant AI technology can soon be expected to replace primary meeting with general health practitioners. Consequently, government agencies globally are supporting move to digitalize healthcare with infusion of government subsidies and programs.
The in-depth study offers a critical assessment of lucrative avenues and insights into the emerging paradigms in the connected healthcare market. The insights can be a guide to investors to evaluate the viability of their funding on development and uptake of connected healthcare technologies.
Connected Healthcare Market: Key Trends
Remote monitoring and tracking is gaining prominence in the connected healthcare market. The growing patient preference towards these trends is fuelling the rise of home-based remote monitoring, especially for individuals who are bedridden with serious illnesses. Various advanced monitoring devices and interconnected technology is driving the costs of these programs down to empower patients.
As a result, there is a growing participation in healthcare systems by patients. These patients demand more transparency and knowledge through these systems, which makes for an ideal interaction between various stakeholders including nurses, doctors, patients and healthcare institutions.
Adoption of digital technology is expected to increase due to increasing quality of care, lowering costs and increasing number of cases comprising of grave illnesses. Digitalization not only provides more information for patients but also helps doctors consult other doctors, view latest research in the field of medicine and if necessary, prescribe better alternatives to well-known medicines. The connected healthcare market is growing significantly due to these trends.
Connected Healthcare Market: Regional Outlook
The global connected healthcare market report is divided in five regions including North America, Europe, Asia Pacific, Latin America, Middle East & Africa. The connected healthcare market is expected to take giant strides in developed markets of North America and Europe. These regional markets not only support the initial capital investments and have delivered significant gains but also support various inroads made by IOT technology already. The connected healthcare market in Asia Pacific is also expected to make significant gains during the forecast period. The large penetration of smartphones in the region, long queues due to large population sizes are expected to drive the connected healthcare market further.
Global Connected Healthcare Market: Competitive Landscape
The key players in the global connected healthcare market increasingly form a dynamic and competitive business landscape. New players are expected to seek entry into the market due to lucrative opportunities. Major players in the connected healthcare market are Qualcomm, Koninklijke Philips N.V., GE Healthcare, Athenahealth Inc., SAP SE, and Oracle Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.