Connected Healthcare System: Connecting Providers, Physicians, Patients, Payor, Processes And Medica

Connected healthcare is associated with linking every aspect of healthcare, ensuring professionals and individuals having access to all the information they need i.e. necessity of the hour. Healthcare is transforming from being acute and reactive to being proactive and preventive. Main motive behind the concept of connected healthcare to encourage patients to be involved in their care, through continuing health monitoring before an issue becomes acute.

 The global connected healthcare market is anticipated to reach the valuation of USD 150.0 billion by 2024 due to persistent geriatric population as elderly population is highly susceptible to acquire several health disorders as compared to younger adults. According to the World Health Organization (WHO) projections, global geriatric population is anticipated to reach around 1.5 billion by the year 2050. Therefore, increase in geriatric population would boost the growth of connected healthcare market.

The global connected healthcare industry is segmented on the basis of type, function, application and target audience. On the basis of product type segment is further categorized into mHealth services, mHealth devices and e-prescription. M-Health services hold the largest market share followed by M-Health devices and E-Prescription. M-Service, which includes wellness, prevention, diagnostic and monitoring services expected to be worth USD 50 billion by 2024, growing at a CAGR of 30% over the forecast period i.e. 2016-2024. The global m-health devices market will grow at an average annual rate of 38.6% over the next five to six years.

Major players of the global connected healthcare industry include IBM Corporation, Medtronics, Airstrip Technology, CGI, Accenture plc, SAP SE, Oracle Corporation, GE Healthcare, Microsoft Corporation, AliveCor Inc., Allscripts, Athenahealth Inc., Boston Scientific Corporation, Cerner, Agamatrix, Inc., Koninklijke Philips N.V., GE healthcare, Qualcomm. Strategic partnerships and acquisitions are few of the major strategies followed by key players to enter emerging market and expand their geographical presence.

Geographically, Asia Pacific has the potential for the growth of digitalized healthcare as the region is the fastest growing in connected healthcare market. The market growth was stimulated by rapid expansion of the healthcare sector and IT industry. Healthcare industry in APAC is expected to continue to grow rapidly over 2016 as well. North America accounted for the largest market share for global connected healthcare market which is expected to grow at the CAGR of 30% over the forecast period i.e. 20016-2024. Middle East and Africa connected healthcare market is anticipated to reach USD 10.2 billion by 2024 owing to increasing demand of quality healthcare services.