Connected health: Key market research findings
- North America dominates the market geographically
- The monitoring devices segment accounts for a majority share of the market
- Key vendors – Allscripts, Apple, athenahealth, GE, and Philips
Technavio’s market research analysts predict the global connected health market to surpass $51 billion between 2016 and 2020. The growth of the market can be accredited to the increased support from governments across the world. Many governments are encouraging the idea of connected health through various incentives and policies. Such healthcare regulations encourage hospitals and clinics to convert traditional medical records into electronic ones. During 2015, North America dominated the global connected health market with a market share of more than 36%. The market in this region is anticipated to showcase substantial growth during the forecast period owing to growing awareness, expanding mobile coverage, and rising incidence of chronic diseases.
The new market research report from Technavio presents a breakdown and analysis of connected health segments based on the product.
“Of late, the market has been witnessing the evolution of the concept of virtual nurses. Virtual nurses are a group of relational agents that act as a stand-in for front-line staffs in hospitals. Their responsibility includes guiding patients on medication and other precautions necessary for their conditions. Patients can interact with virtual nurses through on-screen options and contact real-life nurses in case of any doubts. The virtual nurse created by Northeastern University, named Elizabeth, is being trialed at the Boston Medical Center,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
By 2020, the market will continue to be dominated by the monitoring devices segment with a share of almost 62%. Monitoring devices are used to display, measure, and document physiological information that is obtained at regular intervals from sensors attached to the patient or other input devices. Increased public knowledge and awareness of the advantages of using self-care devices such as glucose monitors and insulin pumps coupled with awareness programs organized by various medical associations are factors contributing to the growth of this segment over the next four years.
The key vendors in the global connected health market include Allscripts, Apple, athenahealth, GE, and Philips. The global connected health market is highly fragmented due to the presence of numerous well-established global and regional vendors. Despite several barriers for 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 activities.
A more detailed analysis is available in the Technavio report, Global Connected Health Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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