The connected healthcare market is slated to expand at a 15.6% CAGR from 2023 to 2033, with an anticipated valuation of US$ 51.7 billion in 2023. By the end of the said assessment period, a valuation of US$ 220.3 billion is expected for the industry. In today’s era, the digital revolution offers us the potential to leverage technological innovations to develop proactive connected health and social care models that are built around the patient's needs to facilitate efficient management of wellness and health throughout their lifespan.
The goal of connected health is to create a system where all stakeholders can easily share information and communicate seamlessly. Connected health enables us to move away from a reactive, episodic healthcare model and towards a more proactive and preventative model that connects stakeholders across the spectrum of healthcare. Connected health puts the patient at the center of the process and empowers them with the information they need to make informed decisions about their own care.
From smart watches to glucose monitors, to digital weighing scales and pulse oximeters, connected healthcare is becoming prevalent in all dimensions of the industry. Perhaps the most impressive feat achieved in this field is the astonishing advancements occurring with regard to chronic disease management. Connected health technologies for chronic disease management allow physicians and patients with chronic diseases like diabetes, heart disease, COPD, and others to interact and exchange data and information in ways that were not previously possible. Patients can play a far more active role in their own healthcare as they use connected devices and other digital tools to better empower their providers to better be able to monitor their health status and adjust treatment accordingly far more rapidly than ever before.
Connected health technologies allow providers to monitor patients remotely, which can help identify problems before they become health emergencies. This reduces the need for hospital visits and allows providers to better understand a patient’s health risks. Thanks to connected health solutions, high-risk patients can obtain the care they need without sacrificing their quality of life.
Recognizing the importance and potential of extending healthcare access, governments across countries are pushing for establishing regulatory frameworks designed to improve care delivery and improve overall diagnosis, therapeutics, and drug delivery. In the United States, for instance, the Food and Drug Administration and Congress have been working to determine which software must be regulated. In 2016, the Government passed the 21st Century Cures Act (Cures Act), section 3060(a), which modified the definition of a medical device in the Food, Drug & Cosmetic Act. The 2016 amendments laid out several categories of software that Congress excluded from FDA regulation. A year later, in 2017, FDA started to implement that legislation by publishing draft guidance, including one on Clinical and Patient Decision Support Software.
As per this Act, any healthcare software is “intended to acquire, process, or analyse a medical image or a signal from an in vitro diagnostic device or a pattern or signal from a signal acquisition system.” In September 2019, FDA attempted to clarify that language in a new Draft Guidance on Clinical Decision Support Software. Among other things, in the guidance FDA suggests that the agency focuses on software that analyses “physiological signals” for medical purposes such as diagnosis or therapeutic decision-making.
Likewise, key connected healthcare providers are looking to introduce new and innovative solutions to improve patient outcomes. For example, OMRON Healthcare announced in January 2023 that it intends to introduce a new UK remote patient-monitoring service to realize its "Going for Zero" vision to eliminate heart attack and stroke at the Consumer Electronic Show 2023 (CES 2023). The company is setting its sights on atrial fibrillation (AFib), and introducing a range of efforts to detect early AFib.
Expected Market Value in 2023
US$ 51.7 billion
Projected Market Value in 2033
US$ 220.3 billion
Growth Rate (2023 to 2033)
CAGR of 15.6%
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According to the latest research by Future Market Insights, Connected healthcare market is set to experience 15.6% growth during the year 2021 to 2031. Due to need for effective communication.
Growth in the incidence rate of injuries in all age groups is one of the major factors driving the growth of connected healthcare market. Various activities such as trekking and adventure sports further results in abrasion, minor injuries, multiple cuts and wounds on different body parts. In such cases, elastic bandages are use while the treatment procedure takes place.
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For instance, according to Stanford children’s health approx. number of around 3.5 million children’s of around 14 years and below get injured while playing sports or doing any adventurous activity
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For the purpose of upper limbs, bandages are used widely for the treatment of hairline fractures, joint dislocation, acute injuries and swelling, it further offers support to injured soft tissues. They are widely used in cases of elbow figure eight, hand wrist figure eight along with compression dressings.
USA and Canada are expected to have the highest share and therefore will dominate the connected healthcare market. This is due to the increasing orthopaedic injuries, upward trend growth rate in the surgeries and prevalence of chronic wounds are further resulting in the growing usage of elastic bandages along with medical tapes in this region.
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The European market for veterinary home diagnostics is estimated to grow at a considerable rate during the forecast period. This surge in growth is due rising geriatric population with venous diseases in this region. Th growing prevalence of deep vein thrombosis, lymphedema and chronic leg ulcers has further significantly increased the use of elastic bands in this region
Moreover, the presence of various key players in this region along with easy availability of elastic bandages is contributing positively towards the market growth. Furthermore, rising awareness of compression therapy, along with the increasing usages of elastic bandages and expansion of various key players in this region uplifts the market growth of elastic bandages in this region.
Some of the key players operating in the Connected healthcare market are
Manufacturers in the market focus on carrying out certain strategic activities such as acquisitions and merger, expansion, product launch, etc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Published : December 2022
Published : October 2022
Published : September 2022