Artificial Intelligence
Connected Healthcare Market to Hit US$ 520.6 Bn in 2032 | Grow CAGR by 25.2% (Y-O-Y)
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New York, April 18, 2023 (GLOBE NEWSWIRE) — According to Market.us, The Connected Healthcare Market estimated at USD 58.2 billion in the year 2022, is projected to reach a revised size of USD 520.6 billion by 2032, growing at a CAGR of 25.2% over the analysis period 2022-2030. Connected Healthcare is a healthcare organization with the skill to offer services slightly. It is a type of socio-technical model for the healthcare organization system. This system is mainly used to raise healthcare resources and offer customers opportunities that benefit from getting involved with surgeons. Advanced technology and the rising number of healthcare services outside emerging healthcare worldwide drive the market’s growth. Patients and healthcare organizations worldwide help from linked healthcare solutions.
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Key Takeaway
- By Type in 2022, the m-health segment has generated a revenue share of 64% in 2022.
- By Function, the telemedicine segment has accounted for the largest revenue share during the forecast period (2023 to 2032)
- By Application, the wellness and prevention healthcare segment generated a revenue share of 42.5% in 2022
- By End-User, the hospitals & clinics segment has dominated the market, accounting for the highest revenue share of 54.5% from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 42%.
- Europe held the second-largest revenue share of 33% in 2022.
- Asia-Pacific will grow at the fastest CAGR from 2023-2032.
Connected health offers various benefits and is considered to be the face of the healthcare industry. It combines a patient’s history with their lifestyle data and then delivers a patient diagnosis. Connected healthcare also aids in providing increased and flexible opportunities for the consumers that benefit from engaging with clinicians.
Factors Affecting the Growth of the Connected Healthcare Market
There are several factors that can affect the growth of the connected healthcare market. Some of these factors include:
- Increasing government expenditure: Increasing government expenditure on the healthcare sector to facilitate various healthcare services is vital in growing the market.
- Rising technological advancements: Increasing technical advancements and innovation in the healthcare sector and rising research and development will further drive the market’s growth.
- Technological advances: The development of various technologies, such as software, the internet, and Wi-Fi, helps connect patients to service providers from distant locations to hospitals and other healthcare facilities.
- The increasing popularity of wearable devices and smartphones: As technology continues to revolutionize patient care, the use of smartphones and wearable devices is increasing, bringing new benefits to the market.
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Top Trends in Global Connected Healthcare Market
Blockchain technology is evolving as an opportunity for the healthcare industry to more proficiently and securely manage and access patient records. Furthermore, numerous companies are incorporating blockchain technologies to protect patients’ data. Data security is a concern across industries, including healthcare. As a result, healthcare companies carefully and securely manage a vast amount of patient data.
Companies’ blockchain technology allows the sharing or license of data while maintaining stringent compliance with HIPPA rules, which is the right to control health data exposures. In addition, there is a growing trend of telemedicine services as governments worldwide restrict to avoid movement outside their homes.
Market Growth
Advanced technology is a growing number of healthcare services emerging globally. So are the factors driving the market—novel technology development in healthcare system management in the opportunity for market growth. High-speed internet and encouraging government creativities have also contributed to the market’s rapid growth. Growing government expenditure on healthcare to facilitate healthcare services is vital to raising market growth.
Regional Analysis
The connected healthcare market was dominated by North America, which acquired the most significant revenue share. This can be attributed to the presence of well-developed healthcare infrastructure, the high awareness levels among consumers, and the widespread coverage of the internet with supportive regulations formulated for augmented patient safety. Europe marked the second leading position in the market owing to a significant rise in the usage of smartphones by individuals and physicians—further, the rise in remote patient monitoring services to monitor various health and medical conditions.
The Asia-Pacific is expected to show the highest growth in the region due to the increased approval rate of smart wearable devices and increasing demand for M-Health services. Furthermore, Latin America, the Middle East & Africa will have a slow growth rate due to less awareness and disinclination to accept connected healthcare in low-income countries.
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Scope of the Report
Report Attribute | Details |
Market Value (2022) | USD 58.2 Billion |
Market Size (2032) | USD 520.6 Billion |
CAGR (from 2022 to 2032) | 25.2% |
North America Revenue Share | 42% |
Europe Revenue Share | 33% |
Historic Period | 2016 to 2022 |
Base Year | 2022 |
Forecast Year | 2023 to 2032 |
Market Drivers
Increasing health and wellness concerns amongst people are anticipated to propel the connected healthcare market growth. As technology continues to transform patient care, and the patients desire to monitor their health, the acceptance of smartphones and wearable devices has risen. Personalized healthcare can solve chronic health problems and many lifestyle disorders by evolving technologies based on current discoveries in diagnostic and clinical medicine, genomics, and behavioral sciences.
Market Restraints
Technological barriers hinder market growth despite the enormous potential of connected healthcare products and services. The increasing absence of security standards and increasing risk associated with data loss are the major factors, among others, that will obstruct market growth. The absence of security standards and risks related to data loss would also hamper growth. In addition, the unavailability of a qualified workforce to handle vast amounts of data and the lack of knowledge of software solutions and risks may also limit the market growth.
Market Opportunities
Governments and private agencies are increasingly investing in developing connected health solutions so that people living in remote areas can access better healthcare facilities. In addition, the growing requirement for efficient communication among medical professionals and patients has expanded the connected healthcare industry worldwide. As a result, the healthcare sector has evolved over the past few years. The connected healthcare market provides flexible opportunities for consumers to involve with clinicians.
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Report Segmentation of the Connected Healthcare Market
Type Insight
The m-health segment dominated the connected healthcare market, holding the most significant revenue share. The segmental growth is growing due to the cost-effectiveness and well-being of wearing wearables equipment and rising government initiatives towards health. In addition, an increase in smartphone use will benefit the population to access many healthcare services through wireless technology, therefore stimulating the approval of m-healthcare services.
Function Insight
The telemedicine segment is anticipated as the fastest-growing segment throughout the forecast period. For Instance, according to a Multidisciplinary Digital Publishing Institute journal survey of patients, telemedicine is a suitable form of medical care. This will increase the growth of the segment.
Application Insight
The wellness and prevention segment dominated the highest market share and is anticipated to emerge at the highest CAGR of 42.5% during the forecast period. The increasing awareness regarding overall health and well-being will likely boost the segment’s growth. In addition, the rising popularity of digital health trends can also support the segment’s overall growth.
End-User Insight
The rise implementation of digital health technologies by hospitals in various countries worldwide is boosting the growth of the hospitals & clinics segment. As a result, hospitals have adopted some form of connected health for remote patient monitoring and implemented telemedicine services. Additionally, hospitals and healthcare providers are investing in remote patient monitoring technologies as a part of value-based care model. Therefore, hospitals have adopted some form of connected health for remote patient monitoring.
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Market Segmentation
By Type
- M-Health Services
- M-Health Devices
- E-Prescription
By Function
- Remote Patient Monitoring
- Clinical Monitoring
- Telemedicine
- Home Monitoring
- Assisted Living
- Other Functions
By Application
- Diagnosis & treatment
- Monitoring Application
- Education & Awareness
- Wellness & Prevention Healthcare Management
- Other Applications
By End-User
- Hospitals & Clinics
- Home Monitoring
- Other End-Users
By Geography
North America
- The US
- Canada
- Mexico
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include
- Allscripts Healthcare, LLC.
- Apple Inc.
- Mckesson Corporation
- Cerner Corporation
- Koninklijike Philips N.V.
- IBM Corporation
- Fitbit Inc.
- Omron Corporation
- General Electric Company
- NXGN Management, LLC
- Avcor Medical Health Care Products, Inc.
- BSN Medical Inc.
- Other Key Players
Recent Development of the Connected Healthcare Market
In April 2021, Siemens Healthineers AG pronounced the effective completion of the acquisition of Varian Medical Systems, Inc., along with Varian, is building a considered Collaboration named ‘EnVision’ to establish an all-inclusive digital therapeutic and diagnostic ecosystem that includes treatment management.
In July 2022, Teldoc Health, Inc., a prominent company in virtual care, pronounced that the completion of the acquisition will offer creative telehealth abilities linking providers to one another in complex medical environments.
In January 2021, Water Street Healthcare Partners acquired a growth investor from the company. As a result, it will influence the investment to take on acquisitions that will benefit the personal emergency response service industry to grow in the coming years.
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Artificial Intelligence
BIZCLIK MEDIA LAUNCHES JULY EDITIONS OF TECHNOLOGY, MOBILE AND AI MAGAZINES
The July editions of Technology, Mobile and AI Magazines include interviews with leading experts and executives from Google Cloud, Virgin Media O2, Genpact and more!
LONDON, July 5, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has published the latest editions of Technology, Mobile and AI Magazines. These publications are highly regarded within the technology and telecommunication sectors for their in-depth reports and interviews with prominent figures in the respective industries.
Technology MagazineThis month’s edition features an exclusive lead interview with Helen Kelisky, Managing Director at Google Cloud UK & Ireland on her perspectives as a female tech leader and the future of cloud and AI.
“Teams become stronger by not only recruiting diverse talent but in challenging the limitations of the team and playing to their unique set of strengths”
The edition also contains extensive interviews with key thought leaders from Genpact, Trane and more, along with the Top 10: Technology Consultants
Mobile MagazineThis month’s edition features an extensive lead interview with Julian Davidge, Director of Technology, Service & Operations at Virgin Media O2 on technological innovation at the telco giant.
“Technology is moving faster and faster as the desire to do something different increases”
The edition also contains extensive interviews with key thought leaders from Schneider Electric, Extreme Networks, AT&T and more. Plus the Top 10 5G Leaders
AI MagazineThis month’s edition features an extensive lead interview with Shibu Nambiar, Global High Tech Business Leader at Genpact, on how AI is transforming operations.
“Ensuring the human element remains central to any kind AI initiative is something I think about every single day”
The edition also contains extensive interviews with key thought leaders from Trane, Roy Hill and more, along with the Top 10: Consulting Companies
You can visit Technology Magazine, Mobile Magazine and AI Magazine for daily news and analysis of the ever-changing technology industry.
About BizClikBizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.
BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.
For more information, please visit https://www.bizclikmedia.com/
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Artificial Intelligence
ESG Book appoints Justin Fitzpatrick as new CEO
Fitzpatrick will drive the next phase of ESG Book’s growth as a global leader in sustainability data and technology.
An experienced leader of investor-backed software companies, Fitzpatrick was previously Co-founder of FullCircl, a software provider to over 700 clients and 15,000 end users in regulated industries.ESG Book offers a wide range of sustainability-related data and technology solutions that are used by many of the world’s largest financial institutions.With 200,000 disclosures, ESG Book’s platform provides data and analytics on public securities and the ability to directly request ESG disclosures from private companies.Fitzpatrick’s appointment comes as market demand for ESG and climate data solutions continues to grow, driven by increasing regulation and disclosure requirements worldwide. LONDON, July 5, 2024 /PRNewswire/ — ESG Book, a global leader in sustainability data and technology, today announced the appointment of Justin Fitzpatrick as the company’s new CEO with immediate effect. He will lead the next phase of ESG Book’s growth, and drive the firm’s market differentiation through next-generation sustainability solutions.
A highly experienced leader of investor-backed software companies, Fitzpatrick was previously the Co-founder and COO of FullCircl, a software provider to more than 700 clients and 15,000 end users in regulated industries. Prior to that, he was the Co-founder and CEO of DueDil, an award-winning regtech solution, and Co-founder and Non-Executive Director of Innovate Finance, an industry association that has been at the forefront of establishing the UK as a global fintech hub.
ESG Book offers a wide range of sustainability related data and technology solutions that are used by many of the world’s largest financial institutions, consultants, and corporates.
Combining market-leading sustainability and climate data with a SaaS-based platform that provides access to approximately 200,000 corporate disclosures and analytics, ESG Book directly connects companies with financial institutions. The firm’s cloud-based technology offers best-in-class ESG performance management, peer benchmarking, and regulatory compliance solutions.
Fitzpatrick’s appointment as ESG Book’s new CEO comes as market demand for high-quality ESG and climate data products continues to grow, driven by fast-increasing sustainability regulation and disclosure requirements worldwide.
Nazo Moosa, Advisory Board Member at ESG Book, said: “I am delighted to welcome Justin as ESG Book’s new Chief Executive. He is the ideal candidate to lead the company into a new, successful chapter at a time of a disruptive innovation cycle in sustainable finance. With his deep expertise in scaling and accelerating growth in investor-backed software companies, Justin has the track record to drive ESG Book’s global expansion and deliver its future success as a leader in sustainability data and technology.”
Justin Fitzpatrick, CEO of ESG Book, said: “I am excited to join ESG Book and lead the company into a new phase of growth. This is a business extremely well positioned to meet the fast-growing need for sustainability solutions across capital markets.”
“I look forward to working with the ESG Book team as we continue to expand our partnerships with financial institutions, reduce the friction for corporates in meeting ESG disclosure requirements, and deliver market-leading analytics and tools to help our clients achieve their sustainability goals.”
About ESG Book
ESG Book is a global leader in sustainability data and technology. Combining market-leading sustainability and climate data with an ESG disclosure platform that provides access to almost 200,000 corporate disclosures and analytics, ESG Book directly connects companies with financial institutions. The firm’s cloud-based sustainability dashboard is used by the world’s largest companies and consultants for ESG performance management, peer benchmarking, and regulatory compliance.
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Artificial Intelligence
Viking Analytics & Bharat Forge signs a 3 year contract
GOTHENBURG, Sweden, July 5, 2024 /PRNewswire/ — A new agreement has been signed between Viking Analytics and Bharat Forge Kilsta (BFK) from Karlskoga. The agreement, which is for three years, provides BFK with the AI-based optimization tool “Smartforge” after a 10-month implementation phase. Smartforge optimizes the forging process, primarily in the critical heat keeping process where the problems with scrap are greatest. The goal is to reduce discarded products by 50% and contribute to energy savings and a more environmentally friendly production.
Niclas Undén, CFO of Bharat Forge Kilsta, comments on the deal: “Through AI technology, a difficult step in the forging process is simplified. The result is lower scrap, lower energy consumption and reduced need for manual work. In SmartForge, Swedish heavy automotive industry meets world-leading AI technology from Viking Analytics. Bharat Forge Kilsta is very pleased with the collaboration with Viking Analytics, and we look forward to a deeper collaboration in the coming years.”
The majority of Bharat Forge’s customers are in the automotive industry and the value of this agreement exceeds SEK 4 million for both Viking Analytics and Bharat Forge.
Stefan Lagerkvist, COO at Viking Analytics: “This agreement is much more than a single business opportunity. Bharat forge has a lot of expertise in steel and forging, which contributes strongly to the solution. Their knowledge has been captured and translated into algorithms for better control of the process. This collaboration confirms everything we so long have been fighting for and gives us a great opportunity in the future to offer an environmentally friendly AI-powered solution to more factories within the Bharat Forge Group as well as to other players in the industry!”
Viking Analytics
Strong in predictive maintenance and smart industrial optimization
Since 2017 the Swedish company Viking Analytics has been at the forefront of revolutionizing the maintenance process for OEMs, maintenance companies and industries. Their commitment to predictive maintenance, smart automation, optimization, and data analytics is evident in their specialized software tool MultiViz, which enables industries to operate, monitor, and understand their machines with unparalleled precision and efficiency. Vibration analysis is a major focus area, but a lot of customized AI solutions are also provided.
Bharat Forge Kilsta
Forgings for the automotive industry
Bharat Forge Kilsta manufactures forged and machined components for the automotive industry. The company’s most important customers are truck manufacturers in Sweden and internationally. Bharat Forge Kilsta is part of the Bharat Forge Group, which is the world’s largest forging group and is headquartered in India. Bharat Forge Kilsta has an annual turnover of SEK 1.3 billion and 320 employees. The Swedish company is located in Karlskoga – the city in Eastern Värmland that is known for its high-tech, and internationally oriented, industrial companies.
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