The Global Connected Healthcare Market is expected to reach USD 105.33 billion by the end of the forecasted period and is expected to grow at a CAGR of 30.2%.
Connected healthcare has been viewed as a tool having greatest suitability for industries such as retailing, telecommunications etc. with the healthcare industry being a secondary choice for the applications of analytics. The high potential of connected healthcare is being eyed by a number of experts. For example, Nokia Technology President Ramzi Haidamus stated that future could lie with digital health. He supported Nokia’s decision to invest in connected health. “We’re looking at digital health domain, where we have not launched any products and is something that comes very natural to Nokia” he said in 2016.
Market research future released its latest report titled “Connected healthcare solutions market – Forecast to 2022” a direct appreciation of the potential of a holistic view and applications derived from Connected healthcare solutions market.
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Traditionally, healthcare is segmented by product, by therapeutic application, by route of administration, by drug class, by end user etc. This approach has evolved over time but is constrained by fragmentation and does not reflect the changing scenario of healthcare industry such as personalized medicines, changing regulation etc. To overcome this barrier, integration of databases is essential.
The report supports the view that data generated in healthcare is better suited for integration due to its limited format and standardised interpretation. The report indicates that, contrary to popular perception the potential return on investment (ROI) on connected healthcare technology in healthcare industry exceeds that of other industries.
Some of the key players in this market are: Agamatrix, Inc. (US), Airstrip Technology (US), AliveCor Inc. (Australia), Allscripts (US), Athenahealth Inc. (US), Boston Scientific Corporation (US), Cerner (US), Koninklijke Philips N.V. (Netherlands), GE healthcare (UK), Qualcomm (US), Medtronics (Ireland) and others.
Regional Analysis of Global Connected Healthcare Market:
Globally North America is the largest market for Connected Healthcare. The North American market for Connected Healthcare is expected to reach at USD 37.38 billion by the end of the forecasted period.
Europe is the second-largest market for Connected Healthcare which is expected to grow at a CAGR of 30.48%. Asia pacific region is expected to be fastest growing region in Connected Healthcare market.
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Market trends and key developments
The connected healthcare market is ripe with merger and acquisitions and a number of behemoths are targeting the segment of connected healthcare.
- Nokia Technologies acquired French connected health device maker Withings for $191 million in April 2016. This move is a validation by Nokia of the potential of the market.
- In October 2016, Wolters Kluwer health, acquired Emmi Solutions, for $170 million.
- In September 2016, iHealth Labs, acquired Bordeaux, for $106 million. eDevice is a provider of back-end infrastructure that connects remote monitoring devices to hospitals and healthcare providers. eDevice’s technology is expected to help iHealth to transfer data from its various devices to healthcare providers.
- In December 2016, BioTelemetry, acquired TelCare, maker of the first FDA-cleared, cellular-connected glucometer for $7 million with the potential for additional performance-based earn-outs of up to $5 million.
- Apple’s acquisition of health data-focused startup Gliimpse raised many eyebrows. Gliimpse is designed to collect and integrate health data created by consumers in one platform.
- The connected healthcare market is also witnessing a large influx of funds, indicating the high earning potential perception.
- Withings, maker of smartphone-connected weight scales, blood pressure cuffs, activity trackers, and thermometers, raised $34 million to date, with the latest being a $30 million round in 2013.
- Sproutling, developer a health sensing wearable device for babies raised $6.5 million, with investors including First Round Capital, Forerunner Ventures, FirstMark Capital, Accelerator Ventures, Lemnos Labs, BoxGroup, and Napster co-founder Shawn Fanning.
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