Goldstein
TM
Market Intelligence
AUGUST 2020
STUDY OF CONNECTED HEALTHCARE INDUSTRY Published by
Goldstein Market Intelligence
WRITTEN BY: Dennis Abraham Vice President Goldstein Market Intelligence
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TM
Market Intelligence
EXECUTIVE SUMMARY
C
onnected health, also known as technology-enabled care
tablet users in the UK, even among older age groups, supported by a proliferation of (TEC), involves the convergence of health technology, digital media health apps, although only a few are currently being used and mobile devices. It enables extensively. Other notable patients, carers and healthcare developments are the availability professionals (HCPs) to access of healthcare ‘biosensing’ data and information more easily wearables, such as digital blood and improve the quality and outcomes of both health and social pressure monitors and glucose sensors, and patient and provider care. access to real-time healthcare TEC is capable of providing costdata and information. Additionally effective solutions at a time when smartphones are incorporating a the demands on health and social growing range of sensors which care services continue to increase monitor changes in physiology. due to the UK’s growing and ageing population, the rising costs A further problem is that TEC solutions have been technologyof advanced medical treatments, driven, often without the and severely constrained health involvement of the people they are and social care budgets. Indeed, wide scale adoption of TEC will be aimed at. HCPs are often reluctant to engage with technology, partly essential for sustaining the future due to the scale and pace of health and social care system. changes, and partly through lack Opportunities for using mobile of education and training, and technology have improved in the concerns over liability and funding. last few years with the growing population of smartphone and ©GOLDSTEIN MARKET INTELLIGENCE
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Technology has the power to improve access to healthcare services, especially for people with mobility problems. This is recognised by the UK government, but there are concerns about inequality of access to the technology due to the cost and differences in broadband speeds. There are also challenges due to the lack of interoperable patient records.
records. Mobile technology can empower patients and carers by giving them more control over their health and making them less dependent on HCPs for health information. They can use digital technology to research information online, share experiences and identify
Global Connected Healthcare Market Share (%), By Country, 2016
Source: ŠGoldstein 2020 | Connected Healthcare | August Update
Technology has the power to improve access to healthcare services, especially for people with mobility problems. This is recognised by the UK government, but there are concerns about inequality of access to the technology due to the cost and differences in broadband speeds. There are also challenges due to the lack of interoperable patient ŠGOLDSTEIN MARKET INTELLIGENCE
treatment options. Its use in providing access to information and education is an important driver of patient engagement. The most widely available health apps have been fitness, medical reference and wellness apps. While these apps provide information, many currently lack the functionality to do more in relation to health. PAGE 02
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ACCELERATE THE GROWTH Factors such as compact and accurate diagnosis medical devices, high end and energy efficient connected healthcare; devices for treatment applications and rising spending on research and development activities to manufacture cost-effective and efficient medical devices is expected to accelerate the growth of connected healthcare market.
On the other hand, increasing consumer awareness towards treatment of multiple disorders and increasing spending on healthcare on account of favorable reimbursement policies is ŠGOLDSTEIN MARKET INTELLIGENCE
expected to push the hospitals and clinics to adopt connected healthcare market to provide better diagnosis and treatment facilities to the patients. Moreover, the growing demand for app based services in developing nations on the basis of factors such as changing lifestyle of the population, internet penetration
and rising personal disposable income in developing nations further boost the demand for connected healthcare.
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CHALLENGES TO OVERCOME The rural population of the world is more than the half of the total population (52%), whereas 48% population are living in urban areas. Lack of awareness towards medical devices & treatments in rural regions is hindering the growth of connected healthcare market at a large scale.
technology based medical devices Absence of convenience of healthcare facilities & less disposable income in rural regions across the globe are restraining the demand for connected healthcare market. Population living below poverty line across the globe are deprived from home healthcare
Rural population (%) of the total population(%)- By Countries
Source: ŠGoldstein 2020 | Connected Healthcare | August Update
Due to unavailability of medical services & facilities in many under developed regions, hence deprived the population to experience the treatment facilities with sophisticated ŠGOLDSTEIN MARKET INTELLIGENCE
facilities and unable to opt expensive services for treatments & cure.
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OPPORTUNITIES TO CONSIDER mHealth devices such as blood glucose meters, BP monitors, pulse oximetry, neurological monitoring device, apnea and sleep monitors have the future scope in connected healthcare market Diagnosis services, monitoring services, prevention and treatment and wellness and healthcare system strengthening solutions mHealth services seems to acquire the largest portion of connected healthcare market.
In application, cardiovascular diseases would be the largest revenue generating segment by 2024 followed by diabetes, neurological and respiratory diseases market. APAC with increasing adoption rate of connected healthcare tends to create the opportunities for the major players in connected healthcare market.
Global Connected Healthcare Market Opportunity by Service Categories, 2016
Source: ŠGoldstein 2020 | Connected Healthcare | August Update ŠGOLDSTEIN MARKET INTELLIGENCE
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Scan the QR code or click the link below for our study on future of connected heathcare industry. bit.ly/3gopFO6
About the author Dennis Abraham Ph.D, senior vice president at Goldstein Market Intelligence, leads GMI's syndicated health and wellness research. Before joining Goldstein Market Intelligence, Dennis held a variety of senior leadership positions in global and regional consulting roles covering consumer and retail insights across a broad range of healthcare categories. Dennis has been providing crosscategory strategic insights to healthcare brands for over 12 years on topics including digital disruption, ecommerce, and healthcare technology. Dennis holds a Ph.d from Havard University.
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