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 is expected to show flourishing growth owing to an increasing application of healthcare information technologies and extensive use of smartphones and wearable devices into healthcare. Furthermore, cost effectiveness and patients’ convenience will drive the connected healthcare market. Connected healthcare provides numerous advantages to the healthcare provider as well as the patients. Increasing efficiency, cost effectiveness, and clinical data management are major objectives achieved through connected healthcare.
Focus on Personalized Healthcare Solutions & e-Prescriptions:
Personalized healthcare solutions are one of the important applications of connected healthcare that can be achieve through number of resources such as hardware, software, and technological advanced devices.
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e-Prescriptions also help in developing electronic medical records (EMR) for the patients. It enables physicians to share healthcare data with other physicians making it easier to interpret the diagnostic reports of a patient.
e-health helps to reduce healthcare frauds and maintains authenticity of medical records, emphasizing on protection of medical records of the patients. Number of strict regulations regarding the use of patient records help to regularize healthcare management.
Currently, e-prescriptions are proven to be a blessing for the patients in remote areas, in case of an emergency, thus saving the lives of the critically ill patients. Therefore, connected healthcare offers numerous rewards to healthcare organisations. It also helps to understand the patient’s recovery status and makes it easy for physicians to choose medications that the patient can afford. Doing this increases the chance of patients filling the prescriptions and taking the medications.
Rising prevalence of lifestyle diseases such as diabetes, chronic heart disease, cancer, and others has led to the development of personalized healthcare solutions. Healthcare IT solutions have revolutionised healthcare management from last few years. Furthermore, replacement of manual records by Electronic Health Records (EHRs) influences the growth of the market. However, the growth of the market is restricted by high cost of healthcare software solutions. Entry of new players is restricted due to fierce competition among existing market players, along with highly distinguished software solutions in the market.
Key Players in the Connected Healthcare Market:
The major players operating in the connected healthcare market includes Allscripts (US), Athenahealth Inc. (US), Boston Scientific Corporation (US), Cerner (US), Agamatrix, Inc. (US), Airstrip Technology (US), AliveCor Inc. (Australia), Koninklijke Philips N.V. (Netherlands), GE healthcare (UK), Qualcomm (US), Medtronics (Ireland), Siemens AG (Germany), and others. These players provide number of healthcare IT software for healthcare management.
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Allscripts provides healthcare professionals with electronic health records technology and practice management. Its solutions include care coordination, clinical and patient engagement.
- August, 2017: Allscripts acquired McKesson’s Enterprise Information Solutions business to offer the most comprehensive, high performing health information technology and solutions.
- December, 2016: Allscripts announced the acquisition of Core Medical Solutions, a recognised healthcare IT software leader with a strong presence in both Victoria and Western Australia with a perspective of strengthening global presence through geographical expansion.
- January, 2016: Allscripts expanded its partnership with Concentra. This partnership will help Concentra to improve system performance and provide access to solutions experts for support. Allscripts will further empower its network of care providers strengthening its healthcare IT business.
- June, 2017: Athenahealth Inc. entered into an agreement to acquire Praxify Technologies, Inc., a Palo Alto-based company focused on reinventing how doctors work with health data to drive productivity, portability, and improved decision support. The company focuses on the decision support system in healthcare, thus stream lining work flow in healthcare institutes.
- October, 2016: Athenahealth Inc. entered into a partnership with Tandigm Health on population health initiatives.
EMR, digital hospital framework, population health insights, and care management are healthcare software solutions provided by IBM, which significantly contributed to their market share in the developed economies like in the U.S. and Europe.
- January 2017: IBM announced the use of block chain technology for security exchange of healthcare data.
Connected Healthcare Market In Americas:
The connected healthcare market in the Americas is driven by the concentration of key industry players in the U.S. market and continuous demand for healthcare IT solutions in various hospitals, clinics, and other healthcare providers. For instance, in March, 2016, Allscripts and AssistRx entered into to a partnership to improve the efficiency and speed of prescribing specialty medications in the U.S market.
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