Digital Care Connectivity Market Size (2024 – 2030)

Global Digital Care Connectivity Market was valued at USD 188.82 billion and is projected to reach a market size of USD 549.96 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 16.5 %.

INDUSTRY OVERVIEW

In recent years, technological advancements and societal changes have contributed to a shift in traditional care models and the relationship between patients and their doctors, with an increase in the physical distance between patients and their doctors and corresponding changes in the modes of access to relevant care information by all groups. The next global healthcare revolution will be accompanied by a revolution in global connectivity and interconnectivity. Healthcare, like most other sectors of life, is quickly decentralizing, with an exponentially growing number of linked smart devices being used to produce a more patient-centered care system.

As patient needs and expectations change, technological innovation becomes more important in healthcare. Healthcare providers will continue to seek the best solutions to support projects and deliver gold-standard treatment. As IoT and 5G technologies become more generally available, more use cases will arise that require excellent connectivity to succeed.

Digital connectivity technology is increasingly assuming a key role in healthcare around the world, with new health-related phone apps launching at an unprecedented rate. Mobile technology has the potential to accelerate the transformation of healthcare in low- and middle-income countries by connecting patients with healthcare suppliers and payors, which can enhance accessibility, especially for the poor, increase efficiency, and lower costs. Rapid point-of-care diagnostics are well adapted to contribute significantly to this transition. A flexible network is required to connect devices between doctors and patients, and full interoperability is necessary given the range of legacy systems and services. In the case of video and streaming, dependability and near-zero latency are required. Because patient data is inherently sensitive, it goes without saying that security is essential. Cyber threats could have disastrous consequences for both patients and the organization, thus technology vendors should consider developing a system that is secure and safe.

COVID-19 IMPACT ON THE DIGITAL CARE CONNECTIVITY MARKET

The COVID-19 epidemic has highlighted the importance of good connectivity networks like 5g connectivity, and IoT network connectivity, from using robots to care for isolated patients to remote monitoring and diagnostics. As the industry seeks to provide and maintain a high standard of patient care using new technology, these types of applications will become more widespread in the future.  Private networks provide the protection and flexibility required to accommodate new applications, allowing the healthcare industry to keep innovating and providing superior care. As the pandemic has shown, there is no "one-size-fits-all" strategy for healthcare, especially when dealing with a crisis that requires rapid scaling up. Each hospital must collaborate with a technology partner to decide what services the connection must support and how to quickly put it together to build a network that is acceptable for the facility. The solution's design must also be simple to maintain and administer in the long run for the hospital's IT department, illustrating that urgency can be a catalyst for creativity.

MARKET DRIVERS: 

Ease in providing health tele solutions to remote locations with proper connectivity will help in better communication and will fuel the market growth

Telehealth solutions can also help medical professionals by allowing them to communicate with patients who live in rural locations or have limited mobility regularly.  Video conferencing technology might be used to conduct consultations, dispense medications, and treat patients by leading them through physiotherapy exercises, for example.  This strategy allows healthcare workers to give care in a way that fits a range of lifestyles, resulting in stronger patient connections.

The ease of getting early and proper medication due to proper connectivity is going to boost the market growth

Patient treatment can also begin before they enter the clinic because of connectivity. Ambulances linked with IoT devices can connect doctors and first responders remotely, allowing for early diagnosis and treatment plans to be implemented while in travel. This form of action could help patients in emergencies have a better prognosis. IoT devices set to transmit notifications if an aberrant reading is detected could be used to monitor the status of each patient. This is especially crucial in major hospitals, where staff have more patients to monitor than ever before, and where remote monitoring is essential to avoid disease transmission.

MARKET RESTRAINTS:

Data privacy and cybersecurity is a major concern hampering the market growth

A secure and dependable network is essential for getting the most out of healthcare IoT — patient data is among the most sensitive. Private networks offer a barrier between the public internet and the user, significantly lowering the risk of successful cyberattacks. Some people are cautious to provide personal information on digital platforms because they are concerned about privacy issues. The increased use of digital platforms raises concerns about security and privacy. The high possibility of hackers gaining access to system data and illegal access to data might be used for malevolent or criminal purposes, posing a hazard. Breach of sensitive data, such as patient addresses and critical health indicators, might cause harm to the patient, resulting in a trust deficit. As a result, rules are continually altered to meet changing demands. Increased data breaches and cyber-attacks, as well as escalating data security concerns, are impeding the market growth.

Lack of awareness and motivation among the patients to use digital care can create a hindrance to market growth

Economic and technological impediments to connectivity are rapidly disintegrating. However, a person's motivation to adopt advanced health treatment facilities is a significant barrier to overcome. Those who refuse to use computers or smartphones miss out on information and treatment plans that would otherwise be available. It requires a combination of the right hardware and software, as well as reimbursement, but most crucially, the right incentive and motivation. Thus, the aforementioned reason is acting as a negative influence on the market growth.

DIGITAL CARE CONNECTIVITY MARKET REPORT COVERAGE:

THE DIGITAL CARE CONNECTIVITY MARKET - BY COMPONENT

• Hardware

• Software

• Services

Based on components, the digital care connectivity market is segmented into Hardware, Software, and services. Among these, the software segment contributed the maximum to the market growth and is projected to continue with this trend over the forecast period. The software segment is projected to expand at a CAGR of 15% over the forecast period. The notion that software is easily installed on patients' mobile phones and is a convenient way of closely monitoring the patient's health and disease status accounts for the segment's growth. Furthermore, several companies have emerged to offer enhanced software for a range of diseases that analyses disease physiology at its source. These factors are projected to accelerate market growth in the coming years. Growth in smartphone usage and a growing awareness of self-monitoring strategies in health and illness management are propelling the industry forward. The services segment is also set to contribute significantly to the market growth. Significant increases in the number of virtual consultations, higher start-up finance, and new teleconsultation payment guidelines are all factors linked with the segment's rise.

THE DIGITAL CARE CONNECTIVITY MARKET – BY DEPLOYMENT MODEL

• Cloud-based Model

• On-premise model

Based on the deployment model, the digital care connectivity market is segmented into the On-Cloud model and On-Premise Model. The control of and security of data is very important in the healthcare industry. On-premise models are considered more secure as they provide better control over data when compared to cloud-based substitutes. This model is expected to capture the market space in the coming future as it provides healthcare sectors keep command over the ownership of data hence reducing the privacy concerns among the customers. In case of cost, cloud-based models offer multiple pricing options based on the usage and requirements of the company. On the other hand, the On-premise is a one-time investment cost attached to it along with a cost for support services.

THE DIGITAL CARE CONNECTIVITY MARKET – BY FUNCTIONALITY

• Communication

• Health Tracking & Insights

• Billing & Payments

• Administration

• Patient Education

• Others

Based on functionality, the digital care connectivity market is segmented into Communication, Health Tracking & Insights, Billing & Payments, Administration, and Patient Education among others. In 2021, the communication category had the highest revenue share. The need for and adoption of telehealth, health, as well as other virtual communication alternatives, such as voice, video, and text, is driving this segment's revenue growth. The COVID-19 pandemic has expedited virtual communication technology acceptance, enabling it to be used in remote patient monitoring, mental health, and several other purposes. Due to the increased use of business intelligence, artificial intelligence, and machine learning to offer valuable insights to patients and their families, the health tracking & insights category is predicted to expand at the fastest revenue CAGR throughout the forecast period.

THE DIGITAL CARE CONNECTIVITY MARKET - BY END-USER

• Healthcare facilities

• Homecare setting

• Nursing Homes

• Others

Based on end-users, the digital care connectivity market is segmented into healthcare facilities, Homecare Settings, Nursing Homes, and others. Healthcare facilities were the market leader in 2021. Increased telemedicine deployment to reduce healthcare professionals' workloads, as well as government-funded programs, are the main drivers of the segment's domination. The home care segment is anticipated to grow due to the rising prevalence of chronic diseases and the constant shift toward in-home care services. The use of video or audio-conferencing platforms to interact and exchange knowledge about the most recent medical advancements is projected to boost the other categories.

THE DIGITAL CARE CONNECTIVITY MARKET - BY REGION

• North America

• Europe

• The Asia Pacific

• Latin America

• The Middle East 

• Africa

Based on region, the digital ophthalmology therapeutics market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa.  With a revenue share of approximately 36.34 % content in 2021, North America dominated the digital care connectivity market. The region's market growth is mostly due to an increase in the number of geriatrics in the region, as well as an increase in the incidence of chronic illnesses. According to the United Nations World Population Ageing study issued in 2015, the total population over 60 years old is predicted to reach roughly 28% by 2050. In 2021, Europe contributed roughly 26.33 percent of global sales. However, the Asia Pacific region will expand the quickest during the predicted period due to increased investment in healthcare infrastructure and software to raise public awareness. By 2030, the Asia Pacific digital health industry is estimated to earn USD 161.3 billion in sales. The market is developing as a result of rising smartphone penetration, increased government investment in healthcare industry upgrades, and increased awareness of digital health.

THE DIGITAL CARE CONNECTIVITY MARKET - BY COMPANIES

Some of the prominent players operating in the digital care connectivity market are

1. BioTelemetry Inc

2. eClinicalWorks

3. Allscripts Healthcare Solutions Inc

4. iHealth Lab Inc

5. AT & T

6. Honeywell International Inc

7. Athenahealth Inc.

8. Cisco Systems

NOTABLE HAPPENING IN THE DIGITAL CARE CONNECTIVITY MARKET

• ACQUISITION- Philips announced the takeover of BioTelemetry, Inc., a major provider of remote cardiac diagnosis and monitoring in the United States, in February 2021. Phillips expects to benefit from this acquisition strategy by expanding its business portfolio and client base.

• COLLABORATION- AT&T and LifedMedID and Elo Self-Service Solutions announced a collaboration in March 2020. The goal of the collaboration was to simplify patient registration and check-in. This strategic agreement strengthens AT&T's market footprint by extending AT&T's edge-to-edge digital healthcare solutions to improve patient outcomes.