The connected healthcare market is evolving rapidly as technology, particularly the Internet of Things (IoT), artificial intelligence (AI), and data analytics, transforms the way healthcare systems operate. This market is expected to reach significant heights, driven by increasing demand for digital health solutions, enhanced patient monitoring, and cost-effective healthcare services. As the world shifts towards integrated and connected systems in healthcare, the competition within this space is intensifying, with major companies leading the way in shaping the future of healthcare delivery.
The connected healthcare market is estimated to increase from US$58.3 Bn in 2024 to 243.1 Bn by 2031. The market is projected to record a CAGR of 19.6% during the forecast period from 2024 to 2031. Market expansion is attributed to the emerging trends such as telehealth, wearable devices, AI and ML integration, and blockchain technology. AI and ML are revolutionizing data analytics, while blockchain enhances data security. The growing emphasis on preventive care and wellness management is making the market attractive for startups and established players.
This blog will explore the key players in the connected healthcare market, their strategies, and the competitive landscape of the industry.
Overview of the Connected Healthcare Market
Connected healthcare refers to the integration of digital technologies such as wearable devices, telemedicine, health apps, and electronic health records (EHRs) into healthcare systems to improve patient care, reduce operational costs, and enable real-time monitoring and communication
between patients and healthcare providers. Key components of the connected healthcare ecosystem include:
Telemedicine: Remote consultations and virtual healthcare services.
Wearables: Devices that track and monitor health metrics like heart rate, activity levels, and sleep patterns.
Health Apps: Mobile applications that track various health parameters and integrate with other devices.
Electronic Health Records (EHR): Digital management of patient records that allow for more efficient healthcare delivery.
Remote Patient Monitoring (RPM): The use of connected devices to monitor patients outside traditional healthcare settings.
The growing demand for healthcare efficiency, cost-effectiveness, and enhanced patient experience is fueling the expansion of the connected healthcare market. According to market reports, the global connected healthcare market is projected to grow at a CAGR of 26.1% between 2023 and 2030, with a market value exceeding US$ 200 billion by 2030.
Key Players in the Connected Healthcare Market
Several key players dominate the connected healthcare market, spanning across technology, telecommunications, and healthcare sectors. These companies are investing heavily in research and development (R&D), forming strategic partnerships, and expanding their product portfolios to capture a larger share of the growing market.
1. Philips Healthcare
Philips Healthcare is a global leader in connected healthcare solutions, offering a broad portfolio of products and services ranging from diagnostic imaging to patient monitoring and telemedicine. The company focuses on using AI, machine learning, and data analytics to improve healthcare outcomes. Their innovative solutions, such as the Philips IntelliVue patient monitoring system and Philips HealthSuite, are helping healthcare providers optimize patient care through connected devices.
Strategic Initiatives: Philips focuses on collaborations and acquisitions, such as the acquisition of BioTelemetry in 2021, a leader in remote patient monitoring, which strengthens its presence in the connected healthcare space.
2. GE Healthcare
GE Healthcare, a subsidiary of General Electric, provides digital health solutions, medical imaging, and patient monitoring systems that connect healthcare professionals and patients. Its eHealth platform and GE Centricity solutions enhance the management of healthcare data and improve collaboration among care teams.
Key Innovations: GE’s MUSE Cardiology platform and Edison Health are focused on integrating AI and IoT technologies to enhance clinical decision-making and patient outcomes.
3. IBM Watson Health
IBM Watson Health is a major player in the connected healthcare space, leveraging AI, cloud computing, and blockchain technologies to enhance clinical decision-making and optimize healthcare delivery. Watson Health provides advanced analytics tools and cognitive computing to improve patient care and streamline operations.
Strategic Focus: IBM’s healthcare solutions include Watson for Oncology, which provides clinicians with evidence-based treatment recommendations, and its Health Cloud, which enables the storage and exchange of patient data across platforms.
4. Medtronic
Medtronic is a global leader in medical devices and healthcare technologies, offering connected devices that enable real-time patient monitoring and data analytics. Medtronic’s CareLink platform and MiniMed insulin pumps help patients with chronic conditions, such as diabetes, manage their health remotely.
Innovations: Medtronic’s focus on digital therapeutics and remote monitoring solutions is strengthening its position in the connected healthcare space.
5. Abbott Laboratories
Abbott is a prominent player in the connected healthcare market, offering products in diagnostics, medical devices, and digital health solutions. The company’s Freestyle Libre glucose monitoring system, which enables continuous monitoring of blood sugar levels, is a key example of connected healthcare solutions.
Strategic Focus: Abbott emphasizes personalized healthcare by utilizing data analytics to provide insights and recommendations based on individual patient health data.
6. Siemens Healthineers
Siemens Healthineers is another major player in the connected healthcare market, offering a comprehensive range of diagnostic imaging, laboratory diagnostics, and patient monitoring solutions. Their syngo.via imaging software and Siemens Healthineers Digital Ecosystem help healthcare providers deliver better care and improve operational efficiency.
Future Growth Plans: Siemens is actively expanding its digital health solutions to create more integrated healthcare systems that provide greater patient engagement and access to real-time health data.
7. Samsung Electronics
Samsung has entered the connected healthcare market through its Samsung Health platform, which includes wearables and mobile applications that track health data, such as steps, heart rate, and stress levels. The company is also working on telemedicine solutions that enable healthcare providers to connect with patients remotely.
Technology Integration: Samsung integrates AI, IoT, and 5G technology into its healthcare solutions to provide advanced patient monitoring and real-time analytics.
8. Oracle Health Sciences
Oracle Health Sciences is a leader in cloud-based solutions for healthcare organizations. Their Oracle Health Management platform integrates patient data, research insights, and operational intelligence to enhance healthcare delivery and patient outcomes. Oracle also focuses on advancing clinical trials and drug development through digital platforms.
Strategic Initiatives: Oracle’s acquisition of Cerner Corporation, a leading health IT company, strengthens its position in the healthcare market and expands its presence in electronic health record management.
Competitive Landscape and Market Trends
The connected healthcare market is highly competitive, with several players vying for dominance by offering innovative solutions, partnerships, and acquisitions. The competitive landscape is marked by:
1. Strategic Partnerships and Acquisitions
In the connected healthcare market, collaborations and acquisitions play a pivotal role in expanding product portfolios and accelerating market penetration. For example, Medtronic acquired Mazor Robotics to enhance its robotic surgery and AI-driven healthcare solutions. Similarly,
Philips’ acquisition of BioTelemetry enabled the company to expand its remote patient monitoring capabilities.
2. Focus on Telemedicine and Remote Monitoring
Telemedicine has emerged as one of the most significant trends in the connected healthcare market. The COVID-19 pandemic accelerated the adoption of telehealth services, and the demand for remote consultations and monitoring devices continues to rise. Companies are increasingly focusing on integrating telemedicine platforms with IoT devices and data analytics to enhance patient care and provide continuous monitoring.
3. AI and Data Analytics in Healthcare
AI and data analytics are transforming healthcare by enabling real-time insights, predictive analytics, and enhanced decision-making. AI-driven diagnostics, such as IBM Watson for Oncology and Philips’ AI-based patient monitoring systems, are helping healthcare providers deliver personalized treatment plans and optimize operational efficiencies.
4. Investment in Wearables
The demand for wearable devices that track health metrics, such as heart rate, blood pressure, and sleep patterns, is increasing. Companies like Fitbit (now part of Google), Apple, and Garmin are capitalizing on this trend by offering devices that integrate with healthcare apps to improve patient outcomes.
5. Advancements in IoT Technology
IoT-enabled devices are at the heart of connected healthcare. These devices enable healthcare providers to remotely monitor patients, collect data, and provide timely interventions. IoT solutions are particularly useful for chronic disease management, elderly care, and post-operative monitoring.
Conclusion: The Future of Connected Healthcare
The connected healthcare market is experiencing significant growth, driven by technological advancements, rising healthcare costs, and increasing demand for improved patient care. Companies across industries are embracing IoT, AI, and data analytics to deliver innovative solutions that enhance healthcare efficiency and accessibility.
With a strong emphasis on telemedicine, wearable devices, and AIpowered healthcare systems, the connected healthcare market is expected to reach new heights in the coming years. As competition intensifies, players will continue to focus on partnerships, acquisitions,
and product innovation to remain at the forefront of this dynamic and rapidly evolving market.