Explore Connected Healthcare Industry - Goldstein Market Intelligence

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AUGUST 2020

EXPLORE CONNECTED HEALTHCARE INDUSTRY Published by

Goldstein Market Intelligence

WRITTEN BY: Dennis Abraham Vice President Goldstein Market Intelligence

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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.

There are also challenges due to the lack of interoperable patient 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 treatment options. Its use in providing access to information and Technology has the power to education is an important driver of improve access to healthcare services, especially for people with patient engagement. The most widely available health apps have mobility problems. This is recognised by the UK government, been fitness, medical reference and wellness apps. While these but there are concerns about apps provide information, many inequality of access to the currently lack the functionality to technology due to the cost and do more in relation to health. differences in broadband speeds.

Global Connected Healthcare Market Size USD (Billion). 2016-2024

Source: ŠGoldstein 2020 | Connected Healthcare | August Update

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The capabilities of apps and wearables are improving as a result of developments in technology. Other aspects of the growing uses of TEC are remote monitoring of changes in the health status of patients (home telehealth) and the use of digital messages to remind or alert patients to adhere to their longterm course of treatment or therapy.

enormous potential for further improvements across many aspects of health care provision – GP practices, residential and nursing homes and hospitals, and in particular areas such as mental health care – but only if the existing barriers can be overcome.

Developments are supported by the entry into the healthcare market by global technology

Global Connected Healthcare Market Size USD (Billion). 2016-2024

Source: ©Goldstein 2020 | Connected Healthcare | August Update

Growth in the use of TEC has implications for healthcare providers. For example, there is increasing potential to support the shift of some ‘hands on’ treatment in primary care clinics and hospitals to home care via the use of digital communication such as e-visits, e-prescriptions and remote monitoring. There is ©GOLDSTEIN MARKET INTELLIGENCE

companies such as Apple and Google, and by the involvement of pharmaceutical companies (which are among the most active publishers of health apps). Their involvement raises the possibility of new healthcare provider models and approaches to health research transforming the patient experience.

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FUTURE OUTLOOK In 2016, m health services dominated the market; m health devices segment accounted for nearly 35% in 2016 of the total connected healthcare market and remaining 10% went for eprescription. The main reason for this despaired share is due to the rising demand for connected healthcare trend owing to the ease of data management and patient monitoring.

As a result, if seen from the big market point of view, m health services demand is higher in homecare settings followed by other healthcare facilities.

Moreover, the rising healthcare expenditure in Africa on the back of new healthcare reforms and rising investment in healthcare sector is expected to bolster the growth of connected healthcare in Africa region.

However, as the medical device technology is on rise (especially in developing countries), the Europe connected healthcare market is projected to reach USD 51.6 billion in 2024 from USD 5.07 billion in 2016, registering a growth rate of 33.46%. In addition to that, North America connected healthcare market touched USD 6.0 billion in 2016 and rising demand for prescription medicines in the region is expected to accelerate the overall market to USD 57.26 billion by the end of 2024.

With USD 4.15 billion in 2016, monitoring application has the highest demand followed by diagnosis and treatment, healthcare management, education and awareness and prevention. The advancement in healthcare devices are encouraging the hospitals and diagnostic laboratories to adopt the advanced devices to obtain accurate diagnosis data. The precise data would further help the physicians to provide better treatment to the patients.

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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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About Goldstein Market Intelligence Goldstein Market Intelligence helping businesses to be successful at strategy and take informed decisions to grow the business in future. Goldstein Market Intelligence is one of the leading professional services firms, providing Intelligence Services, Consulting & Advisory and research related services to clients. We, at Goldstein Market Intelligence practice works side by side with chief executives and their teams to create effective strategies and secure alignment across the organisation. ŠGOLDSTEIN MARKET INTELLIGENCE

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