Connected healthcare industry to gain momentum with increasing healthcare IT consumerization

Published Date: December 22, 2016    Author: Global Market Insights, Inc.

Connected healthcare industry, being rapidly influenced by the technological advancements, carries a plethora of opportunities for the IT market players across the globe. Over the coming years, IT firms with expertise in trending technologies such as big data analytics, artificial intelligence, virtual and augmented reality, robotics, automation, etc. will witness huge growth prospects in the connected healthcare space. Healthcare accounts for a major expenditure of the global economy and both the government and the private bodies are actively finding measures to curtail these rising costs. IT consumerization in the healthcare sector will leverage these benefits and enable a patient centric approach.

Internet of things or IOT is a significant part of the connected healthcare business space, where the devices are enabled to share data among themselves using various digital platforms. In this era, consumers/patients are more attentive towards their health and demand the answers to all the whys, hows, whens, and wheres pertaining to their health solutions. The surging trend of smartphones, wearable devices, health & wellness apps, etc. have made the patients ‘smarter’ when it comes to their health. According to a report by Global Market Insights, Inc., digital healthcare market size worth USD 51 billion in 2015, is estimated to surpass USD 379 billion by 2024.

Technology adoption by the healthcare players is on a surge and taking into consideration these trends, IT will be a major vertical participating in connected healthcare over the coming years. Information management has taken a top position in the medical industry, owing to the large patient base and enormous data flow. The trends of creating data repositories have now shifted towards deriving actionable and meaningful insights from them. That’s where technology comes into the picture. Cloud computing, analytics, big data, robotics, 3D printing, etc. are some of the popular trends conquering the industry and are poised to be vital contributors towards the overall connected healthcare market.

Some of the popular connected healthcare technology trends to watch for in 2017 and beyond are as follows:

Big Data Analytics: This is the most popular technology, creating an impact on almost every industry worldwide, connected healthcare being no less. The large piles of data in the medical industry and the urge to understand and analyze them will create huge scope for big data analytics in the connected healthcare sector. The industry will witness strategic partnerships between data and medical professionals to perform predictive analytics to prevent health threats to patients. An example of such a firm is Pittsburgh Health Data Alliance that collects data from various sources such as insurance records, medical institutes, sensors, genetic records, etc. to analyze patient’s health and offer customized solutions. Moreover, the data will be compared with other patients who exhibit similar health issues, and enables a predictive modelling for all the information.

Cloud Computing: Healthcare industry can be accurately termed as a patient-centric and data driven sector. Cloud solutions help the connected healthcare sector to efficiently manage the large volume of data by effectively and affordably sharing it across various platforms. Medical Imaging is one of the most in-demand cloud solutions. Various players such as Microsoft, Philips, Verizon, Qualcomm Life, and AT&T have launched cloud based solutions for healthcare sector to enable efficient accessibility of data. Another example of depicting the tech adoption is partnership between Apple and IBM that enables Watch and iPhone users to share data on IBM’s Watson cloud healthcare analytics.

According to a report on Healthcare Cloud Computing Market, Cloud computing market size in healthcare is likely to exceed USD 7 billion by 2023.

mHealth: mHealth market size worth USD 4.8 billion in 2015, is estimated to surpass USD 60 billion by 2023, says a report by Global Market Insights, Inc. Surging smartphone industry, which enables easy access to various medical solutions will be a pivotal factor supporting this technology growth in the connected healthcare industry over the coming years. Mobile enabled Point of Care testing will witness appreciable growth over the next few years, driven by the demand for patient-centric approach both by the payers and the providers.

Artificial Intelligence: Artificial intelligence has already stepped in the connected healthcare space and is widely being adopted to enable efficient data management. Various companies are coming forward with innovative solutions pertaining to AI. For instance, IBM’s Medical Sieve has been launched to assist in medical decisions related to cardiology and radiology. Moreover, AI will make a lasting impact on Precision Medicine industry as well over the coming years.

Robotics: Healthcare has proven to be an ever-evolving industry, with innumerable developments at a rapid rate. Robotic Healthcare is disrupting the overall traditional medical industry. It is estimated that robotics will take a big bite of the overall connected healthcare revenue over the coming decade, with rising applications in digital supply chain, digital behavioral health, remote patient care & monitoring, etc.

These technologies and innovations are disrupting the traditional methods and giving a new outlook to the connected healthcare solutions and the way they are given and received. The tech giants and medical professionals will enter into strategic collaborations to enable connected and smart healthcare over the coming years. Some of these collaborations are already on the cards and will bring a drastic, yet innovative transformation in the connected healthcare industry.

Global Market Insights has following research reports related to the connected healthcare market:

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