Connected Healthcare Industry 2020 Outlook

Connected health, also known as technology-enabled care (TEC), involves the convergence of health technology, digital media, and mobile devices. It enables patients, carers, and healthcare professionals (HCPs) to access data and information more easily and improve the quality and outcomes of both health and social care.

TEC is capable of providing cost-effective solutions at a time when the demands on health and social care services continue to increase due to the UK’s growing and aging population, the rising costs of advanced medical treatments, and severely constrained health and social care budgets. Indeed, the wide-scale adoption of TEC will be essential for sustaining the future health and social care system.

Opportunities for using mobile technology have improved in the last few years with the growing population of smartphone and tablet users in the UK, even among older age groups, supported by a proliferation of health apps, although only a few are currently being used extensively. Other notable developments are the availability of healthcare ‘biosensing’ wearables, such as digital blood pressure monitors and glucose sensors, and patient and provider access to real-time healthcare data and information. Additionally, smartphones are incorporating a growing range of sensors that monitor changes in physiology.

A further problem is that TEC solutions have been technology-driven, often without the involvement of the people they are aimed at. HCPs are often reluctant to engage with technology, partly due to the scale and pace of changes, and partly through lack of education and training, and concerns over liability and funding.

Technology has the power to improve access to healthcare services, especially for people with mobility problems. This is recognized 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.

Technology has the power to improve access to healthcare services, especially for people with mobility problems. This is recognized 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.

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 education is an important driver of patient engagement. The most widely available health apps have been fitness, medical reference, and wellness apps. While these apps provide information, many currently lack the functionality to do more in relation to health.

Image for post
Image for post

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 long-term course of treatment or therapy.

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 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.

Image for post
Image for post

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

Future Outlook

In 2016, m health services dominated the market; the m-health devices segment accounted for nearly 35% in 2016 of the total connected healthcare industry, and the remaining 10% went for e-prescription. 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.

However, as the medical device technology is on the rise (especially in developing countries), 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 the 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.

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 the healthcare sector is expected to bolster the growth of connected healthcare in the Africa region.

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 is encouraging hospitals and diagnostic laboratories to adopt advanced devices to obtain accurate diagnosis data. The precise data would further help the physicians to provide better treatment to the patients.

Goldstein Market Intelligence helping businesses to be successful at strategy and take informed decisions to grow the business in future.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store