Global Digital Care Connectivity Market Research Report - Segmented By Component (Hardware, Software, Services); Deployment Model (Cloud-based Model, On-premise model); Functionality (Communication, Health Tracking & Insights, Billing & Payments, Administration, Patient Education, Others); End-User (Healthcare facilities, Homecare setting, Nursing Homes, Others); Region Forecast 2024 - 2030.

Market Size and Overview:

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 %.

In recent times, advancements in technology and societal shifts have brought about a transformation in conventional care models and the dynamics between patients and their physicians. This has resulted in an increased physical distance between patients and healthcare providers, accompanied by alterations in the modes of access to relevant care information across all demographics. The imminent global healthcare revolution will coincide with a paradigm shift in global connectivity and interconnectivity. Healthcare, akin to various other facets of life, is rapidly decentralizing, marked by a growing number of interconnected smart devices, fostering a more patient-centric care system.

As patient demands and expectations evolve, the significance of technological innovation in healthcare becomes increasingly pivotal. Healthcare providers are steadfast in their pursuit of optimal solutions to bolster initiatives and deliver top-tier treatment. With the broader availability of IoT and 5G technologies, an array of use cases will emerge, demanding robust connectivity for successful implementation.

Digital connectivity technology is assuming a prominent role in global healthcare, witnessing an unprecedented influx of health-related mobile applications. Mobile technology holds the potential to expedite the transformation of healthcare in low- and middle-income countries by facilitating connectivity between patients and healthcare stakeholders. This connectivity has the potential to enhance accessibility, particularly for underserved populations, improve efficiency, and reduce costs. The integration of rapid point-of-care diagnostics is poised to contribute significantly to this transformative phase. A flexible network is imperative to link devices between healthcare professionals and patients, and achieving full interoperability is crucial, given the diverse legacy systems and services. In the context of video and streaming, dependability and minimal latency are prerequisites. Given the inherently sensitive nature of patient data, security is paramount, and technology vendors must prioritize developing secure and safe systems, considering the potential catastrophic consequences of cyber threats for both patients and organizations.

COVID-19 IMPACT ON THE DIGITAL CARE CONNECTIVITY MARKET

The COVID-19 pandemic has underscored the critical role of robust connectivity networks, such as 5G and IoT network connectivity. These networks have been instrumental in deploying robots for the care of isolated patients, as well as enabling remote monitoring and diagnostics. As the industry endeavors to uphold and elevate the standard of patient care through innovative technology, the prevalence of such applications is poised to increase. Private networks offer the necessary security and flexibility to accommodate novel applications, enabling the healthcare sector to continue innovating and delivering superior care. The pandemic has highlighted the absence of a "one-size-fits-all" healthcare strategy, especially in crises demanding rapid scaling up. Collaboration between hospitals and technology partners is crucial to determine the required services and swiftly establish a network suitable for the facility. The design of the solution should also prioritize simplicity for long-term maintenance and administration by the hospital's IT department, underscoring how urgency can serve as a catalyst for creativity.

MARKET DRIVERS:

Facilitating health tele solutions in remote locations with reliable connectivity will enhance communication and propel market growth.

Telehealth solutions offer medical professionals the means to engage with patients residing in rural areas or facing mobility constraints regularly. Video conferencing technology facilitates consultations, medication dispensing, and even guides patients through physiotherapy exercises. This approach enables healthcare workers to provide care tailored to various lifestyles, fostering stronger connections with patients.

The convenience of accessing early and appropriate medication due to reliable connectivity is set to drive market growth.

Connectivity enables the initiation of patient treatment even before their arrival at the clinic. Ambulances equipped with IoT devices can establish remote connections between doctors and first responders, allowing for early diagnosis and the implementation of treatment plans during transit. This proactive approach can significantly improve emergency patient outcomes. IoT devices designed to send notifications for abnormal readings contribute to continuous patient monitoring, particularly crucial in large hospitals where remote monitoring is essential to prevent disease transmission.

MARKET RESTRAINTS:

Concerns regarding data privacy and cybersecurity present significant obstacles to market expansion.

The optimal functioning of healthcare IoT relies heavily on a secure and reliable network, considering the sensitivity of patient data. Private networks establish a protective barrier between the public internet and the user, thereby substantially reducing the risk of successful cyberattacks. Apprehensions about privacy issues deter some individuals from providing personal information on digital platforms. The increased utilization of digital platforms amplifies worries about security and privacy. The heightened risk of hackers gaining unauthorized access to system data, with the potential for malicious or criminal use, poses a substantial threat. The compromise of sensitive data, including patient addresses and critical health indicators, can lead to harm and erode patient trust. Consequently, regulations are consistently adjusted to align with evolving demands. The rising frequency of data breaches and cyber-attacks, coupled with growing concerns about data security, is hindering the market's growth.

A lack of awareness and motivation among patients to embrace digital healthcare services poses a hindrance to market growth.

While economic and technological barriers to connectivity are swiftly diminishing, an individual's motivation to adopt advanced health treatment facilities remains a formidable barrier. Those who resist using computers or smartphones miss out on valuable information and treatment plans readily available through digital platforms. Overcoming this obstacle requires a combination of appropriate hardware and software, along with reimbursement considerations. Most critically, it demands the right incentives and motivation. Hence, the aforementioned factor acts as a negative influence on market growth.

THE DIGITAL CARE CONNECTIVITY MARKET - BY COMPONENT

• Hardware
• Software
• Services

The digital care connectivity market is categorized into Hardware, Software, and Services based on its components. The software segment has been the primary contributor to market growth, and this trend is expected to continue during the forecast period. Projections indicate a Compound Annual Growth Rate (CAGR) of 15% for the software segment. The ease of software installation on patients' mobile devices, providing a convenient method for closely monitoring health and disease status, contributes to the segment's growth. Additionally, numerous companies now offer enhanced software for various diseases, analyzing disease physiology at its source, which is anticipated to further drive market growth in the upcoming years. The industry's progress is propelled by increased smartphone usage and growing awareness of self-monitoring strategies in health and illness management. The services segment is also poised to make a substantial contribution to market growth, driven by significant increases in virtual consultations, higher start-up finance, and new teleconsultation payment guidelines.

THE DIGITAL CARE CONNECTIVITY MARKET – BY DEPLOYMENT MODEL

• Cloud-based Model
• On-premise model

The digital care connectivity market is divided into the On-Cloud model and On-Premise Model based on the deployment model. Data control and security are crucial in the healthcare industry, making on-premise models more secure by providing better control over data compared to their cloud-based counterparts. This model is expected to gain prominence in the future, offering healthcare sectors command over data ownership and reducing privacy concerns among customers. In terms of cost, cloud-based models offer multiple pricing options based on usage and company requirements, while the on-premise model involves a one-time investment cost along with support service expenses.

THE DIGITAL CARE CONNECTIVITY MARKET – BY FUNCTIONALITY

• Communication
• Health Tracking & Insights
• Billing & Payments
• Administration
• Patient Education
• Others

The digital care connectivity market's functionality is segmented into Communication, Health Tracking & Insights, Billing & Payments, Administration, Patient Education, and others. In 2021, the communication category held the highest revenue share, driven by the increasing need for and adoption of telehealth, virtual communication alternatives such as voice, video, and text. The COVID-19 pandemic accelerated the acceptance of virtual communication technology for remote patient monitoring, mental health, and other purposes. The health tracking & insights category is anticipated to experience the fastest revenue CAGR throughout the forecast period due to the heightened use of business intelligence, artificial intelligence, and machine learning to provide valuable insights to patients and their families.

THE DIGITAL CARE CONNECTIVITY MARKET - BY END-USER

• Healthcare facilities
• Homecare setting
• Nursing Homes
• Others

The digital care connectivity market is segmented by end-users into healthcare facilities, Homecare Settings, Nursing Homes, and others. In 2021, healthcare facilities led the market, attributed to increased telemedicine deployment to alleviate healthcare professionals' workloads and government-funded programs. The home care segment is expected to grow due to the rising prevalence of chronic diseases and the shift toward in-home care services. The use of video or audio-conferencing platforms to exchange knowledge about the latest medical advancements is projected to boost other categories.

THE DIGITAL CARE CONNECTIVITY MARKET - BY REGION

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

The digital care connectivity market is regionally classified into North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa. North America dominated the market in 2023, holding a revenue share of approximately 36.34%. The region's growth is primarily driven by an increase in the aging population and a rise in chronic illnesses. Europe contributed roughly 26.33% of global sales in 2022, while the Asia Pacific region is expected to witness the fastest expansion during the forecast period. This growth is attributed to increased investment in healthcare infrastructure and software to raise public awareness. By 2030, the Asia Pacific digital health industry is estimated to achieve USD 161.3 billion in sales, propelled by rising smartphone penetration, increased government investment, and heightened awareness of digital health.

THE DIGITAL CARE CONNECTIVITY MARKET - BY COMPANIES

Prominent entities in the digital care connectivity market include:

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 EVENTS IN THE DIGITAL CARE CONNECTIVITY MARKET

ACQUISITION: In February 2021, Philips announced the acquisition of BioTelemetry, Inc., a leading provider of remote cardiac diagnosis and monitoring in the United States. This strategic move is expected to enhance Philips' business portfolio and broaden its client base.

COLLABORATION: In March 2020, AT&T, LifedMedID, and Elo Self-Service Solutions joined forces in a collaborative effort. The aim of this collaboration was to simplify patient registration and check-in processes. Through this strategic agreement, AT&T strengthens its market presence by extending edge-to-edge digital healthcare solutions to enhance patient outcomes.