Global Focus on Improved Outcomes: Connected Healthcare Market

Author : Bhushan S | Published On : 29 Mar 2024

The connected healthcare market is expected to reach a worth of US$220.3 billion by 2033, indicating that it is growing quickly. Its current value of US$51.7 billion is a substantial increase over its estimated value in 2023 of 15.6% compound annual growth rate (CAGR). A fundamental change toward a healthcare approach that is more patient-centric is what's causing this spike.

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The Power of Digital Transformation in Healthcare

The digital revolution is transforming healthcare by enabling the development of:

• Proactive Care Models: Connected healthcare empowers patients to take a more active role in managing their health throughout their lifetime.
• Seamless Communication: The system facilitates effortless information sharing and communication between all stakeholders involved in a patient's care.
• Preventive Approach: Connected healthcare allows for a shift from reactive, episodic care to a more proactive and preventative approach, potentially leading to better health outcomes.

Empowering Patients Through Connected Technologies

From wearable devices like smartwatches and glucose monitors to digital scales and pulse oximeters, connected healthcare is becoming increasingly ubiquitous. A significant advancement within this field is the progress made in chronic disease management:

• Chronic Disease Management Revolutionized: Connected health technologies allow patients with chronic conditions like diabetes, heart disease, and COPD to actively participate in their care. They can share data and interact with their physicians more effectively, enabling providers to:
  • Monitor patient health remotely
  • Identify potential issues early on
  • Adjust treatment plans more promptly

Improved Outcomes and Remote Care

Connected healthcare solutions offer numerous benefits for both patients and healthcare providers:

• Reduced Hospital Visits: Remote patient monitoring allows for early intervention, potentially reducing the need for emergency room visits and hospital admissions.
• Improved Risk Management: Providers gain a deeper understanding of a patient's health risks, enabling them to deliver more targeted care.
• High-Quality Care at Home: High-risk patients can receive the care they need without sacrificing their quality of life.

Regulatory Landscape: Ensuring Quality and Innovation

Governments worldwide recognize the potential of connected healthcare to improve overall healthcare delivery. As a result, they are actively involved in establishing regulatory frameworks that promote:

• Enhanced Care Delivery: Regulations aim to streamline care delivery and improve processes for diagnosis, treatment, and medication management.
• Innovation with Safeguards: Regulatory frameworks seek to encourage the development of innovative solutions while ensuring patient safety and data security.

Looking Ahead: A Future-Proof Healthcare System

The 21st Century Cures Act in the US exemplifies the commitment to fostering safe and effective connected healthcare solutions. This act outlines specific categories of software exempt from FDA regulation, allowing for faster innovation while maintaining essential safeguards.

Industry Leaders Drive Innovation

Leading healthcare companies are actively developing new and improved solutions. For instance, OMRON Healthcare's "Going for Zero" vision, unveiled at CES 2023, demonstrates the industry's commitment to leveraging connected healthcare to prevent heart attacks and strokes. Their focus on early detection of atrial fibrillation (AFib) highlights the potential for connected healthcare to save lives.

Key Takeaways:

• The connected healthcare market is experiencing exceptional growth, driven by a shift towards patient-centric care models.
• Connected technologies empower patients to manage their health proactively and communicate effectively with healthcare providers.
• Connected healthcare offers numerous benefits, including improved chronic disease management, remote patient monitoring, and reduced hospital visits.
• Governments and industry leaders play a crucial role in establishing regulations that promote innovation while ensuring patient safety and data security.
• The future of healthcare is connected, with technology playing a vital role in empowering patients, improving outcomes, and creating a more sustainable healthcare system.