Report: Global Market for Connected Health Devices Projected to Reach $612B by 2024 | Healthcare Informatics Magazine | Health IT | Information Technology Skip to content Skip to navigation

Report: Global Market for Connected Health Devices Projected to Reach $612B by 2024

August 15, 2016
by Heather Landi
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The global connected health and wellness devices market is forecasted to reach $612 billion by 2024, in part driven by increasing incidences of chronic diseases that require continuous health monitoring, according to a Grand View Research report.

In the next eight years, the demand for wearable medical devices and remote patient monitoring will increase due to both the shifting consumer preference towards a healthier lifestyle combined with the rise in lifestyle-associated diseases, according to research from the San Francisco-based market research and consulting firm.

The global market in 2015 stood at $123 billion, and the research report points to a number of trends that will spur further growth, such as the mass adoption of mHealth devices and the focused approach towards the adoption of Internet of Things (IoT) devices, including sensors and mobile communication devices. At the same time, skyrocketing healthcare costs, and an increased focus on reducing these costs, along with a growing awareness of connected health devices, is pushing healthcare organizations to incorporate innovative digital health strategies to meet the high patient volumes.                                       

And, in general, there is a rising demand among healthcare organizations and health plans for greater access to patient health information which is a key factor in the connected health and wellness devices market growth.

In addition, government and non-profit organizations are creating future growth opportunities for digital health solutions with supportive initiatives, such as Healthcare Research and Quality (AHRQ) offering funds to expand health information systems.

The report also looked at several areas of growth. The healthcare IT segment, with a 46 percent market share, held the largest market share of the overall global connected health market, and the research report attributes this to the increasing need to meet the regulatory compliances and initiatives taken by the government. In addition, the benefits associated with the implementation of these services, such as high returns on investments and ease of access, are anticipated to boost the segment growth.

“The health information exchange segment is expected to exhibit a positive growth trend owing to the gradual rise in the acceptance of the patient-centric approach by healthcare providers and the demand for quality care services in the near foreseeable future,” the research report stated.

Over the next eight years, the healthcare analytics segment also is expected to show lucrative growth, owing to the rising pressure on hospitals to curb the spiraling healthcare costs, the availability of big data analytics, and the penetration of electronic health record systems in medical settings. “The growing need to improve value-based outcomes in the healthcare sector and the adoption of the patient-centric approach are the factors propelling the segment’s growth,” the report stated.

The report also looks at specific product segments. The software and services category in the wellness and health segment held the largest share of over 45 percent of the product segment in 2015 due to the incorporation of the value-based healthcare delivery system.

In addition, the introduction of technologically advanced personal medical devices will spur market growth through 2024. The report specifically calls out advanced ECG monitors, such as the device launched by Aerotel Medical Systems in February 2014, which is incorporated to enable the seamless transmission of patient ECG records directly to the doctor’s email account.

And, the individual consumer segment is anticipated to grow to $200 billion with a compound annual growth rate of 20 percent, due to an ongoing preference for personal medical devices to aid with continuous monitoring of chronic conditions such as type 2 diabetes and hypertension. Consumers are showing a preference for these devices, such as connected glucose monitors and insulin pumps, to help reduce hospital stays and costs of the treatments. “In addition, the rise in the preference of geriatric patients towards home healthcare creates the demand for connected health & wellness devices over the forecast period,” the report stated.

Looking at end-users, the research findings indicate that hospitals dominated the end-use segment as of 2015 with market revenue of more than $49 billion. The report credits this to the increasing adoption rate of EHR records and remote patient monitoring systems for effective management of chronic diseases and for enhanced operational efficiency.

The report calls out key players in the connected health and wellness devices market like Omron Healthcare, McKesson Corporation, Philips Healthcare, GE Healthcare, Fitbit, Medtronic and Apple.

“These market players are focusing on the development of cost efficient and technologically advanced devices, which offer comfort to the users. New product development and strategic alliances including partnership agreements, promotional activities, and acquisitions are instrumental in keeping market rivalry high,” the report stated.

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LabCorp Joins Apple Health Records Project

November 5, 2018
by Rajiv Leventhal, Managing Editor
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LabCorp, a provider of clinical laboratory and end-to-end drug development services, has announced that it has enabled Apple’s Health Records feature for its patients.

This iPhone feature aims to make it easier for LabCorp patients to access their LabCorp laboratory test results, along with other available medical data from multiple providers, whenever they choose, according to officials.

In January, Apple announced that it would be testing the Health Records feature out with 12 hospitals, inclusive of some of the most prominent healthcare institutions in the U.S. Since that time, more than 100 new organizations have joined the project,  according to Apple.

LabCorp test results are viewable in the Apple Health app for LabCorp patients who have an account with the company, and enable integration with the Health Records app. In addition to their LabCorp test results, patients will have information from participating healthcare institutions organized into one view, covering allergies, medical conditions, immunizations, lab results, medications, procedures and vitals.

Patients will receive notifications when their data is updated, and the Health Records data is encrypted and protected with the user’s iPhone passcode, Touch ID or Face ID, according to officials.

“LabCorp on Health Records will help provide healthcare consumers with a more holistic view of their health. Laboratory test results are central to medical decision making, and broadening access to this information will help patients take charge of their health and wellness, and lead to more informed dialogues between patients and their healthcare providers,” David P. King, chairman and CEO of LabCorp, said in a statement.

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HIMSS Analytics Introduces Infrastructure Adoption Model for Health Systems

October 25, 2018
by Rajiv Leventhal, Managing Editor
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HIMSS Analytics, the research arm of the Healthcare Information and Management Systems Society, announced the introduction of the Infrastructure Adoption Model, or INFRAM, which is designed to measure the technical infrastructure used within a health system.

The INFRAM focuses on five technical subdomains, allowing organizations to benchmark how their infrastructure operates within the following areas: mobility; security; collaboration; transport; and data center.

Similar to HIMSS Analytics’ well-known Electronic Medical Record Adoption Model, or, EMRAM, the INFRAM is an eight-stage model (0 – 7) that allows healthcare IT leaders to map the technology infrastructure capabilities required to reach their facility’s clinical and operational goals, while meeting industry benchmarks and standards.  The final stage, Stage 7, guides organizations towards optimized information integration, contextualization and orchestration essential for the delivery of higher order local and virtualized care processes.

For reference purposes, Stage 0 on the model represents that an organization does not have a VPN, intrusion detection/prevention, security policy, data center or compute architecture. Stage 3 signifies that an organization has an advanced intrusion prevention system, while Stage 5 represents having video on mobile devices, location-based messaging, firewall with advanced malware protection, and real-time scanning of email hyperlinks.

HIMSS officials note that by identifying specific benchmarks for organizations to reach before they go live with EMR, systems, the INFRAM aims to ensure that a health system’s infrastructure is stable, manageable and extensible. Through this, organizations can ideally improve care delivery and create a pathway for infrastructure development tied to business and clinical outcomes.

 “The INFRAM is a welcome addition to our maturity model suite and addresses a longstanding need – guiding healthcare organizations in securely implementing the infrastructure with which their EMRs are built upon,” Blain Newton, executive vice president, HIMSS Analytics, said in a statement. “We have seen health systems engage with advanced clinical applications, only for them to ‘glitch’ under infrastructure that isn't powerful enough to support their tools. With the INFRAM, healthcare providers can develop a detailed, strategic technology plan that defines their organization's current state, desired future state, and each stage in between to achieve their clinical and operational goals.”

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Clinical Team Communication and Data Access in the Palm of Your Hand

Thursday, October 25, 2018 | 1:00 p.m. ET, 12:00 p.m. CT

Eisenhower Health, a west coast-based Magnet Hospital, implemented an enterprise-wide solution enabling mobile communications and collaboration across all care teams, linking the entire enterprise, advancing its communications capabilities, creating access to an enterprise directory, and improving care team response and turnaround times.

Additionally, the system provided extensive and comprehensive reporting with data analytics showing where and to what extent response improvements were made, but also providing the information the hospital needed to better utilize the system and make adjustments to improve results.

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