Convergence in Healthcare Market Size is valued at USD 126.2 Bn in 2023 and is predicted to reach USD 304.5 Bn by the year 2031 at a 11.78% CAGR during the forecast period for 2024-2031.
Convergence in healthcare refers to the integration of multiple disciplines, industries, and technology to produce a more comprehensive and patient-centered care delivery system. It involves the integration of life sciences, health services, digital technologies, and data analytics with the goal of improving illness diagnosis, treatment, and prevention. This interdisciplinary approach frequently requires collaboration among several stakeholders, such as healthcare providers, researchers, and technology businesses.
The convergence in the healthcare market is predicted to increase significantly throughout the forecast period because of technological breakthroughs such as artificial intelligence, the Internet of Things, and cloud computing. These improvements allow for better communication among medical equipment, healthcare providers, and patients. AI and IoT technologies are assisting in the development of advanced remote patient monitoring systems capable of continually tracking patients' key health data and sending real-time notifications to clinicians in the event of an abnormality. This improves patient care and outcomes while lowering healthcare costs. Furthermore, the integration of technology such as cloud computing enables the smooth storage and sharing of patient health records among many stakeholders, hence increasing doctor-patient communication and medical decision-making.
The convergence in healthcare market is segmented on the basis of product type, applications, and end-users. Based on components, the market is segmented as diagnostic imaging systems, monitoring devices, digital therapeutics, and others. The other product segments include surgical systems, dental systems, etc. By application, the market is segmented into cardiology, oncology, neurology, orthopedics, and others. The other product segments include urology. by end-user, the market is segmented into hospitals and clinics, diagnostic centers, home care settings, and others. the other products segment includes academic & research institutes, etc.
Digital therapeutics is expected to be the fastest-expanding segment of the convergence in the healthcare market. Digital therapeutics is the application of digital technology, such as mobile apps and software, to provide evidence-based therapeutic interventions for the prevention, management, or treatment of medical diseases. This market is rapidly expanding due to the increasing adoption of smartphones and wearable devices, which has provided a favorable environment for the development and use of digital medicines. These technologies offer patients simple and accessible platforms to engage in therapeutic activities remotely.
Cardiology is commonly regarded as one of the main shareholder segments in the convergence in healthcare market. It is concerned with the diagnosis, treatment, and management of heart-related disorders. The convergence of technology in cardiology has resulted in substantial advances in diagnostic imaging systems, monitoring devices, and digital therapies specifically designed for cardiac care. These technologies have increased diagnostic accuracy, facilitated remote monitoring, and improved patient outcomes in the field of cardiology.
North America is likely to be the dominating region in the worldwide convergence in healthcare market, owing to the region's rising prevalence of coronary heart disease, which is expected to fuel market growth over the forecast period. For instance, according to the Centers for Disease Control and Prevention study published on May 15, 2023, coronary heart disease is the most frequent type of heart disease, killing around 375,476 people in 2021. Coronary Artery Disease (CAD) affects around 5% of persons aged 20 and older. In 2021, adults under the age of 65 account for around two out of every ten coronary heart disease deaths. In addition, the Europe market is predicted to be the fastest-growing for convergence in healthcare. The increased prevalence of coronary artery disease in Europe is driving market expansion.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 126.2 Bn |
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Revenue Forecast In 2031 |
USD 304.5 Bn |
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Growth Rate CAGR |
CAGR of 11.78% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product Type, By Application, By End-user, By Region |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Competitive Landscape |
Epic Systems Corporation, Cerner Corporation, Optum, Inc., Agfa HealthCare, GE Healthcare, Stryker, Boston Scientific Corporation, Abbott, Baxter, Siemens Healthineers AG, FUJIFILM Holdings, Koninklijke Philips N.V., Honeywell International Inc., PreXion, Inc., CALCiViS, Veradigm, and Biotelemetry |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Convergence in Healthcare Market Snapshot
Chapter 4. Global Convergence in Healthcare Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis
5.1. by Product Type& Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Product Type:
5.2.1. Diagnostic Imaging Systems
5.2.2. Monitoring Devices
5.2.3. Digital Therapeutics
5.2.4. Others (Surgical Systems, Dental Systems, etc.)
Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. By Application& Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application;
6.2.1. Cardiology
6.2.2. Oncology
6.2.3. Neurology
6.2.4. Orthopedics
6.2.5. Others (Urology, etc.)
Chapter 7. Market Segmentation 3: by End-user Estimates & Trend Analysis
7.1. by End-user s& Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-user:
7.2.1. Hospitals & Clinics
7.2.2. Diagnostic Centers
7.2.3. Home Care Settings
7.2.4. Others (Academic & Research Institutes, etc.)
Chapter 8. Convergence in Healthcare Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2031
8.1.2. North America Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Connectivity Standard ,2019-2031
8.1.3. North America Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by End-user, 2019-2031
8.1.4. North America Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
8.2. Europe
8.2.1. Europe Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2031
8.2.2. Europe Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Application ,2019-2031
8.2.3. Europe Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by End-user, 2019-2031
8.2.4. Europe Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
8.3. Asia Pacific
8.3.1. Asia Pacific Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2031
8.3.2. Asia Pacific Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Application ,2019-2031
8.3.3. Asia-Pacific Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by End-user, 2019-2031
8.3.4. Asia Pacific Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
8.4. Latin America
8.4.1. Latin America Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2031
8.4.2. Latin America Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.4.3. Latin America Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by End-user, 2019-2031
8.4.4. Latin America Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
8.5. Middle East & Africa,
8.5.1. Middle East & Africa Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2031
8.5.2. Middle East & Africa Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.5.3. Middle East & Africa Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by End-user, 2019-2031
8.5.4. Middle East & Africa Convergence in Healthcare Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Epic Systems Corporation
9.2.2. Cerner Corporation
9.2.3. Optum, Inc.
9.2.4. Agfa HealthCare
9.2.5. GE Healthcare
9.2.6. Stryker
9.2.7. Boston Scientific Corporation
9.2.8. Abbott
9.2.9. Baxter
9.2.10. Siemens Healthineers AG
9.2.11. FUJIFILM Holdings
9.2.12. Koninklijke Philips N.V.
9.2.13. Honeywell International Inc.
9.2.14. PreXion, Inc.
9.2.15. CALCiViS
9.2.16. Veradigm
9.2.17. Biotelemetry
9.2.18. Other Prominent Players
Convergence in Healthcare Market- By Product Type
Convergence in Healthcare Market- By Application
Convergence in Healthcare Market- By End User
Convergence in Healthcare Market- By Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
