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.
Competitive Landscape:
Some of the Major Key Players in the Convergence in Healthcare Market are
- 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
- Biotelemetry
- Other Prominent Players
Market Segmentation:
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.
Based on Product Type, the Digital Therapeutics Segment is Expected to Have the Fastest Growth.
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.
Based on Application, Cardiology is the Biggest Contributor to the Market.
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.
In the Region, the North America Convergence in Healthcare Market Holds a Significant Revenue Share.
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.
Recent Developments:
- In October 2023, Koninklijke Philips N.V., a medical technology business, has launched a visual patient avatar monitoring solution. It uses colors, movement, and forms to provide important information regarding a patient's condition. It all falls inside an anesthesiologist's or anesthetist's peripheral field of vision.
- In April 2023, Honeywell International Inc., a healthcare provider, has introduced a real-time health monitoring system that collects and records patients' vital signs both in the hospital and remotely. The technology, which is designed to be always connected to patients, notifies physicians of changes in patients' vital signs and significantly lowers the time required to gather, analyze, and apply patient data as actionable insights.
- In December 2023, GE Healthcare, a medical technology business, has signed an agreement with Nantworks AirStrip, a vendor-agnostic clinical surveillance technology startup, to commercialize integrated patient monitoring and cardiac data visualization for healthcare systems.
- In October 2023, PreXion, Inc., a medical device business, has created a dental imaging product line. The business has presented its new Evolve Sensor intraoral dental digital imaging sensor, as well as the 3-in-1 PreXion3D Evolve CBCT, PAN, and CEPH, which are billed as a full dental imaging solution in one device.
Convergence in Healthcare Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 126.2 Bn |
|
Revenue Forecast In 2031 |
USD 304.5 Bn |
|
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 |
|
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 |
|
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 |
|
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. |
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