Global Healthcare Convergence: Booming Market Driven by Technological Integration and Remote Patient Monitoring (2024-2031)
January 15, 2024
The healthcare convergence market, blending medical devices, digital health, telehealth, and remote patient monitoring, aims to deliver integrated healthcare solutions remotely. This market, valued at $125 billion in 2023, is projected to reach $9.16 billion by 2031 with a CAGR of 12.4%. The trend is driven by consumer demand for seamless healthcare experiences and the growing prevalence of chronic diseases, necessitating continuous monitoring and preventive care. Technological advancements in AI, IoT, and cloud computing facilitate this convergence by enhancing connectivity and enabling sophisticated remote patient monitoring. The COVID-19 pandemic has further accelerated the adoption of virtual care models. Key market developments include launching new products like GE Healthcare’s wireless ultrasound system and MCRA’s AI & Imaging Center. Diagnostic imaging systems dominate the product segment, and North America leads regionally, propelled by rising heart disease prevalence. Significant players include Epic Systems, Cerner, GE Healthcare, and Philips. The market faces high costs and operational hurdles in transitioning from legacy systems.
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[Source: GlobeNewswire, January 15th, 2024]
