Burlingame, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights has recently published a report, titled, Convergence in Healthcare Market, By Product Type (Diagnostic Imaging Systems, Monitoring Devices, Digital Therapeutics, and Others (Surgical Systems, Dental Systems, etc.))), By Application (Cardiology, Oncology, Neurology, Orthopedics, and Others (Urology, etc.)), By End User: Global Opportunity Analysis and Industry Forecast, 2024-2031”. According to the report, the global convergence in healthcare market generated $125 billion in 2023, and is anticipated to generate $9.16 billion by 2031, witnessing a CAGR of 12.4% from 2024 to 2031.
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The key market players are focused on adopting various business development activities, such as product launch and others, which in turn, is expected to propel the market growth over the forecast period. For instance, on August 28, 2023, GE Healthcare, a healthcare company, announced the launch of new wireless ultrasound imaging system Vscan Air SL, for rapid assessments of cardiac and vascular patients.
Market Drivers:
The demand for seamless and integrated healthcare experiences has been steadily rising among consumers. Patients want unified access to their medical records, appointments, prescriptions, test results, and other healthcare services through a single platform. This is driving providers to adopt converged solutions that bring together previously siloed systems and services. Converged healthcare platforms allow for greater care coordination, improved outcomes, and enhanced patient satisfaction through a centralized experience.
Long term and complex conditions like diabetes, cancer, heart diseases have become much more prevalent globally. Managing chronic diseases requires continuous monitoring, treatment adherence and lifestyle management which puts pressure on traditional healthcare models. Convergence helps in early detection, remote monitoring and preventive care delivery which is crucial for chronic disease management. By bringing together data streams from different sources, convergent platforms empower providers to offer proactive, outcome-based care centered around the patient's overall well-being.
Market Dynamics:
The convergence in healthcare market is expected to witness significant growth over the forecast period owing to advancements in technologies like artificial intelligence, internet of things and cloud computing. These advancements are enabling greater connectivity between medical devices, healthcare providers and patients. Technologies like AI and IoT are helping develop sophisticated remote patient monitoring devices that can continuously track vital health parameters of patients and send real-time alerts to doctors in case of any abnormalities. This is improving patient care and outcomes while reducing healthcare costs. Furthermore, integration of technologies like cloud computing is allowing seamless storage and sharing of patients' health records between various stakeholders, improving doctor-patient communication and medical decision making.
Market Opportunity:
The COVID-19 pandemic accelerated the uptake of virtual care delivery models worldwide. Patients are more open to remote consultations, digital therapeutics and connected devices for managing conditions from home. This opens up huge opportunities for converged platforms that integrate telehealth software, patient portals, vital monitoring devices and cloud-based EHR/EMR systems. Regulators are also supportive, easing restrictions on virtual care billing and coverage. By addressing interoperability issues, converged solutions can supercharge the expansion of telehealth and remote care management globally.
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Market Key Developments:
On November 27, 2023, MCRA, the privately held medical device, diagnostics and biologics Clinical Research Organization (CRO) and advisory firm, announced the launch of its AI & Imaging Center, the first and only integrated solution, led by former FDA imaging experts covering the entire Medical Device product lifecycle.
On November 1, 2023, Curavit Clinical Research, a contract research organization, announced the launched of a Health Economics and Outcomes Research (HEOR) service for clinical trials. The services will especially focus on the health economics value of digital therapeutics, which the company will assess in both individual patients and population levels of care.
On October 17, 2023, PreXion, Inc., a medical device company, launched dental imaging product portfolio. The company has unveiled its new Evolve Sensor intraoral dental digital imaging sensor, along with the 3-in-1 PreXion3D Evolve CBCT, PAN and CEPH, which is described as a complete dental imaging solution in a single product.
Market of Key Takeaways:
Global convergence in healthcare market is expected to exhibit a CAGR of 12.4% during the forecast period. Market players are adopting product lauch strategies, which in turn, is expected to fuel market growth over the forecast period. For instance, in January 2021, CALCiViS , a medical devices company focused on revolutionising the management of tooth decay, announced the first soft launch of its unique CALCiViS imaging system in U.K.
Among product type, diagnostic imaging system is expected to be the dominant segment in the global convergence in healthcare market, due to the increasing launch of new product by market players. For instance, on November 28, 2023, Koninklijke Philips N.V., a healthcare company, launched helium-free mobile magnetic resonance imaging system, BlueSeal MR Mobile, which is designed to enhance diagnostic imaging and requires only seven liters of liquid helium, offering cost and up-time advantages. The company introduced HealthSuite Imaging, an artificial intelligence (AI)-enabled cloud-based picture archiving and communication system, which offers high-speed remote diagnostic reading, integrated reporting and AI-powered workflow orchestration, thereby enhancing operational efficiency and patient care
Among regions, North America is expected to be the dominant region in the global convergence in healthcare market, due to the increasing prevalence of coronary heart disease in the region, which in turn, is expected to drive the market growth in this region over the forecast period. For instance, on May 15, 2023, according to the report pblished by the Centers for Disease Control and Prevention, coronary heart disease is the most common type of heart disease, killing approximately 375,476 people in 2021. About 1 in 20 adults age 20 and older have Coronary Artery Disease (CAD) (about 5%). In 2021, about 2 in 10 deaths from coronary artery disease happen in adults less than 65 years old.
Major players operating in the global convergence in healthcare market include 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
Read complete market research report,"Convergence in Healthcare Market, By Product Type, By, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Market Trend:
AI is fast emerging as a key driver of healthcare convergence. By integrating patient data from multiple sources, AI applications can gain meaningful insights to power clinical decision support, personalized treatment recommendations, automated workflow management and predictive analytics. Top healthcare organizations are collaboratively building converged data environments that utilize federated learning to develop generalized AI models without sharing raw patient data. Advanced analytics driven by real world evidence is transforming drug discovery, population health management and precision medicine delivery through converged AI-powered platforms.
Market Restrain:
Incumbent healthcare organizations have large investments in legacy on-premise systems and siloed infrastructures. Transitioning to an integrated system requires high upfront expenditure and process overhaul which many providers are hesitant about. There is also concern that converged platforms reduce revenue streams for existing niche players. Transitioning medical records, interoperability testing and change management pose huge operational challenges. Unless the benefits are clearly demonstrated, reluctance to transform established systems and workflows will slow down market adoption of converged healthcare platforms.
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Market - Segmentation
- By Product Type
- Diagnostic Imaging Systems
- Monitoring Devices
- Digital Therapeutics
- Others (Surgical Systems, Dental Systems, etc.)
- By Application
- Cardiology
- Oncology
- Neurology
- Orthopedics
- Others (Urology, etc.)
- By End User
- Hospitals & Clinics
- Diagnostic Centers
- Home Care Settings
- Others (Academic & Research Institutes, etc.)
- By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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