Who will seize the $61bn connected healthcare opportunity?
18 December 2015
Change is coming to the healthcare industry. Significant growth in ‘connected healthcare’ is going to create huge opportunities. In the UK, it could be worth as much as £2bn. And by 2020, we expect it will be worth $61bn globally, an increase of 33% from this year.
Our latest research explores the megatrends ‘collision’ between changing demographic and social patterns and today’s technological breakthroughs which are shaping how people live more connected lives.
We predict that much of the growth will come from an expansion in mHealth and from online prescriptions, with both the public and private sector making investments in these areas.
According to our analysis:
- the global mHealth services market will grow at an annual rate of 31% from 2014 to 2020 to $45bn. The mHealth services market includes wellness, prevention, diagnostic and monitoring services.
- the global mHealth devices market will grow at an annual rate of 37% from 2014 to become a $14bn global market in 2020. Blood glucose meters, and cardiac and blood pressure monitors will mainly drive growth.
- the global E-prescriptions network will grow at an annual rate of 40% from 2014 to 2020 to $2bn. This growth is mainly driven by government sponsored programmes enabled by better healthcare infrastructure and data storage facilities.
Increasing use of smartphones, easy and cheap internet access, and an increasing worldwide focus on preventative medicine are all drivers of growth for these markets. You can view the full findings of our research on our My life, connected website.
As we reach what may be tipping points for those sudden and decisive changes, the sector needs to prepare for the new, more direct relationships with consumers – and develop capabilities and skills that look very different from those they operate with today.
We’re already seeing many tech-enabled new entrants disrupting the healthcare industry, highlighting potential for growth in the sector and it raises questions as to who’ll be best placed to take advantage of the opportunities connected healthcare brings.
Technological advances offer new possibilities that will transform how we receive our healthcare, as well as impacting life expectancy itself. But with technology comes issues around security of data, trust, personal responsibility and even what constitutes a ‘healthy life’ that will challenge us as individuals and as providers.