Global Convergence In Healthcare Market Is Estimated To Witness High Growth Owing To Rising Adoption of Convergence Technologies

The Global Convergence In Healthcare Market is estimated to be valued at US$ 297 Bn in 2030 and is expected to exhibit a CAGR of 13.2% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights’ The growth of the global convergence in healthcare market is driven by growing adoption of convergence technologies among healthcare providers to improve patient care and operational efficiency.

Convergence technologies help integrate different applications and systems to streamline workflows, enhance collaboration, and facilitate seamless exchange of clinical data. This significantly improves patient outcomes. Additionally, convergence technologies enables remote patient monitoring solutions, thereby supporting long-term and chronic care management of patients.

Key Market Trends: Looking to invest in telehealth and telemedicine: COVID-19 pandemic It has accelerated the use of telehealth and telemedicine. This is due to social distancing norms and the need for contactless care. This allows leading health professionals and agencies to oversee investments in telehealth infrastructure and services. Telehealth services also help in expanding access to health services in rural and underserved areas.

Increasing focus on digital healthcare: There is a growing emphasis on integrated digital healthcare platforms that connect various pillars. Across healthcare ecosystems such as payers, providers, and patients, it allows for centralized storage and exchange of patient records. Improve clinical workflow Supports remote care delivery and facilitate research.

Global Convergence In Healthcare Market Opportunities: By Product Type Insights: The healthcare provider solutions segment is expected to hold the largest share of the global convergence in healthcare market during the forecast period. Healthcare provider solutions help healthcare providers to manage patient health records, streamline workflows, enhance patient outcomes and quality of care. They also help in better communication between doctors and patients. Growing need to improve efficiency and reduce healthcare costs is driving the adoption of healthcare provider solutions among hospitals and clinics.

By Application Insights: The population health management segment is anticipated to witness the highest CAGR during the forecast period. Population health management enables payers, providers and stakeholders to identify high-risk populations and proactively manage their health through engagement, coordination and monitoring activities. Growing focus on value-based payments and need to reduce overall healthcare expenditures is driving the adoption of population health management solutions.

Key Market Takeaways: The global convergence in healthcare market is anticipated to witness a CAGR of 13.2% during the forecast period 2024-2031, owing to increasing need to reduce healthcare costs and improve patient outcomes. On the basis of product type, healthcare provider solutions segment is expected to hold a dominant position, owing to rising adoption by hospitals and clinics to enhance operational efficiency. On the basis of application, population health management segment is expected to witness the highest growth during the forecast period due to focus on value-based payments.

On the basis of region, North America is expected to hold a dominant position over the forecast period, due to presence of advanced healthcare infrastructure and high technology adoption rate in the region.

Competitor Insights: Some of the key players operating in the global convergence in healthcare market include Epic System Corporation, Optum Inc., Cerner Corporation, IBM Corporation, Allscripts, McKesson Corporation and GE Healthcare. These players are focusing on new product launches and partnerships with other players to strengthen their market position.

Recent Developments: In June, world-renowned American non-profit medical practice and research group Mayo Clinic announced a strategic partnership with India’s leading healthcare provider Apollo Hospitals Group. Under this agreement, both entities will collaborate on projects covering areas like clinical programmes, medical education and training, research with a focus on non-communicable diseases, and digital health including telemedicine. This partnership aims to combine Mayo Clinic’s clinical expertise and experience with Apollo’s reach and resources in India as well as other international markets. It allows them to cater to more patients globally and tap new opportunities through their combined strengths. More information in full report.