The global smart healthcare market size is expected to reach US$ 482.25 billion by 2030 from US$ 145.32 billion in 2020 and is expected to grow at an impressive double-digit rate of 17.97% from 2021 to 2030.
The study includes drivers and restraints of this market. The study provides an analysis of the global smart healthcare Market for the period 2017-2030, wherein 2021 to 2030 is the forecast period and 2020 is considered as the base year.
Smart healthcare is a delivery system that leverages wearable devices, the internet of things, and mobile internet to dynamically access information, connect people, materials, and institutions in the healthcare industry, and then intelligently controls and responds to medical ecosystem demands. Smart healthcare can foster interaction among all stakeholders in the healthcare industry, ensuring that participants receive the services they require, assisting parties in making informed decisions, and facilitating resource allocation. In a nutshell, smart healthcare is a higher level of medical information architecture.
The integration of digital technologies into conventional healthcare systems describes Smart Healthcare, which in turn turns it into smart healthcare. Smart healthcare increases the quality of healthcare facilities and enhances the experience of the patient. The primary purpose is to help inform users about their medical status and to keep them informed and updated about their health conditions. Various smart healthcare devices, including smart wearables, smart syringes, smart pills, and smart RFID cabinets, and many others that contribute to improving the lifestyle of the consumer, are readily available on the market. These devices help to remotely track the health conditions of patients and also help reduce the treatment cost for consumers.
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Growth Factors
The demand for smart health systems is likely to be accentuated by growing adoption of mHealth, government digitization initiatives for healthcare, and the prevalence of chronic disorders. The healthcare sector has been changed by digitalization. In recent years, the adoption of mHealth has increased significantly, largely due to the growing use of smartphones and digitization. In 2019, according to a United Healthcare Customer Opinion Report, approximately 37% of Americans rely on the internet or mobile apps for health-related consultations.
It is expected that growing participation by players in the industry would further drive market growth. In April 2020, for example, Phillip launched a new application for the acuity-based scoring tools of eCare Manager to scrutinize patient conditions to detect worsening or any adverse COVID-19 related patterns. Likewise, Teladoc Health released Teladoc medical professionals in October 2019 for patients suffering from challenging mental and physical health conditions. This is meant to seamlessly combine specialized medical services and doctors with their patients. During the forecast period, such developments are expected to drive the market.
Why should you invest in this report?
If you are aiming to enter the global smart healthcare market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for smart healthcare are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
MARKET DYNAMICS
Drivers
- Rising trends of remote patient monitoring (RPM)
- The connection between telehealth and RPM
- RPM for minorities
- RPM Management
- Increasing adoption of telemedicine due to COVID-19
Restraints
- Cyber security issues for remote patient monitoring (RPM) and telehealth
Opportunity
- Opportunities app-based personal emergency response systems (PERS)
COVID-19 Impact
Since the advent of the novel coronavirus (COVID-19) illness pandemic in 2019, social separation and quarantining have become normal procedures around the world. Frequent hospital contact visits are discouraged due to the full adoption of the above control procedures. However, some people's physiological vital needs still necessitate routine monitoring to live a healthier lifestyle. Contact-based hospital visits are now considered non-obligatory, thanks to recent technological breakthroughs in the areas of Internet of Things (IoT) technology, smart home automation, and healthcare systems.
Role of telemedicine
The field of mental health has been transformed through telemedicine, particularly during the COVID-19 pandemic. Because mental health is such a complex process combining behavioral health and getting over stigma so that patients are comfortable with therapy, it's become critical to have a middle ground with all the safeguards throughout these trying times. Psychiatrists and therapists can now treat patients regardless of their location because of telemedicine.
Report Highlights
- North America smart healthcare market is expected to dominate the market with the share of 33.57% in 2020 and expected to hit 31.72% by 2027.
- Europe followed by North America lead the global smart healthcare market. The Europe market is mainly characterized by the rapid commercialization of innovative technologies. Quick adoption of the latest medical technologies in the mainstream is also a key feature of the European healthcare industry.
- Asia Pacific region is expected to held market with the share of 23.53% in 2020 and predicted to reach 25.54% by 2027.
- Over the forecast period, Asia Pacific is expected to exhibit profitable growth. Due to their developed healthcare IT infrastructure and growing investments in smart healthcare, countries such as Japan, Australia and India exhibit significant potential.
- Telemedicine, due to its vast application base in different aspects of the global healthcare system occupies the largest revenue share and shall be continuing to dominate the global market. It shall also be the fastest progressing segment through the forecast period at a CAGR of 25.42%.
- At a CAGR of 22.1% from 2020 to 2027, the RFID kanban system is the fastest-growing segment.
- The second fastest-growing market segment for smart healthcare was telemedicine.
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Regional Snapshots
At a revenue share of 33.57% in 2020, North America dominated the market. This is attributed to supportive government policies for digital health deployment and accessibility of highly digital literacy infrastructure. In addition, the presence of key market participants, increasing awareness of connected healthcare, high internet penetration, and smartphones, together with the use of health-related apps, are some of the key factors responsible for market growth. Over the forecast era, Asia Pacific is expected to exhibit profitable growth. Due to their existing healthcare IT infrastructure and increasing investments in smart healthcare, countries such as Japan, Australia and India exhibit significant potential. In developing nations such as China and India, the number of government digitalization initiatives is expected to accelerate the adoption of digital healthcare solutions such as health services.
The American Hospital Association (AMA) announced on March 10, 2020 that, due to its affordability and high health care value, approximately 76 percent of hospitals in the U.S. use telehealth to communicate with consulting professionals and patients. In addition, the successful adoption of e-prescription systems and electronic health records (EHR) in different healthcare centres is driving regional market development. In addition, in the March 2020, NHS U.K. to decrease the COVID-19 distribution, first-tier medical institutions were encouraged to use telemedicine U.K. at primary care hospitals, as of now. Nearly 340 million annual medical consultation documents are reported and just 1 percent of them are made via video calls. The NHS, however, plans to introduce telemedicine facilities by reducing face-to-face appointment by reducing.
Key Players & Strategies
The Smart Healthcare industry is highly opportunistic and competitive in nature because of significant advancements and developments in the product to cater the ever-changing consumer demand. In order to gain further penetration, players have pursued numerous strategic strategies such as mergers and acquisitions, product releases and alliances and collaborations. For example, in April 2020, by launching the COVID-19 High-Performance Computing Consortium in partnership with the US, IBM released AI-powered technologies to support science and health community to accelerate the discovery of medical insights and treatments for COVID-19 Agency of Science and Engineering for the Department of Energy and the White House.
Some of the key players operating in the market are Abbott Laboratories, Cisco Systems Inc., Alphabet Inc. Allscripts Healthcare Solutions Inc., Alphabet Inc., General Electric Co., International Business Machines Corp., Hewlett Packard Enterprise Co., Microsoft Corp., Samsung Electronics Co. Ltd., Koninklijke Philips NV.
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of material, application, and region:
By Product Type
- RFID Kanban Systems
- RFID Smart Cabinets
- Electronic Health Records (EHR)
- Telemedicine
- MHealth
- Smart Pills
- Smart Syringes
Regional Analysis:
The geographical analysis of the global smart healthcare market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American market is again segmented into the US, Canada, and Mexico. Coming to the European market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global smart healthcare Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global smart healthcare market in 2030?
- What is the expected CAGR for the smart healthcare market between 2021 and 2030?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global smart healthcare market?
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Smart Healthcare Market, By Product
7.1. Smart Healthcare Market, by Product Type, 2020-2027
7.1.1. RFID Kanban Systems
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. RFID Smart Cabinets
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Electronic Health Records (EHR)
7.1.3.1. Market Revenue and Forecast (2016-2027)
7.1.4. Telemedicine
7.1.4.1. Market Revenue and Forecast (2016-2027)
7.1.5. MHealth
7.1.5.1. Market Revenue and Forecast (2016-2027)
7.1.6. Smart Pills
7.1.6.1. Market Revenue and Forecast (2016-2027)
7.1.7. Smart Syringes
7.1.7.1. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Smart Healthcare Market, Regional Estimates and Trend Forecast
8.1. North America
8.1.1. Market Revenue and Forecast, by Product (2016-2027)
8.1.2. U.S.
8.1.3. Rest of North America
8.1.3.1. Market Revenue and Forecast, by Product (2016-2027)
8.2. Europe
8.2.1. Market Revenue and Forecast, by Product (2016-2027)
8.2.2. UK
8.2.2.1. Market Revenue and Forecast, by Product (2016-2027)
8.2.3. France
8.2.3.1. Market Revenue and Forecast, by Product (2016-2027)
8.2.4. Rest of Europe
8.2.4.1. Market Revenue and Forecast, by Product (2016-2027)
8.3. APAC
8.3.1. Market Revenue and Forecast, by Product (2016-2027)
8.3.2. India
8.3.2.1. Market Revenue and Forecast, by Product (2016-2027)
8.3.3. China
8.3.3.1. Market Revenue and Forecast, by Product (2016-2027)
8.3.4. Japan
8.3.4.1. Market Revenue and Forecast, by Product (2016-2027)
8.3.5. Rest of APAC
8.3.5.1. Market Revenue and Forecast, by Product (2016-2027)
8.4. MEA
8.4.1. Market Revenue and Forecast, by Product (2016-2027)
8.4.2. GCC
8.4.2.1. Market Revenue and Forecast, by Product (2016-2027)
8.4.3. North Africa
8.4.3.1. Market Revenue and Forecast, by Product (2016-2027)
8.4.4. South Africa
8.4.4.1. Market Revenue and Forecast, by Product (2016-2027)
8.4.5. Rest of MEA
8.4.5.1. Market Revenue and Forecast, by Product (2016-2027)
8.5. Latin America
8.5.1. Market Revenue and Forecast, by Product (2016-2027)
8.5.2. Brazil
8.5.2.1. Market Revenue and Forecast, by Product (2016-2027)
8.5.3. Rest of LATAM
8.5.3.1. Market Revenue and Forecast, by Product (2016-2027)
Chapter 9. Company Profiles
9.1. Allscripts
9.1.1. Company Overview
9.1.2. Product Offerings
9.1.3. Financial Performance
9.1.4. Recent Initiatives
9.2. Logi-Tag Systems
9.2.1. Company Overview
9.2.2. Product Offerings
9.2.3. Financial Performance
9.2.4. Recent Initiatives
9.3. SAMSUNG
9.3.1. Company Overview
9.3.2. Product Offerings
9.3.3. Financial Performance
9.3.4. Recent Initiatives
9.4. Cisco Systems
9.4.1. Company Overview
9.4.2. Product Offerings
9.4.3. Financial Performance
9.4.4. Recent Initiatives
9.5. GENERAL ELECTRIC COMPANY
9.5.1. Company Overview
9.5.2. Product Offerings
9.5.3. Financial Performance
9.5.4. Recent Initiatives
9.6. Siemens Healthcare Private Limited
9.6.1. Company Overview
9.6.2. Product Offerings
9.6.3. Financial Performance
9.6.4. Recent Initiatives
9.7. IBM Corporation
9.7.1. Company Overview
9.7.2. Product Offerings
9.7.3. Financial Performance
9.7.4. Recent Initiatives
9.8. BD
9.8.1. Company Overview
9.8.2. Product Offerings
9.8.3. Financial Performance
9.8.4. Recent Initiatives
9.9. AirStrip
9.9.1. Company Overview
9.9.2. Product Offerings
9.9.3. Financial Performance
9.9.4. Recent Initiatives
9.10. Terumo Corporation
9.10.1. Company Overview
9.10.2. Product Offerings
9.10.3. Financial Performance
9.10.4. Recent Initiatives
9.11. eClinicalWorksResideo Technologies, Inc.
9.11.1. Company Overview
9.11.2. Product Offerings
9.11.3. Financial Performance
9.11.4. Recent Initiatives
9.12. STANLEY Healthcare
9.12.1. Company Overview
9.12.2. Product Offerings
9.12.3. Financial Performance
9.12.4. Recent Initiatives
9.13. Medtronic
9.13.1. Company Overview
9.13.2. Product Offerings
9.13.3. Financial Performance
9.13.4. Recent Initiatives
Chapter 10. Research Methodology
10.1. Primary Research
10.2. Secondary Research
10.3. Assumptions
Chapter 11. Appendix
11.1. About Us
11.2. Glossary of Terms
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