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The global smart healthcare market is set to reach US$ 441.36 BN by 2032, at a 13.50% CAGR between years 2023-2032. Smart healthcare market fueled by a convergence of technology innovation, the growing demands for health care and the approaching era of data driven, connected personalized health care being rapidly redefined and reshaped from nonconnected to connected models.
One of the main forces in this market is the expanding scope for smart technologies including IoT (Internet of Things), AI (Artificial Intelligence) and wearable systems into healthcare infrastructure. Smart healthcare makes the delivery of healthcare efficient, leads to a better outcome in patients and empowers them so that they can take control over their own health. This way contributes to greater revenues from smart medical systems driving this growth.
Increased technological advancements greatly influence the evolution trend of smart healthcare market. The utilization of information and communication technologies gives a real-time insight into the challenge due to data analytics, development connected medical devices, remote monitoring solutions as well as health information systems. AI algorithms allow for predictive analytics, patient-sensitive therapy protocols of treatment, and rationalization of healthcare resources utilization approaches the supply chains in healthcare delivery and management.
The healthcare sector is very catalytic on market nuances as smart health care solutions have taken up the challenge of dealing with aging population, chronic disease management and cost-effective delivery services. In their use of these systems, EHRs and other digital technologies contribute to increasing access to healthcare, enable patients to consult on electronic platforms remotely while enabling a more patient-centric approach.
The regulatory factors are the most crucial aspect and should take priority in smart healthcare. Considering the privacy implications and patient safety due to data exchange, stringent rules are provided for data privacy, security, and unicity of information technology solutions in healthcare. Companies in the market are required to follow regulatory standards thus as such; adherence is vital leading to product development, compliance strategies and formation of policies associated with entering a certain market.
An emerging market, tends to be very dynamic in nature and factors financials such as the costs of a health care and cost-effective health care solution play a major role in determining market dynamics. Thus, government and healthcare system look for good vital health tech that can optimize resource allocation, minimize cost of care, and improve overall productivity.
Economic relevance of smart healthcare solution is an essential part, that regulates their acceptance in different settings in terms of different healthcare environments. Blending other counties together helps increase activities in the market of smart healthcare as seen by research initiatives. Collective undertakings from technology cultivators, health facilities and research institutions work on interoperability norms validation of smart utilization in healthcare problems that are arising dynamically.
Collaborations significantly advance innovation, which results in the global spread of smart healthcare. Both public awareness and education are vital in influencing markets’ dynamics which cannot be separable from individuals who actively participate to play their part in steering a healthy life through smart devices and applications.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | End-Use, Product, and Region |
Smart Healthcare Market Highlights:
Global Smart Healthcare Market Overview
The Smart Healthcare Market Size was valued at USD 141.2 Billion in 2022 and is projected to grow from USD 160.26 Billion in 2023 to USD 441.36 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.50% during the forecast period (2024 - 2032).
A number of market drivers are driving the growth of the smart healthcare market, including the rise in chronic illness prevalence, the need for telemedicine and remote patient monitoring solutions, and the use of cutting-edge technologies like AI and IoT in healthcare.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Healthcare Market Trends
Increased emphasis on patient interaction is driving the market growth
The market's expansion is particularly being fueled by an increased emphasis on patient interaction. Patient engagement is the term used to describe the interaction between patients and healthcare professionals. It is becoming more important because it is essential for enhancing patient care, enhancing healthcare outcomes, and achieving lower costs through ongoing patient engagement in care management. Additionally, by enhancing patient access to care at any time and location, the integration and use of high-end technological platforms contribute to increased patient involvement.
The development of smart healthcare solutions is also being fueled by the industry's steady shift from providing treatment through institutions to doing it through patients. Furthermore, by giving rural patients easy access to specialized care, the advantages of smart healthcare systems with connected architecture have increased patient interaction with healthcare providers. These factors encourage the implementation of smart healthcare solutions globally, which is expected to fuel the market's expansion in the course of the projected period.
By enabling real-time patient monitoring, the Internet of Things aids in bridging the information gap between analogue and digital data sources. The internet of things' infrastructure enables better patient access to services, reduces the operational burden on healthcare facilities, and supports the development of digital ecosystems within healthcare organizations. Healthcare firms are moving to connected hospital infrastructure in order to provide treatment that is both timely and of greater quality.
The medical sector offers a wide range of applications for the Internet of Things, and these applications have the potential to expand both inside and outside of healthcare organizations. The internet of things is used for a variety of critical purposes, including clinical workflow and operations management, telemedicine, prescription management, networked imaging, and inpatient monitoring.
A recent development influencing market expansion is the rising use of healthcare applications. Technology firms like Apple, Google, and Samsung are participating in the creation of numerous health apps to monitor health disorders like diabetes, depression, and menstrual cycle.
During the projected period, it is expected that the technical advancements of smart healthcare items would increase the number of health applications. For instance, customers can view their medical records on their iPhones using Apple's newest health app. To make it simple for users to keep track of their medical conditions, the redesigned app brings together hospitals, clinics, and other healthcare services. Thus, driving the smart healthcare market revenue.
Smart Healthcare Market Segment Insights
Smart Healthcare End-Use Insights
The Smart Healthcare Market segmentation, based on type includes Hospitals, Homecare Settings and Others. The hospitals segment dominated the market. The majority of smart healthcare technology, including telemedicine, remote patient monitoring, and electronic health records, are used in hospitals. These tools let healthcare professionals deliver better care while boosting efficiency. By using wearable technology, mobile health applications, and other tools to manage medication adherence, monitor health conditions, and communicate with medical professionals, patients are taking a greater role in their care.
Figure 1: Smart Healthcare Market, by End-Use, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Healthcare Product Insights
The Smart Healthcare Market segmentation, based on product, includes RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records (EHR), Telemedicine, mHealth, Smart Pills and Smart Syringes. The mHealth category generated the most income. Smartphone adoption, increased internet usage, and the uptake of mHealth apps are all factors in this category's rise. It is also being positively impacted by wearable technology, such as Apple's Fitbit and MI.
For instance, Proxxi, a Canadian company, unveiled Halo, their first wearable product, in April 2020. Several trends, such as supply chain management, automation, real-time intelligence, and asset tracking, are promoting the implementation of RFID. Real-Time Location Systems (RTLS) use RFID to track newborn newborns while also assisting hospitals in more rapidly and effectively identifying workflow problems.
Smart Healthcare Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American smart healthcare market area will dominate this market. The availability of infrastructure with increased levels of digital literacy and supportive government policies for the adoption of digital health are credited with this. A few other important reasons driving the growth of the smart healthcare market include the presence of significant industry players, rising awareness of linked healthcare, increasing internet and smartphone penetration, and the use of health-related apps.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SMART HEALTHCARE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe smart healthcare market accounts for the second-largest market share. This expansion is linked to their already-existing healthcare IT infrastructure and growing investment in "smart healthcare" nations like Germany, the United Kingdom, and France, which have a lot of potential. Furthermore, it is anticipated that the region's market would rise due to the region's well-developed healthcare IT infrastructure and growing investments in smart healthcare. Further, the German smart healthcare market held the largest market share, and the UK smart healthcare market was the fastest growing market in the European region
The Asia-Pacific Smart healthcare Market is expected to grow at the fastest CAGR from 2024 to 2032 due to an expanding patient base, a growth in government investment in technology-related activities, and an expanding demand for healthcare services. Overall, due to technological improvements, changing patient expectations, and a demand for more effective and affordable healthcare solutions, the market for smart healthcare is predicted to grow quickly over the next several years. Moreover, China’s smart healthcare market held the largest market share, and the Indian smart healthcare market was the fastest growing market in the Asia-Pacific region.
Smart Healthcare Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the smart healthcare market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, smart healthcare industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global smart healthcare industry to benefit clients and increase the market sector. In recent years, the smart healthcare industry has offered some of the most significant advantages to medicine.
Major players in the smart healthcare market that are promoting market expansion includes IBM, Cisco, GE Healthcare, Olympus Corporation, Brooks Automation, Given Imaging, Inc., Stanley Innerspace, Solstice Medical LLC, Siemens Medical Solutions, Allscripts Healthcare Solutions, Samsung Electronics Corporation, AirStrip Technologies Inc., Apple Inc., AT&T Inc., Logi-Tag, Cerner Corporation, Pepperl+Fuchs, Hurst Green Plastics Ltd., Bollhoff Group, Wurth Group, McKesson Corporation, and LogTag.
A corporation called Olympus Corp (olympus) makes precision equipment and tools for optics and digital technologies. For the medical, imaging, information, healthcare, and other industrial areas, the firm designs, produces, and sells equipment and products. It provides scientific solutions such as laser scanning microscopes, remote visual inspection products, industrial and biological microscope systems, and non-destructive testing systems, as well as medical systems such as endoscopes, endotherapy devices, and endoscopy products to assist healthcare professionals in treating patients.
Healthcare information technology services are offered by Allscripts Healthcare Solutions Inc. (Allscripts). Electronic Health Records (EHR), financial management, population health management, and consumer solutions are some of the company's main client-focused offerings. Additionally, the business offers hardware, consultancy, managed IT, education, and hosting services.
Key companies in the smart healthcare market include
- IBM
- Cisco
- GE Healthcare
- Olympus Corporation
- Brooks Automation
- Given Imaging, Inc.
- Stanley Innerspace
- Solstice Medical LLC
- Siemens Medical Solutions
- Allscripts Healthcare Solutions
- Samsung Electronics Corporation
- AirStrip Technologies Inc.
- Apple Inc.
- AT&T Inc.
- Logi-Tag
- Cerner Corporation
- oPepperl Fuchs
- Hurst Green Plastics Ltd.
- Bollhoff Group
- Wurth Group
- McKesson Corporation
- LogTag
Smart Healthcare Industry Developments
March 2022: With the help of machine learning, artificial intelligence, and the Internet of Things, Intuitive MB has developed an operating system for "smart" hospitals and medical office buildings.
March 2022: All of the major private health insurers in Australia benefited from the introduction of Commonwealth Bank's new Smart Health smart terminal, which assisted with payments and claim experiences.
Smart Healthcare Market Segmentation
Smart Healthcare End-Use Outlook (USD Billion, 2018-2032)
- Hospitals
- Homecare Settings
- Others
Smart Healthcare Product Outlook (USD Billion, 2018-2032)
- RFID Kanban Systems
- RFID Smart Cabinets
- Electronic Health Records (EHR)
- Telemedicine
- mHealth
- Smart Pills
- Smart Syringes
Smart Healthcare Regional Outlook (USD Billion, 2018-2032)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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