Smart Healthcare Market was valued at USD 150.43 Billion in 2021 and expected to reach USD 362.75 Billion by 2028 with the CAGR of 13.4% over the forecast period.
Increasing number of geriatric population, rising adoption of IoT and growing initiatives by governments digitalization of healthcare system are major factors anticipated to drive the growth of the Global Smart Healthcare Market.
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Scope of Global Smart Healthcare Market Report–
Healthcare integrating a new generation of information technology which has emerged as smart healthcare system. It is defined as a healthcare system that enables patients and doctors to communicate with each other and remotely exchange information monitored, collected, and analyzed from patients’ daily activities via the IoT. Smart healthcare is an all-round, multi-level change. Smart healthcare includes multiple participants, such as doctors and patients, hospitals, and research institutions. The smart healthcare offers a wide range of applications like assisting diagnosis and treatment, with the help of smart diagnosis, the patient’s condition and disease status are more accurately described, which helps to develop a personalized treatment plan, patients and doctors can proactively monitor their disease risk.
The Covid-19 pandemic has shown a positive impact on global smart healthcare Market. The smart healthcare adoption is increased during pandemic to avoid getting risk of getting infected. The smart healthcare market technologies such as robotics-based technologies robotics can play a significant role during such a pandemic outbreak. They can be effective in other crucial day-to-day services like transportation, hotels, hospital, and similar places of public services where the social distancing is unavoidable. The adoption of robotic applications has shown the exponential growth during this crisis situation.
Smart Healthcare Market Key Players:
- CapsoVision Inc.
- Terumo Corp.
- Epic Systems Corp.
- GE Healthcare
- Cerner Corporation
- Siemens Medical Solutions
- Apple Inc.
- AT&T Inc.
- Stanley Healthcare
- Allscripts Healthcare Solutions Inc.
- Becton Dickinson and Co.
- Olympus Corp.
Global Smart Healthcare Market Segmentation:
By Product Type
- Electronic Health Records,
- Smart Pills and Syringes
- RFID Kanban Systems
- Smart RFID Cabinets
- Health Data Storage and Exchange
- Monitoring and Treatment
- Inventory Management
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Philips Launched Next Generation Wearable Biosensor for Early Patient Deterioration Detection, Including Clinical Surveillance for Covid-19
On May 26th, 2020; Next generation wearable biosensor launched by Philips for early patient deterioration detection, including clinical surveillance for COVID-19. The U.S Food Drug Administration (FDA) approved 510(k) clearance and CE mark to help monitor COVID-19 patients in hospital, with first install at OLVG Hospital in the Netherlands. The solution was currently used with the first install at the OLVG Hospital in the Netherlands to help manage the triage and clinical surveillance of COVID-19 patients.
New ‘smart pills’ Remind Patients to Take Medication
On May 17th, 2020; Innovative new tablets which are being dubbed as ‘intelligent’ or ‘smart’ pills that monitor how well patients take their medication are due to be launched in Britain within the next few months. The Helius smart pills feature an edible microchip smaller than a grain of sand which reminds patients when their next dose of medication is due and also reports back to their doctor when they have taken it.
Global Smart Healthcare Market :Drivers
One of the major factors driving the growth of the global smart healthcare market is increasing growth of geriatric population. For instance; as per World Health Organization 7% of the world’s population is over 65 years of age. The proportion of older people is predicted to rise approximately 20% by 2050 worldwide. The geriatric population is more prone to diseases due to low immunity and ageing. The smart healthcare devices such as wearable devices and sensors collect physiological information from elderly people, so it can quickly detect fall detection, sleep pattern monitoring, cardiac health monitoring, and sedentary behavior. Thus, the smart healthcare system is necessary for the geriatric population to keep them informed and updated about their health conditions more easily. In addition, increasing integration of IoT is also boosting the market growth. The growing adoption of technological advanced products such as IoT wearables enable people to better understand their own health and allow physicians to remotely monitor patients.
The North America is Expected to Dominate the Global Smart Healthcare Market
The North America is expected to dominate the smart healthcare market due to rising usage of smart phones, increasing awareness and early adoption of technologies and rising government initiatives in this region. The rising use of smart use and digitalization positively the smart healthcare market in North America. For instance; as per United Healthcare Consumer Sentiment Survey about 37 % of the American citizens in 2019 depended on on mobile apps or internet websites for consulting health conditions. In addition, high awareness about smart healthcare systems is also adding growth to the market. Moreover, growing government initiatives for developing and improving healthcare sector are also boosting the market growth. For instance; in March 2020, the Government of Quebec, in collaboration with the Canadian Medical Association (CMA), agreed to expand access to telehealth facilities in various provinces of Canada.
Asia Pacific is expected to be second fastest growing region for the global smart healthcare market due increasing to healthcare infrastructure, rising investments in smart healthcare and adoption of smart healthcare system in this region. The emerging countries like India, China and Australia the increasing healthcare sector is providing growth to the market. For instance; as per a news published by live mint on September 7th, 2022; India’s healthcare industry is expected to grow to hit $50 billion in size by 2025. And 80% of the healthcare system purposes to increase investment in digital healthcare tools in the coming five years which is fueling market growth as well as adoption of smart healthcare system in this region. In addition, increasing patient pool is also supplementing the demand for smart healthcare in this region. For example; currently the world’s second most populous country, India accounts for 20% of the global disease burden with a high infant mortality rate of 40 deaths per 1,000 live births and maternal mortality rate of 174 deaths per one lakh live births.
On Special Requirement Smart Healthcare Market Report is also available for below Regions and Country:
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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- Increase your industry knowledge
- Keep you up-to-date with crucial market developments
- Allow you to develop informed growth strategies
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- Illustrate trends to exploit
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Our Market Research Solution Provides You Answer to Below Mentioned Question:
- Which are the driving factors responsible for the growth of the market?
- Which are the roadblock factors of this market?
- What are the new opportunities, by which market will grow in coming years?
- What are the trends of this market?
- Which are the main factors responsible for new product launches?
- How big are the global & regional markets in terms of revenue, sales, and production?
- How far will the market grow in the forecast period in terms of revenue, sales, and production?
- Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
- How will each segment grow over the forecast period and how much revenue will these segments account for in 2028?
- Which region has more opportunities?
Key Benefits of Global Smart Healthcare Market Report-
- Global Smart Healthcare Market report covers in-depth historical and forecast analysis.
- Global Smart Healthcare Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Smart Healthcare Market report helps to identify opportunities in marketplace.
- Global Smart Healthcare Market report covers extensive analysis of emerging trends and competitive landscape.
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