Smart Healthcare Market
Number of pages: 100 | Report Format: PDF | Published date: May 09, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 180.91 billion |
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Revenue Forecast in 2031 |
US$ 547.81 billion |
|
CAGR |
13.1% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Application, And Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global smart healthcare market was valued at US$ 180.91 billion in 2022 and is expected to register a revenue CAGR of 13.1% to reach US$ 547.81 billion in 2031.
Smart Healthcare Market Fundamentals
Smart healthcare uses technology, data, and analytics to enhance patient care, provider workflow, and the general standard of healthcare delivery. It is built on the idea of employing technology and advanced analytics to make better-informed judgments on crucial medical data in real time. Smart healthcare technology is intended to decrease errors and increase the speed and accuracy of medical diagnosis and treatment. As a result, healthcare practitioners can better give patients more individualized care and gain more knowledge about how well their services are working. Some of the most appreciated smart healthcare product categories include smart pills, syringes, electronic healthcare, etc. By providing precise patient-related data, smart healthcare technologies facilitate better patient care. By tracking a patient's health for chronic conditions like cardiovascular, diabetes, hypertension, and respiratory diseases, smart healthcare devices can alert clinicians to early warning signs that will allow them to take the necessary action, minimizing emergency department visits and hospitalizations. It can lower healthcare costs by lowering the number of times patients need to visit a hospital for many of the same reasons physically.
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Smart Healthcare Market Dynamics
The smart healthcare market is growing significantly due to the increased demand for remote patient monitoring. Due to the growing availability of linked devices and telemedicine platforms, patients no longer need to physically visit healthcare institutions to check their health and receive medical advice. A few advantages are improved patient outcomes, lower healthcare costs, and higher patient satisfaction. Healthcare professionals can closely monitor patients with chronic diseases through remote patient monitoring, which enables early identification of potential health issues and rapid interventions. Furthermore, as healthcare practitioners attempt to reduce patient exposure to the virus while ensuring quality treatment, the COVID-19 pandemic has hastened the adoption of remote patient monitoring and telemedicine.
Moreover, one of the main factors supporting the improvement of the smart healthcare industry trends is the increased prevalence of chronic disorders. A sizeable amount of the worldwide disease burden and healthcare expenses are attributable to chronic diseases like diabetes, cardiovascular disease, and respiratory illnesses. Due to the rising prevalence of these diseases, innovative healthcare solutions are required to manage and monitor chronic ailments better. By giving patients access to real-time monitoring of their health status and enabling healthcare providers to act quickly in the event of any health complications, smart healthcare technologies, such as wearables, remote monitoring options, and mobile health apps, have the potential to improve the management of chronic diseases. Furthermore, by reducing the need for hospitalizations and ER visits, smart healthcare technologies can aid in lowering the expenses of treating chronic diseases. The demand for intelligent healthcare solutions that can enhance the management of these disorders is anticipated to increase as the burden of chronic diseases increases globally.
Furthermore, the increasing use of wearable technology, mobile health apps, and developments in artificial intelligence (AI) and machine learning (ML) technologies are shaping the smart healthcare market outlook. Smartwatches and fitness trackers are two examples of wearable technology that may gather and communicate real-time health data to healthcare professionals, allowing them to monitor patients from a distance and deliver individualized care. By giving patients access to tools for self-monitoring, prescription reminders, and health information, mobile health applications can also assist patients in managing their health. Wearable devices, mobile health apps, and AI/ML technologies open lucrative opportunities for upgrading patient outcomes and healthcare delivery. As a result, it is anticipated that the demand will increase for smart healthcare solutions that use these technologies in the upcoming years.
However, the high cost of smart healthcare devices and rising investment expenses are anticipated to restrain the smart healthcare market growth. Conversely, the smart healthcare market size is expected to be hampered in the near future by a lack of personnel with the necessary skills to manage smart healthcare commodities such as electronic health records. The global smart healthcare market growth is also expected to be constrained by factors such as a lack of awareness regarding these products. In addition, technology raises concerns since it makes it harder for the healthcare sector to protect patient privacy without compromising the effectiveness of smart technology. This constrains the smart healthcare market forecast. Clinicians devote more time battling technology than caring for patients, a major problem impeding the market growth for smart healthcare.
Smart Healthcare Market Ecosystem
This report provides the global smart healthcare market analysis in terms of revenue, market growth, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global smart healthcare market overview is analyzed from the following perspectives: product, application, and region.
Smart Healthcare Market by Product
Based on the products, the global smart healthcare market is segmented into RFID Kanban systems, RFID smart cabinets, electronic health recorders, telemedicine, mHealth, smart pills and syringes, and others regarding smart healthcare market forecast.
mHealth segment accounted for the largest revenue share of the global smart healthcare market in 2022. The prevalence of smartphones, heavy internet usage, and the adoption of mHealth apps are all factors attributed to the segment's predominance. For instance, according to the report published by IQVIA in July 2021, over 350,000 mHealth apps were available in major app stores, and 87 million people of 85% of smartphone users in the U.S. used a health or fitness app monthly in 2020. Also, mHealth technology allows patients to instantaneously send secure messages, arrange appointments, and connect to clinicians 24/7 for telemedicine visits. Patients appreciate using mHealth apps on their mobile devices because they may conduct a provider visit on their smartphone or tablet without visiting the nearby hospital or taking time off work. mHealth, including chatbots and voice assistants with artificial intelligence, can help patients manage their health by giving individualized advice, responding to queries, and even setting up appointments.
Smart Healthcare Market by Application
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Based on the applications, the global smart healthcare market is collective to storage and inventory management, monitoring, treatment, and others.
The monitoring segment accounted for the highest revenue share of the global smart healthcare market in 2022. The use of technology that enables patients to obtain healthcare from the comfort of their homes, such as telemedicine and remote patient monitoring. The delivery of healthcare and patient monitoring has changed dramatically due to virtual care technology. Patients can now receive medical care from the convenience of their homes owing to the advancements in smart healthcare, which eliminates the need for pointless hospital visits and lowers the danger of contracting infectious infections. Software-based interventions known as digital therapies can be used to cure or prevent medical diseases. These interventions, including cognitive behavioral therapy, mindfulness training, and other behavioral interventions, are frequently provided using mobile apps. These software-based interventions aim to give patients remote access to high-quality care that can be given via mobile apps. This lessens the strain on healthcare services and lowers the chance of contracting an infectious disease. There are more chances to enhance healthcare delivery and patient outcomes due to the expanding availability of health data and technological developments in analytics and machine learning.
Smart Healthcare Market by Region
Based on the region, the global smart healthcare market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global smart healthcare market in 202. Due to technological advancements, the rising adoption of smart devices in the healthcare industry across numerous countries, the rise in small and medium-sized businesses entering the market, and ongoing market consolidation efforts by leading players, the smart healthcare products demand in North America is anticipated to dominate the global smart healthcare products market over the forecast period. This is also related to the growing population, technological developments, cooperative government activities, infrastructure that is easily accessible, and high technology literacy. Additionally, the increased knowledge of health maintenance brought on by living a fit and healthy lifestyle encourages the usage of various smart healthcare devices in daily life. A few other factors influencing the growth of the North America smart healthcare market include the presence of sizable market players, high public awareness of connected healthcare, high internet and smartphone penetration, and swift uptake of health apps. Furthermore, according to the smart healthcare industry analysis, the Asia Pacific region accounted for a significant revenue share with a rapid increase in revenue CAGR due to the region's rapidly developing digital healthcare industry, increased use of mobile telemedicine, and improved healthcare infrastructure in several of its member states.
Smart Healthcare Market Competitive Landscape
Multiple companies across the globe are investing in research and development, which is expected to improve the smart healthcare market outlook. Notable market participants account for the largest revenue share of the global smart healthcare market, include,
Smart Healthcare Market Strategic Development
Smart healthcare uses technology, data, and analytics to enhance patient care, provider workflow, and the general standard of healthcare delivery.
With the rise in the prevalence of chronic diseases, rising smartphone usage, and revolutionary digitization of the healthcare industry, government initiatives to digitize healthcare are the key drivers of the global smart healthcare market.
Key companies operating the global smart healthcare market are AirStrip Technologies Inc., Allscripts Healthcare Solutions, Apple Inc., AT&T Inc., Brooks Automation, and Cerner Corporation.
The restraining factors of the global smart healthcare market are the inflated cost of smart healthcare devices, the risk of compromise of data protection, and lower patient awareness.
The global smart healthcare market is expected to witness a CAGR of 13.1%during the forecast period from 2022 to 2030.
*Insights on financial performance are subject to the availability of information in the public domain