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$ 143.78 billion |
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Revenue Forecast in 2031 |
US$ 460.23 billion |
|
CAGR |
13.80% |
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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$ 143.78 billion in 2022 and is expected to register a revenue CAGR of 13.80% to reach US$ 460.23 billion by 2031.
Smart Healthcare Market Fundamentals
The term "smart healthcare" refers to a system of health services that actively manages and intelligently responds to the needs of the medical ecosystem. Smart healthcare uses technology like wearable devices, IoT, and mobile internet to dynamically access information and connect people, materials, and institutions related to healthcare. Patients, physicians, and other healthcare professionals can utilize this collection of applications to enhance clinical treatment, research, and public health using an electronic health record (EHR) system or data warehouse that complies with the SMART standard.
Healthcare providers have better control over their operations because of smart healthcare technologies, improving patient care and assistance. All levels of healthcare institutions are now information-based thanks to overall development. Instead of treating an illness once it has already manifested, intelligent healthcare systems emphasize prevention. Systems and technology that ensure consistent screening and counseling are in place to make this feasible. The healthcare system is less taxed, and individuals may live healthier lives because of preventive healthcare.
Smart Healthcare Market Dynamics
The next generation of information technologies, including the Internet of Things (loT), big data, cloud computing, and artificial intelligence, provide the foundation for smart healthcare solutions, which aim to alter the current healthcare system and make it more effective, convenient, and individualized. Smart healthcare devices are experiencing technical advancements resulting in growing use in the healthcare sector. The market is expanding due to several public and private activities, such as product launches and approvals. In January 2021, Apple Inc. teamed up with Biogen, a biotechnology business, for research on using its wearable technology to identify the early indications of cognitive impairment. Similarly, Honeywell introduced the Real-Time Health Monitoring System (RTHMS) in November 2021. This platform for smart edge-to-cloud connectivity links caregivers and patients for remote and real-time patient monitoring. The remedy mixes hardware and software to enhance patient care, boost employee efficiency, and simplify procedures.
Supportive government initiatives are anticipated to be positive for expanding the market for intelligent healthcare. For instance, the Quebec government and the Canadian Medical Association (CMA) decided to make telehealth services more widely available across Canada in March 2020. These provinces included Alberta, New Brunswick, British Columbia, Manitoba, Ontario, and Newfoundland. These initiatives should propel patient-centered digital healthcare services to the top of the global agenda.
A significant trend in the market for smart healthcare is technological improvement. Smart healthcare solutions are becoming more effective because of artificial intelligence (AI). Health system organizations, pharmacy benefit managers (PBM), and health plans use Al in various ways. With more secure and interoperable data, it will be a key engine for analytics, insights, and decision-making. The first 2-in-1 smart healthcare gadget was introduced in January 2021 by ICON.AI, a South Korean startup aiming to offer Al-enabled goods to every market globally.
However, the high cost of smart healthcare goods and growing investment costs are two factors that are predicted to hinder the growth of the worldwide market for smart healthcare. Another issue projected to limit the growth of the target market soon is the anticipated need for more skilled employees capable of managing intelligent healthcare goods like electronic health records. Lack of awareness of smart healthcare products and a shortage of knowledgeable professionals are two barriers to this market's global progress.
Smart Healthcare Market Ecosystem
The global smart healthcare market is analyzed from the following perspectives by product type, end-user, and region.
Smart Healthcare Market by Product Type
Based on the product type, the global smart healthcare market is segmented into RFID kanban systems, RFID smart cabinets, electronic health records (EHR), telemedicine, mHealth, smart pills, and smart syringes.
The mHealth segment dominated the smart healthcare market, representing approximately 35.0% of the global market revenue in 2022. Smartphone use, mHealth app uptake, and increasing internet usage are all cited for dominance. Additionally, the market is favorably affected by the launch of wearable technology like Apple, Fitbit, and MI. A wearable gadget called Halo was released by the Canadian company Proxxi in April 2020. During the ongoing worldwide COVID-19 epidemic, this device is intended to guarantee that workplace social distance policies are followed. Proxxi will continuously alert the user of separation for correct social distance.
The RFID Kanban system will have the strongest growth between 2022 and 2030. Supply chain management, automation, real-time intelligence, and asset monitoring are the major themes promoting the use of RFID. RFID technology aids in identifying problems with hospital operations, particularly in moving patients in and out more swiftly and effectively. Real-Time Location Systems (RTLS) also use RFID to track newborn children. The category is projected to expand throughout the period due to the abovementioned factors.
Smart Healthcare Market by End User
Based on the end user, the global smart healthcare market is segmented into hospitals, homecare settings, and others.
The hospitals segment is anticipated to contribute the greatest revenue share during the projection period. The need for intelligent healthcare solutions in hospitals is rising due to efforts to provide better patient care, use available resources better, and improve operational efficiency. The need for smart healthcare solutions in hospitals is increasing due to better sickness management and the increased prevalence of chronic diseases. By enabling quick patient diagnosis and treatment, electronic health records (EHRs) and telemedicine are two examples of smart healthcare technologies that have significantly enhanced patient care in hospitals.
During the projected period, it is anticipated that the segment for home care settings will have the fastest revenue increase. The rising need for home healthcare services and the aging population trend drive demand for smart healthcare solutions in home care settings. As mHealth devices and remote patient monitoring systems are increasingly used to manage chronic illnesses, this segment's revenue growth is escalating.
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.
Due to government initiatives that foster the use of digital health and the availability of infrastructure with high levels of digital literacy, the North American market for smart healthcare products is predicted to expand. The existence of significant market players, rising awareness of linked healthcare, high internet and smartphone penetration, and the use of health-related applications are only a few of the major drivers behind the expansion of the regional industry. Approximately 20% of US citizens presently hold a smart wearable gadget to monitor their health, according to research published in Nature Review Cardiology in August 2021. Consequently, the market is anticipated to expand throughout the projected period due to the nation's increased usage of smart wearable devices.
The region's market is expanding due to product introductions that include innovations. As an illustration, the American Health Information Management Association (AHIMA) and Moxe introduced AHIMA dHealth, a vendor resource and assessment tool for mHealth, in April 2021. RespiraLabs, a respiratory healthcare technology company headquartered in the U.S., introduced Sylvee in March 2022. Sylvee is an AI-powered wearable lung monitor that uses acoustic resonance to evaluate lung function and spot fluctuations in lung air volume. Asthma, COVID-19, and chronic obstructive pulmonary disease (COPD) can all be detected and treated early on with its help. Thus, throughout the forecast period, the market for smart healthcare products in the area is anticipated to increase due to the rising prevalence of chronic diseases and new releases.
Due to the region's increasing use of advanced healthcare technologies, including electronic health records, telemedicine, and digital diagnostic tools, the market in Europe is anticipated to have a quick pace of revenue growth during the projected period. As the elderly population expands and chronic diseases become more prevalent, the need for smart healthcare services in the area is anticipated to rise. Government initiatives that are supportive and expenditures made in healthcare infrastructure are further fueling the development of the smart healthcare industry and its revenue growth in Europe.
Smart Healthcare Market Competitive Landscape
Some of the prominent market players in the global smart healthcare market include,
Smart Healthcare Market Strategic Development
The term "smart healthcare" refers to a system of health services that actively manages and intelligently responds to the needs of the medical ecosystem.
The mHealth product type segment led the global smart healthcare market.
The estimated market size of the smart healthcare Market in 2031 will be US$ 460.23 billion.
The revenue CAGR of the smart healthcare market during the forecast period is 13.8%.
Some prominent global smart healthcare market players include AirStrip Technologies Inc., IBM, and Allscripts Healthcare Solutions.
*Insights on financial performance are subject to the availability of information in the public domain