NEW YORK, July 30, 2024 /PRNewswire/ -- The
global smart healthcare market size is estimated to grow
by USD 115.39 billion from 2023-2027,
according to Technavio. The market is estimated to grow at a CAGR
of 9.26% during the forecast period. Growing demand for
remote health monitoring is driving market growth, with a
trend towards iot in healthcare. However, high costs
involved with smart healthcare poses a challenge. Key market
players include Abbott Laboratories, Alphabet Inc., Altera Digital
Health Inc, Apple Inc., AT and T Inc., athenahealth Inc., Cisco
Systems Inc., F. Hoffmann La Roche Ltd., General Electric Co.,
Hewlett Packard Enterprise Co., Honeywell International Inc.,
International Business Machines Corp., Johnson and Johnson Services
Inc., Koninklijke Philips N.V., Medtronic Plc, Microsoft Corp.,
Olympus Corp., Samsung Electronics Co. Ltd., Zebra Technologies
Corp., and Oracle Corp..
![Technavio has announced its latest market research report titled Global Smart Healthcare Market 2023-2027 Technavio has announced its latest market research report titled Global Smart Healthcare Market 2023-2027](https://mma.prnewswire.com/media/2470794/20220804064837_bw2.jpg)
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Smart Healthcare
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2022
|
Historic
period
|
2017 - 2021
|
Forecast
period
|
2023-2027
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
9.26%
|
Market growth
2023-2027
|
USD 115.39
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
8.28
|
Regional
analysis
|
Europe, North America,
Asia, and Rest of World
(ROW)
|
Performing market
contribution
|
North America at
43%
|
Key
countries
|
US, Canada, Germany,
UK, and Japan
|
Key companies
profiled
|
Abbott Laboratories,
Alphabet Inc., Altera Digital
Health Inc, Apple Inc., AT and T Inc., athenahealth
Inc., Cisco Systems Inc., F. Hoffmann La Roche
Ltd., General Electric Co., Hewlett Packard
Enterprise Co., Honeywell International Inc.,
International Business Machines Corp., Johnson
and Johnson Services Inc., Koninklijke Philips
N.V., Medtronic Plc, Microsoft Corp., Olympus
Corp., Samsung Electronics Co. Ltd.,Zebra
Technologies Corp., and Oracle Corp.
|
Market Driver
The healthcare industry is experiencing a significant shift
towards smart healthcare solutions, driven by the increasing use of
Internet of Things (IoT) and connected medical devices. IoT
infrastructure is bridging the gap between physical and digital
data sources, enabling real-time patient monitoring and improving
access to healthcare services. Key applications of IoT in
healthcare include telemedicine, connected imaging, clinical
workflow management, dosing management, and inpatient monitoring.
Governments worldwide are promoting IT usage in healthcare,
reducing costs, and the growing penetration of smartphones and the
Internet are fueling the adoption of IoT in healthcare. The rise of
wearable medical devices and technological innovations are
enhancing the quality of healthcare. However, the increasing number
of data sources and data generated necessitate improved network
security. Hospitals and clinics are adopting Electronic Health
Records (EHRs) to optimally collect and integrate data from
external and wearable devices. This trend presents significant
growth opportunities for vendors offering cloud-based solutions in
the smart healthcare market, such as Cisco, Microsoft, and
Alphabet. The demand for connected systems to optimize healthcare
deployments is expected to drive the growth of the global smart
healthcare market during the forecast period. IoT and connected
applications are revolutionizing healthcare, offering improved
patient care and operational efficiency.
Smart healthcare is a rapidly growing market that integrates
digital technology into healthcare items for improved patient care
and efficiency. Trends include pedometers, activity trackers, and
smart wearables for monitoring health metrics like blood pressure,
heart rate, oxygen level, and temperature. Smart syringes, RFID
cabinets, and RFID Kanban systems streamline inventory management.
Remote monitoring, mobile health, and telemedicine enable real-time
patient care. Market restraints include data security concerns and
high implementation costs. Leading companies like Vera Smart
Health, Teladoc Health, and RFID Smart Cabinets leverage
information technologies such as big data, cloud computing,
artificial intelligence, and RFID for innovative solutions. Smart
pills and mHealth apps offer personalized care. The market's future
lies in seamless integration of digital technology with the
traditional medical system.
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Market Challenges
- The high cost of implementing smart healthcare solutions, such
as Electronic Health Records (EHR), is a significant challenge for
the industry. The costs involved, including hardware, software,
installation assistance, licensing fees, maintenance expenses, and
opportunity costs, can be substantial. For instance, the average
cost of EHR implementation for hospitals is approximately
USD14,500 per bed, with annual
operating costs amounting to USD2,700
per bed per year. These costs can limit the adoption of EHR and
other smart healthcare technologies, particularly for smaller
hospitals with limited IT budgets. The high cost of integrating
biosensors into healthcare products is another challenge. The novel
technology behind these sensors significantly increases the overall
cost of the final product, which can deter consumers from adopting
them. The high costs associated with certain smart healthcare
solutions can hinder their adoption and negatively impact the
growth of the global smart healthcare market.
- The Smart Healthcare Market is experiencing significant growth
due to the increasing demand for advanced healthcare solutions.
However, challenges persist, such as obtaining necessary approvals
for new technologies, catering to cognitive impairment patients,
and integrating wearable devices with cloud communication.
Caregivers, patients, families, physicians, hospitals, and
insurance companies seek improved healthcare services through
eHealth solutions like cell phones, tablets, and patient monitoring
devices. Oral Biology and Craniofacial Research are also benefiting
from digital health programs. Sensor-based IoT technology in
illness causes research, surgery, and health outcomes is a major
advantage, but high costs remain a concern. Key market participants
include medical record-keeping companies, device integration
specialists, and healthcare infrastructure providers. Digital
literacy and infrastructure development are essential for the
successful implementation of connected healthcare and
health-related apps. Smart wearable devices like smartwatches and
health monitors, using acoustic resonance for lung function
assessment and blood glucose monitors, are transforming essential
cardiology and asthma management.
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Segment Overview
This smart healthcare market report extensively covers market
segmentation by
- Distribution Channel
- Solution
- 2.1 Telemedicine
- 2.2 mHealth
- 2.3 EHR
- 2.4 Smart pills
- 2.5 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Offline- The offline segment of the global
smart healthcare market refers to the distribution of smart
healthcare products and services through physical channels. Retail
stores, including specialty and healthcare equipment stores,
electronics retailers, medical equipment suppliers, and
distributors, serve as crucial offline distribution channels. These
channels enable customers to personally examine and purchase
devices like fitness trackers, smartwatches, blood pressure
monitors, and telehealth systems. Medical equipment suppliers and
distributors play a pivotal role in offline distribution,
leveraging relationships with healthcare providers, hospitals,
clinics, and pharmacies. Offline segments offer face-to-face
interactions and personalized customer experiences, enhancing
satisfaction and trust. Customers often prefer these channels due
to the reliability, professional expertise, and after-sales support
they provide. These factors are anticipated to fuel the expansion
of the offline segment in the smart healthcare market during the
forecast period.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Smart Healthcare Market is experiencing exponential growth
due to the integration of mHealth and information technologies.
Vera Smart Health and Teladoc Health are leading the charge in this
space, offering remote monitoring solutions for various health
metrics such as blood pressure, heart rate, oxygen level, and
temperature. These smart healthcare products leverage digital
technology, including RFID and Real-Time Location Systems, to
ensure accurate tracking and delivery of essential items. Big data
and cloud computing play a crucial role in analyzing patient
information and providing personalized care. The market includes a
range of smart healthcare items, from wearables like smartwatches
and fitness trackers to innovative solutions like smart syringes
and medicines with embedded sensors. These advancements aim to
improve patient outcomes, reduce healthcare costs, and enhance
overall healthcare efficiency.
Market Research Overview
Smart Healthcare Market: Transforming Traditional Healthcare
with mHealth and Information Technologies The Smart Healthcare
Market is revolutionizing the traditional healthcare system by
integrating digital technology, sensors, and real-time
communication. MHealth solutions, such as Vera Smart Health and
Teladoc Health, are leading the charge with RFID and Real-Time
Location Systems enabling seamless patient monitoring. Blood
pressure, heart rate, oxygen level, and temperature are just a few
vital signs monitored by smart healthcare products. Oral Biology
and Craniofacial Research are also benefiting from this digital
transformation, with sensor-based IoT technology providing valuable
data for health research. Advantages of smart healthcare include
improved health outcomes, remote patient monitoring, and increased
access to healthcare services. However, high costs and
infrastructure requirements can be market restraints. Caregivers,
patients, families, physicians, hospitals, and insurance companies
all benefit from this connected healthcare infrastructure. Wearable
devices like smartwatches, health monitors, pedometers, and
activity trackers are popular smart healthcare items. Digital
technology, including cloud computing, artificial intelligence, and
big data, plays a crucial role in this market. EHealth programs,
health-related apps, and smart wearable devices are essential
components of this digital health revolution. Market restraints
include the need for approvals, cognitive impairment, and device
integration challenges. However, the advantages far outweigh the
challenges, making the Smart Healthcare Market a promising and
growing industry. Key market participants include healthcare
services, healthcare research institutions, and digital health
companies. The internet and cell phones are essential
infrastructure for this market, with tablets and patient monitoring
devices completing the digital health ecosystem. Smart syringes,
smart medicines, smart RFID cabinets, and remote monitoring are
other innovative smart healthcare solutions. Acoustic resonance
technology is used for lung function assessment in asthma patients,
and essential cardiology benefits from blood glucose monitors and
smartwatches. In conclusion, the Smart Healthcare Market is
transforming healthcare by integrating digital technology, sensors,
and real-time communication. The advantages of this digital health
revolution far outweigh the challenges, making it a promising and
growing industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Solution
-
- Telemedicine
- MHealth
- EHR
- Smart Pills
- Others
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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