USD 146.58 Billion
Smart Healthcare Market Size, Share, Growth Analysis, By Product Type(RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records (EHR), Telemedicine), By End User(Hospitals, Homecare Settings, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2428 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
69
|Figures:
75
Smart Healthcare Market Insights
Global Smart Healthcare Market size was valued at USD 144.90 billion in 2022 and is poised to grow from USD 163.45 billion in 2023 to USD 428.40 billion by 2031, growing at a CAGR of 12.8% in the forecast period (2024-2031).
The global smart healthcare market has been experiencing rapid growth due to advancements in technology and a growing demand for efficient healthcare solutions. This market encompasses various digital technologies, such as IoT devices, wearable sensors, remote monitoring systems, and data analytics, that are integrated into the healthcare sector to enhance patient care, streamline processes, and improve overall outcomes.
The increasing prevalence of an aging population, chronic diseases, and the need for real-time patient data access have driven the adoption of smart healthcare solutions across the globe. Market analysis indicates that the smart healthcare market is set to expand significantly in the coming years.
Factors driving this growth include the rising focus on personalized medicine, the integration of AI and machine learning for diagnosis and treatment, and the expansion of telemedicine services. Moreover, the COVID-19 pandemic has accelerated the adoption of telehealth and remote monitoring solutions, further boosting the market's prospects.
Data security and privacy concerns, interoperability issues among different devices and systems, and the need for regulatory compliance are some of the hurdles that need to be addressed for sustained growth. As the market evolves, collaborations between technology companies, healthcare providers, and regulatory bodies will play a crucial role in shaping the future landscape of smart healthcare.
In conclusion, the global smart healthcare market is witnessing robust growth driven by technological innovations and the need for efficient healthcare solutions. With ongoing developments in IoT, AI, and telehealth, the market is poised to make substantial strides in improving patient care, disease management, and overall healthcare processes.
However, addressing challenges related to data security and regulatory compliance will be pivotal for ensuring the long-term success of smart healthcare solutions.
US Smart Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
mHealth
Fastest Growth
mHealth
Growth Rate
12.5% CAGR
Global Smart Healthcare Market ($ Bn)
Country Share for North America Region (%)
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Smart Healthcare Market Segmental Analysis
Global Smart Healthcare Market is segmented on the product type, end user, and region. By product type, market is segmented into RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records (EHR), Telemedicine, mHealth, Smart Pills, and Smart Syringes. By end user, market is segmented into Hospitals, Homecare Settings, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart Healthcare Market Analysis By Product
The largest segment in the global smart healthcare market is mHealth. mHealth is the use of mobile devices and other wireless technologies to deliver healthcare services. The mHealth segment is expected to grow at a CAGR of 18.2% from 2023 to 2030, reaching USD 189.6 billion by 2030. The growth of the mHealth segment is driven by the increasing use of smartphones and other mobile devices, the growing prevalence of chronic diseases, and government initiatives to digitize healthcare.
The fastest-growing segment in the global smart healthcare market is RFID. RFID is the use of radio waves to identify and track objects. The RFID segment is expected to grow at a CAGR of 20.2% from 2023 to 2030, reaching USD 31.5 billion by 2030. The growth of the RFID segment is driven by the increasing use of RFID technology in supply chain management, asset tracking, and patient identification.
Smart Healthcare Market Analysis By Application
The largest segment in the global smart healthcare market is patient monitoring. Patient monitoring is the use of technology to track and collect data on a patient's health. The patient monitoring segment is expected to grow at a CAGR of 17.9% from 2023 to 2030, reaching USD 148.1 billion by 2030. The growth of the patient monitoring segment is driven by the increasing prevalence of chronic diseases, the aging population, and the rising demand for personalized care.
The fastest-growing segment in the global smart healthcare market is clinical decision support. Clinical decision support is the use of technology to provide clinicians with real-time information and recommendations to help them make better decisions about patient care. The clinical decision support segment is expected to grow at a CAGR of 21.3% from 2023 to 2030, reaching USD 35.1 billion by 2030. The growth of the clinical decision support segment is driven by the increasing complexity of healthcare, the rising demand for evidence-based care, and the need to improve patient outcomes.
Global Smart Healthcare Market By Product
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Smart Healthcare Market Regional Insights
North America is the largest market for smart healthcare, followed by Europe and Asia Pacific. The early adoption of new technologies, the high prevalence of chronic diseases, and government initiatives to digitise healthcare are what are fueling the growth of the North American market. Due to the rising demand for individualised care and the increasing uptake of mHealth solutions, the European market is also expanding quickly. In the upcoming years, the Asia Pacific market is anticipated to expand at the fastest rate because of the region's large population, expanding middle class, and increased government attention to healthcare.
Global Smart Healthcare Market By Geography
- Largest
- Fastest
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Smart Healthcare Market Dynamics
Smart Healthcare Market Drivers
Rapid Technological Advancements
- The relentless march of technology is a key driver propelling the smart healthcare market forward. Innovations in IoT, AI, wearable devices, and telemedicine are enabling real-time data collection, analysis, and remote patient monitoring, revolutionizing healthcare delivery. These advancements empower healthcare providers with actionable insights, leading to quicker and more accurate diagnoses, personalized treatment plans, and improved patient outcomes.
Growing Aging Population
- The aging population is more susceptible to cardiovascular conditions, leading to a higher demand for coronary stents. As the global population continues to age, the prevalence of cardiovascular diseases is expected to increase, driving the demand for coronary stents.
Smart Healthcare Market Restraints
Stringent Regulatory Approval Processes
- The stringent regulatory approval processes imposed by regulatory authorities can pose challenges for market growth. Manufacturers must comply with safety and efficacy assessments, which can be time-consuming and resource-intensive, delaying the market entry of new products.
Growing Demand for Remote Healthcare Services
- The rising demand for remote healthcare services, particularly accelerated by the COVID-19 pandemic, is driving the adoption of smart healthcare solutions. Telemedicine and virtual consultations have become crucial for providing healthcare access while minimizing physical contact. This demand surge has propelled the development of telehealth platforms and remote monitoring tools, enhancing patient care convenience and reducing the burden on traditional healthcare facilities.
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Smart Healthcare Market Competitive Landscape
The competitive landscape of the global smart healthcare market is characterized by intense innovation and strategic collaborations. Key industry players are engaged in a dynamic race to develop cutting-edge technologies and solutions that redefine the healthcare experience. Market leaders like IBM, Philips, and Siemens Healthineers are leveraging their expertise in data analytics, AI, and medical imaging to create sophisticated healthcare ecosystems. Startups and emerging companies are also making significant contributions, introducing disruptive technologies such as wearable health devices, AI-powered diagnostics, and telemedicine platforms. These innovations are not only enhancing patient care but also transforming operational efficiencies within healthcare institutions. Partnerships between technology giants, healthcare providers, and research institutions are becoming increasingly common, fostering cross-industry expertise and accelerating the pace of innovation. The competitive landscape is further enriched by the fusion of diverse disciplines, including medicine, technology, and data science, creating a vibrant arena where advancements rapidly evolve to shape the future of healthcare on a global scale.
Smart Healthcare Market Top Player’s Company Profiles
- AirStrip Technologies Inc. (US)
- Allscripts Healthcare Solutions (US)
- Apple Inc. (US)
- AT&T Inc. (US)
- Brooks Automation (US)
- Cerner Corporation (US)
- Cisco (US)
- GE Healthcare (US)
- Given Imaging, Inc. (Israel)
- Hurst Green Plastics Ltd. (UK)
- IBM (US)
- Logi-Tag (Israel)
- McKesson Corporation (US)
- Olympus Corporation (Japan)
- Pepperl+Fuchs (Germany)
- Samsung Electronics Corporation (South Korea)
- Siemens Medical Solutions (Germany)
- Solstice Medical LLC (US)
- Stanley Innerspac (US)
- Bollhoff Group (Germany)
- Wurth Group (Germany)
Smart Healthcare Market Recent Developments
- In April 2023, Microsoft announced the launch of its new Azure for Healthcare platform. The platform provides healthcare organizations with a cloud-based solution for storing and analyzing healthcare data.
- In May 2023, Johnson & Johnson announced the launch of its new smart hospital in San Diego. The hospital uses technology to improve the efficiency and safety of healthcare delivery.
Smart Healthcare Key Market Trends
- Rise of Remote Patient Monitoring and Telehealth: The increasing adoption of remote patient monitoring (RPM) and telehealth services has emerged as a significant trend in the smart healthcare market. This trend was further accelerated by the COVID-19 pandemic, which highlighted the importance of virtual healthcare solutions. Remote patient monitoring devices and platforms allow healthcare providers to monitor patients' vital signs, chronic conditions, and overall health remotely. Telehealth services enable patients to access medical consultations, diagnoses, and treatment plans through video calls and virtual visits. These trends not only enhance patient convenience and reduce healthcare costs but also improve access to medical care, especially for individuals in remote or underserved areas.
- Integration of Artificial Intelligence (AI) and Data Analytics: The integration of AI and data analytics in healthcare is transforming diagnosis, treatment, and patient care. AI algorithms are being used to analyze medical images, detect patterns, and assist in diagnosing diseases accurately and quickly. Data analytics tools are enabling healthcare providers to make informed decisions by analyzing large volumes of patient data to identify trends and potential health risks. Additionally, AI-powered chatbots and virtual assistants are enhancing patient engagement and communication, providing quick answers to medical queries and offering personalized health advice. The combination of AI and data analytics is driving efficiency, improving patient outcomes, and enabling predictive and preventive healthcare approaches.
Smart Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, The global smart healthcare market is characterized by a transformative synergy of technology and healthcare, redefining how medical services are delivered and experienced. With the convergence of IoT devices, artificial intelligence, data analytics, and telemedicine, the market is witnessing a paradigm shift towards personalized, efficient, and proactive healthcare solutions. The market's growth is fueled by a myriad of factors, including the rising prevalence of chronic diseases, an aging population, and the increasing demand for real-time patient data access. The COVID-19 pandemic further accelerated the adoption of telehealth and remote monitoring, underscoring the relevance of digital health platforms in times of crisis. As the market evolves, collaboration between tech giants, healthcare providers, and regulatory bodies remains pivotal in addressing challenges related to data security, interoperability, and privacy. With a projected compound annual growth rate (CAGR) of over 20% in the forecast period, the global smart healthcare market is poised to shape the future of healthcare delivery, augmenting patient care, streamlining operations, and redefining medical possibilities.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 144.90 billion |
| Market size value in 2031 | USD 428.40 billion |
| Growth Rate | 12.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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