NEW
YORK, July 18, 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..
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Distribution Channel
(Offline and Online ), Solution (Telemedicine, mHealth, EHR, Smart
pills, and Others ), and Geography (North America, Europe, Asia,
and Rest of World (ROW))
|
Region
Covered
|
Europe, North America,
Asia, and Rest of World (ROW)
|
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.
|
Key Market Trends Fueling Growth
The healthcare industry is experiencing a significant shift
towards smart healthcare solutions, driven by the increasing use of
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. This trend is transforming healthcare institutions into
connected hospitals, with applications ranging from telemedicine
and connected imaging to clinical workflow management and inpatient
monitoring. The adoption of IoT is being fueled by government
initiatives, the need to reduce healthcare costs, and the growing
penetration of smartphones and the Internet. As the number of
connected devices increases, security becomes a top priority,
leading to the widespread adoption of Electronic Health Records
(EHRs) to optimally collect and integrate data. Vendors offering
cloud-based solutions, such as Cisco, Microsoft, and Alphabet, are
seizing lucrative growth opportunities in the smart healthcare
market. The demand for connected systems to enhance healthcare
deployments is expected to drive the growth of the global smart
healthcare market.
Smart healthcare is a rapidly growing market that integrates
digital technology into healthcare items, such as pedometers and
activity trackers, to monitor and manage health data. This includes
smart wearables like smart syringes and smart medicines, which
provide real-time information on usage. Remote monitoring through
mobile health and telemedicine is also a significant trend,
enabling real-time tracking of vital signs like blood pressure,
heart rate, oxygen level, and temperature. Market leaders like Vera
Smart Health and Teladoc Health are utilizing RFID technology in
smart healthcare products for efficient inventory management
through RFID Kanban Systems and RFID Smart Cabinets. Electronic
Health Records and information technologies like big data, cloud
computing, artificial intelligence, and real-time location systems
are revolutionizing the traditional medical system. However, market
restraints include privacy concerns and the need for
standardization. Despite these challenges, the future of smart
healthcare is bright, with continuous innovation and advancements
in digital technology.
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Market Challenges
- The high cost is a major barrier to the adoption of smart
healthcare solutions, particularly in the case of emerging
technologies like biosensors. The significant expense of
biosensors, which include the cost of sensors, pills, fluidic
sensors, flow meters, gyroscopes, and micro dispensers, limits
their application in new areas. Similarly, the integration of
Electronic Health Records (EHR) comes with substantial costs. The
implementation costs consist of the preliminary fixed cost,
licensing fees, maintenance expenses, and the opportunity costs of
time spent on learning to use the new system. Hospitals, which
typically have a low IT budget, find it challenging to implement
EHR fully or partially due to these costs. The time taken for EHR
implementation also increases with the level of integration
required, leading to further expense. Consequently, the high costs
associated with certain smart healthcare solutions hinder their
adoption, negatively impacting 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, addressing cognitive impairment in elderly
patients, and ensuring seamless integration of wearable devices
with cloud communication. Caregivers, patients, families,
physicians, hospitals, and insurance companies all benefit from
these innovations, but high costs remain a concern. Oral Biology
and Craniofacial Research, along with medical record-keeping, are
also adopting digital health solutions. Illness causes are being
monitored using sensor-based IoT technology, enabling early
intervention for conditions like asthma and diabetes. Surgery,
eHealth, and digital health programs are revolutionizing healthcare
services and research. Key market participants include cell phones,
tablets, and patient monitoring devices, all contributing to
improved health outcomes. Infrastructure and digital literacy are
essential for the successful implementation of connected
healthcare, with the internet and health-related apps playing
crucial roles. Smart wearable devices, such as smartwatches and
health monitors, are gaining popularity, offering advantages like
acoustic resonance for lung function assessment and essential
cardiology monitoring using blood glucose monitors.
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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 traditional distribution
channels for smart healthcare products and services. Retail stores,
medical equipment suppliers, and distributors are key players in
this sector. These channels offer customers the opportunity to
physically examine and purchase smart healthcare devices, such as
fitness trackers, smartwatches, blood pressure monitors, and
advanced medical equipment. Medical equipment suppliers and
distributors have established relationships with healthcare
providers, hospitals, clinics, and pharmacies, enabling the
distribution of telehealth systems, remote patient monitoring
equipment, and other smart healthcare solutions. The personalized
customer experience provided by offline channels enhances customer
satisfaction and builds trust. Many consumers prefer these
established distribution channels due to their reliability,
professional expertise, and after-sales support. These factors are
expected to fuel the growth of the offline segment of the global
smart healthcare market.
For more information on market segmentation with
geographical analysis including forecast (2023-2027) and historic
data (2017 - 2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Equine Healthcare Market is expanding due to
increased awareness of animal health and advanced treatment
options. Major players focus on innovations in diagnostics,
therapeutics, and surgical procedures. The global Medical Devices
Market is experiencing robust growth, driven by technological
advancements and rising demand for minimally invasive procedures.
Key areas include imaging, diagnostics, and wearable devices. The
global Medical Terminology Software Market is growing rapidly,
propelled by the need for standardized communication in healthcare
settings. This software enhances efficiency, accuracy, and
compliance in medical documentation and coding.
Research Analysis
The Smart Healthcare Market is experiencing rapid 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 monitoring. Apple is also making waves with its smart
wearables, which allow users to monitor their health and connect
with healthcare professionals. Big data and cloud computing are
essential components of this market, enabling healthcare providers
to access and analyze patient data in real-time. Smart healthcare
items include not only wearables but also smart syringes,
medicines, and RFID cabinets, all designed to improve patient care
and outcomes. Overall, the Smart Healthcare Market is
revolutionizing the way we approach healthcare, making it more
accessible, efficient, and personalized.
Market Research Overview
Smart Healthcare Market: Transforming Healthcare with mHealth
and Information Technologies The Smart Healthcare Market is
revolutionizing traditional healthcare systems by integrating
mHealth, RFID, Real-Time Location Systems, and advanced information
technologies like big data, cloud computing, and artificial
intelligence. These technologies enable remote patient monitoring
of vital signs such as blood pressure, heart rate, oxygen level,
and temperature using smart healthcare products like wearable
devices, smartwatches, health monitors, pedometers, and activity
trackers. The advantages of Smart Healthcare are numerous,
including improved health outcomes, enhanced patient engagement,
and more efficient healthcare services. However, high costs and
infrastructure requirements pose market restraints. Digital health
programs, eHealth, and health research are key areas of growth,
with cell phones and tablets becoming essential patient monitoring
devices. Cognitive impairment, Oral Biology, Craniofacial Research,
and medical record-keeping are also benefiting from sensor-based
IoT technology and digital health infrastructure. Smart syringes,
medicines, RFID cabinets, and smart pills are transforming
healthcare delivery, while telemedicine and remote monitoring
enable caregivers, patients, families, physicians, hospitals, and
insurance companies to stay connected. Market participants include
healthcare services, digital health companies, and infrastructure
providers, with key market restraints being RFID Kanban Systems,
RFID Smart Cabinets, Electronic Health Records, and Telemedicine.
The future of Smart Healthcare lies in the integration of acoustic
resonance, lung function, asthma, essential cardiology, and
health-related apps, enabling personalized and proactive
healthcare.
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
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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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