According to Vision Research Reports, the smart healthcare market growth is expected to reach at a CAGR of 17.2% during forecast period 2021 to 2030 and to attain valuation US$ 550.9 billion by 2030.
According to Vision Research Reports, the smart healthcare market growth is expected to reach at a CAGR of 17.2% during forecast period 2021 to 2030 and to attain valuation US$ 550.9 billion by 2030.
Growth Factors
Rising adoption of mHealth, government initiatives to digitize healthcare, and the prevalence of chronic disorders are likely to accentuate the demand for smart healthcare systems. Digitalization has transformed the healthcare industry. The adoption of mHealth has increased substantially in the past few years, majorly owing to the rising usage of smartphones and digitization. As per a United Healthcare Consumer Sentiment Survey, in 2019, approximately 39.0% of Americans rely on internet or mobile apps for consultations related to their health conditions.
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The COVID-19(coronavirus) pandemic is likely to boost the market growth as these solutions help healthcare professionals to connect effectively with their patients and offer quality treatment. Owing to social distancing, remote patient monitoring, and virtual healthcare delivery is gaining momentum.
Growing application of IoT in healthcare
The growing use of IoT and connected medical devices is a major trend in the market. IoT helps in bridging the gap between physical and digital data sources by monitoring patients in real-time. IoT infrastructure helps in improving the accessibility of patients to services, reducing the operational burden on healthcare facilities, and supporting the development of digital ecosystems in healthcare organizations. Healthcare organizations are moving to connected hospital infrastructure to provide timely and improved care. IoT has a wide range of applications in healthcare settings, with the potential to expand within and outside healthcare facilities. Some of the key applications of IoT are telemedicine, connected imaging, clinical workflow and operations management, medication management, and inpatient monitoring.
Report Coverage
| Report Scope | Details |
| Market Size | USD 550.9 billion by 2030 |
| Growth Rate | CAGR of 17.2% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | IBM; Cisco; GE Healthcare; Olympus Corporation; Brooks Automation; Given Imaging, Inc.; Stanley Innerspace; Solstice Medical LLC; Siemens Medical Solutions; Allscripts Healthcare Solutions; Samsung Electronics Corporation; AirStrip Technologies Inc.; Apple Inc.; AT&T Inc.; Logi-Tag; Cerner Corporation; Pepperl+Fuchs; Hurst Green Plastics Ltd.; Bollhoff Group; Wurth Group; McKesson Corporation; Brooks Automation; and LogTag |
Key Offerings
- Alphabet Inc. - The company offers cloud-based smart healthcare solutions that include telehealth solutions, collaboration and productivity tools, healthcare API management solutions, healthcare data interoperability-based solutions, patient service and support solutions, healthcare analytics, and remote working solutions, among others.
- Allscripts Healthcare Solutions Inc. - The smart healthcare solutions offered by the company include EMRs, population health management systems, and patient engagement systems.
By Product Analysis
On the basis of product, mhealth accounted the smart healthcare market with around 48.0% revenue share in 2020. The dominance is attributed to high internet usage, smartphones, and the adoption of mHealth apps.
RFID kanban system is the fastest-growing segment at a CAGR of 23.1% from 2020 to 2030. The key trends aiding in the adoption of RFID are supply chain management, automation, real-time intelligence, and asset tracking. RFID technology help to identify issues in the workflow of hospitals especially to move patients in and out quickly and more efficiently.
Telemedicine accounted for the second-fastest-growing segment in the market for smart healthcare. In the wake of the on-going COVID-19 outbreak, it is anticipated to boost the adoption and usage of telemedicine by healthcare professionals to connect effectively with their patients.
By Regional Analysis
North America accounted the market with a revenue share of 35.81% in 2019. This is attributed to supportive government policies for the deployment of digital health and the accessibility of infrastructure with high digital literacy. growing awareness about connected healthcare, high penetration of internet, and smartphones, along with the usage of health-related apps are a few of the key factors responsible for the growth of the market.
Asia Pacific is expected to exhibit lucrative growth over the forecast period. Countries such as Japan, Australia, and India exhibit significant potential owing to their developed healthcare IT infrastructure and growing investments in smart healthcare.
Key Players
- AirStrip Technologies Inc.
- Allscripts Healthcare Solutions
- Apple Inc.
- AT&T Inc.
- Brooks Automation
- Cerner Corporation
- Cisco
- GE Healthcare
- Given Imaging, Inc.
- Hurst Green Plastics Ltd.
- IBM
- Logi-Tag
- McKesson Corporation
- Olympus Corporation
- Pepperl+Fuchs
- Samsung Electronics Corporation
- Siemens Medical Solutions
- Solstice Medical LLC
- Stanley Innerspace
- Bollhoff Group
- Wurth Group
Market Segmentation
- Product
- RFID Kanban Systems
- RFID Smart Cabinets
- Electronic Health Records (EHR)
- Telemedicine
- mHealth
- Smart Pills
- Smart Syringes
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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