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Global Smart Healthcare Market – Industry Trends and Forecast to 2029

  • Healthcare
  • Upcoming Report
  • Jul 2022
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220
  • Healthcare
  • Upcoming Report
  • Jul 2022
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Smart Healthcare Market, By Product Type (Telemedicine, Electronic Health Records, M-Health, Smart Pills and Syringes, RFID Kanban Systems, Smart RFID Cabinets, Others), Application (Storage and Inventory Management, Monitoring, Treatment, Others), End User (Hospitals, Home Care Settings, Others) – Industry Trends and Forecast to 2029

Smart Healthcare Market

Market Analysis and Size

According to the World Health Organization (WHO) estimates that there were 524 million seniors worldwide in 2010 and that number will rise to 1.5 billion by 2050. The increasing need for individualised healthcare and sophisticated smart home healthcare has led to a rise in mHealth technologies and internet of things-based monitoring systems, which further enhance patient and healthcare provider communication. Other significant factors influencing the industry's expansion include an increasing senior population, a rise in the use of cloud computing in healthcare, and rising disposable income.

Data Bridge Market Research analyses that the smart healthcare market which was USD 153.6 billion in 2021, would rocket up to USD 461.76 billion by 2029, and is expected to undergo a CAGR of 14.75% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product Type (Telemedicine, Electronic Health Records, M-Health, Smart Pills and Syringes, RFID Kanban Systems, Smart RFID Cabinets, Others), Application (Storage and Inventory Management, Monitoring, Treatment, Others), End User (Hospitals, Home Care Settings, Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Allscripts Healthcare, LLC (U.S.), Cerner Corporation (U.S.), Cisco Systems Inc. (U.S.), GENERAL ELECTRIC (U.S.), IBM (U.S.), LogiTag Medical Solutions (U.S.), OLYMPUS CORPORATION (Japan), SAMSUNG (South Korea), Siemens (Germany), BD (U.S.), AirStrip Technologies, Inc. (U.S.), Terumo Corporation (Japan), Resideo Technologies, Inc. (U.S.), eClinicalWorks (U.S.), STANLEY Healthcare (Canada), Medtronic (Ireland), 3M (U.S.), Apple Inc. (U.S.),  Pepperl+Fuchs (Germany) 

Market Opportunities

  • Fast-growing use of smartphones, digitization
  • High R&D expenditure on smart healthcare devices

Market Definition

Smart healthcare goods are the kind of equipment that uses cutting-edge technology to improve patient care and overall quality of life. They help clinicians treat patients more effectively by providing accurate patient-related data.

Smart Healthcare Market Dynamics

Drivers

  • Spread of the Internet of Things

One of the key elements anticipated to drive the market for smart healthcare is the spread of the Internet of Things. Additionally, it is predicted that throughout the forecast period of 2022 to 2029, the quick uptake of mHealth, rise in government initiatives to digitise healthcare, and rise in the prevalence of chronic illnesses would all drive the growth in the global smart healthcare market.

  • Government initiatives for the digitalization of healthcare

In a similar vein, it is anticipated that the population's rising aging, rapid lifestyle changes, and more government initiatives for the digitalization of healthcare infrastructure would boost market growth. The increased demand for tiny electronic devices to gather real-time information is also anticipated to play a vital role in the development of the market for smart healthcare.

  • Increasing mHealth adoption

The demand for intelligent healthcare systems is projected to increase as a result of increasing mHealth adoption, governmental efforts to digitise healthcare, and the incidence of chronic diseases. The healthcare sector has changed as a result of digitalization. In recent years, there has been a significant rise in the acceptance of mHealth, largely due to the increased use of smartphones and digitization.

Opportunities

During the forecast period of 2022 to 2029, the fast-growing use of smartphones, digitization, and high R&D expenditure on smart healthcare devices are anticipated to provide the market with considerable potential prospects.

Restraints/Challenges

However, it is predicted that the high cost of the smart healthcare devices and the high investment costs will restrain market growth, while a shortage of qualified and educated professionals may impede market expansion.

This smart healthcare market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart healthcare market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Smart Healthcare Market

The COVID-19 era saw a significant rise in demand for smart healthcare solutions. The use of smart healthcare has grown during the pandemic, and it is anticipated that this adoption rate will continue to rise in the aftermath of COVID-19. As a result, many companies are increasing the scope of their offerings. Vera Smart Health, for example, invested about USD 20 billion in November 2020 to expand its services to include home-based tests and diagnostics, remote health services, medication delivery, virtual care, and nutrition consultation services. Because of the COVID-19 situation, a substantial market for smart healthcare solutions is therefore expected.

Global Smart Healthcare Market Scope

The smart healthcare market is segmented on the basis of product type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

  • Telemedicine
  • Electronic Health Records
  • M-Health
  • Smart Pills and Syringes
  • RFID Kanban Systems
  • Smart RFID Cabinets
  • Others

 Application

  • Storage and Inventory Management
  • Monitoring
  • Treatment
  • Others

 End User

  • Hospitals
  • Home Care Settings
  • Others

Smart Healthcare Market Regional Analysis/Insights

The smart healthcare market is analysed and market size insights and trends are provided by country, product type, application and end-user as referenced above.

The countries covered in the smart healthcare market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America leads the smart healthcare market owing to rise in government policies for the deployment of digital health and the availability of infrastructure with high digital literacy.

Asia-Pacific is expected to expand at a significant growth rate over the forecast period of 2022 to 2029 due to the well developed healthcare IT infrastructure and increase in investments in smart healthcare.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Smart Healthcare Market Share Analysis

The smart healthcare market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart healthcare market.

Some of the major players operating in the smart healthcare market are:

  • Allscripts Healthcare, LLC (U.S.)
  • Cerner Corporation (U.S.)
  • Cisco Systems Inc. (U.S.)
  • GENERAL ELECTRIC (U.S.)
  • IBM (U.S.)
  • LogiTag Medical Solutions (U.S.)
  • OLYMPUS CORPORATION (Japan)
  • SAMSUNG (South Korea)
  • Siemens (Germany)
  • BD (U.S.)
  • AirStrip Technologies, Inc. (U.S.)
  • Terumo Corporation (Japan)
  • Resideo Technologies, Inc. (U.S.)
  • eClinicalWorks (U.S.)
  • STANLEY Healthcare (Canada)
  • Medtronic (Ireland)
  • 3M (U.S.)
  • Apple Inc. (U.S.)
  • Pepperl+Fuchs (Germany) 


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Frequently Asked Questions

The smart healthcare market is projected to grow at a CAGR of 14.75% during the forecast period of 2022-2029.
The Smart Healthcare Market value is expected USD 461.76 billion by 2029.
The major players operating in the Smart Healthcare Market are Allscripts Healthcare, LLC (U.S.), Cerner Corporation (U.S.), Cisco Systems Inc. (U.S.), GENERAL ELECTRIC (U.S.), IBM (U.S.), LogiTag Medical Solutions (U.S.), OLYMPUS CORPORATION (Japan), SAMSUNG (South Korea), Siemens (Germany), BD (U.S.), AirStrip Technologies, Inc. (U.S.), Terumo Corporation (Japan), Resideo Technologies, Inc. (U.S.), eClinicalWorks (U.S.), STANLEY Healthcare (Canada), Medtronic (Ireland), 3M (U.S.), Apple Inc. (U.S.), Pepperl+Fuchs (Germany).
The major countries covered in the Smart Healthcare Market are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.