The Smart Healthcare Market, valued at USD 166 Billion in 2023, is anticipated to reach USD 441.30 Billion by 2031, experiencing a compound annual growth rate (CAGR) of 13% throughout the forecast period from 2024 to 2031.
Market Scope:
Smart healthcare products leverage the latest information technologies, such as the Internet of Things (IoT), big data, cloud computing, and artificial intelligence, to revolutionize traditional healthcare systems. This leads to increased efficiency, convenience, and personalization of healthcare services. Technological advancements and rising penetration in the healthcare market are driving the growth of smart healthcare products.
Several initiatives by public and private players, such as product launches and approvals, are also contributing to market growth. Examples include Apple’s partnership with Biogen for early detection of cognitive impairment using wearables and Honeywell’s launch of the Real-Time Health Monitoring System for remote patient monitoring.
The growing adoption of IoT in healthcare offers benefits for patients, families, physicians, hospitals, and insurance companies. Studies show that IoT improves medical record-keeping, sample and device integration, and aids in identifying the causes of illness. Sensor-based IoT technology has the potential to significantly minimize the risk of surgery in complex situations. These advantages are expected to drive the demand for IoT-based smart healthcare products, further boosting the market.
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List of Smart Healthcare Market Companies Profiled in Report:
- AirStrip Technologies Inc.
- Allscripts Healthcare
- Apple Inc.
- AT&T Inc.
- Bollhoff Group
- Brooks Automation
- Cerner Corporation
- Cisco Systems Inc.
- GE Healthcare
- Given Imaging, Inc.
- Hurst Green Plastics Ltd.
- IBM
- LogiTag Medical Solutions
- McKesson Corporation
- Olympus Corporation
- Pepperl+Fuchs
- Samsung Electronics Corporation
- Siemens Medical Solutions
- Solstice Medical LLC
- Stanley Innerspac
- Wurth Group
Market Analysis:
The demand for smart healthcare systems is expected to increase due to the growing use of mHealth, efforts by governments to digitize healthcare, and the high occurrence of chronic diseases. The digitalization of the healthcare industry has significantly increased the adoption of mHealth, fueled by the rising usage of smartphones and digitization. A United Healthcare Consumer Sentiment Survey in 2019 revealed that approximately 37.0% of Americans rely on the internet or mobile apps for consultations related to their health conditions.
The active participation of industry players is expected to further drive the smart healthcare market. Examples include Philips’ introduction of a new application for acuity-based scoring tools to monitor patient conditions and Teladoc Health’s launch of medical professionals for patients with complex mental and physical health conditions. These advancements are expected to drive the smart healthcare market during the forecast period.
Supportive government programs are projected to contribute significantly to the growth of the smart healthcare market. For instance, the Quebec government, in collaboration with the Canadian Medical Association (CMA), expanded access to telehealth services across various Canadian provinces.
Key Market Segments
By Product Type
- Electronic Health Records
- mHealth
- Smart Pills and Syringes
- Telemedicine
- Smart RFID Cabinets
By Application
- Inventory Management and Storage
- Treatment
- Monitoring
- Other
By End User
- Home Care Settings
- Hospitals
- Other
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Segment Analysis:
The mHealth segment, a vital component of eHealth, leverages mobile and wireless devices like smartphones, tablets, and wearable health trackers to improve health outcomes, healthcare delivery, and research. This segment is experiencing significant growth due to the increasing prevalence of smartphones and tablets, the growing preference for mobile technology and internet access, and the rising demand for digital health solutions.
Furthermore, key market players are actively launching innovative mHealth products, further fueling the segment’s growth. For example, Mount Sinai Health System launched the MyMountSinai app, providing patients with online access to physicians, medical information management tools, and communication channels with healthcare professionals.
Impact Of Global Disruptions
The war in Ukraine has had a complex and multifaceted impact on the smart healthcare market. While the conflict has highlighted the critical need for these advanced healthcare solutions, particularly in war-torn regions, it has also introduced challenges. The war has disrupted global energy markets and supply chains, potentially increasing the cost and hindering the widespread adoption of smart healthcare technologies. Additionally, the economic slowdown triggered by the war could impact the overall market growth. However, the cost-effectiveness of smart healthcare solutions, offering the potential for lower patient care costs, could mitigate this effect. The long-term impact of the war on the market will depend on the resolution of the conflict and the global economic recovery.
Recent Developments:
Intuitive MB introduced its smart hospital and medical office building operating system in 2022, leveraging IoT, AI, and machine learning technology.
Commonwealth Bank launched Smart Health, a new smart terminal in 2022, assisting major Australian private health insurers in streamlining payments and claim processes.
Key Regional Development
North America Holds a Major Share in the Market
North America is poised to lead the smart healthcare market due to several factors. Government policies actively support the deployment of digital health solutions, and the region boasts high digital literacy and widespread access to infrastructure. Additionally, a growing awareness of connected healthcare, high internet and smartphone penetration, and the popularity of health-related apps are fueling market expansion. This trend is further bolstered by the rising adoption of smart wearable devices, with an estimated 20% of US residents already owning one for health monitoring. Continuous innovation in the region is also evident with the launch of tools like AHIMA dHealth and the AI-powered lung monitor Sylvee, indicating a promising future for smart healthcare in North America.
Key Takeaways from the Smart Healthcare Market Study:
- The smart healthcare market is expected to reach USD 441.30 Billion by 2031, growing at a CAGR of 13%.
- The mHealth segment is anticipated to witness significant growth due to the rising use of mobile technology and the internet.
- Supportive government initiatives for the digitization of healthcare are driving market growth.
- North America is expected to hold a dominant share in the market due to the presence of key players and high digital literacy.
- The war between Ukraine and Russia has increased the need for smart healthcare systems in both countries.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Smart Healthcare Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Smart Healthcare Market Segmentation, By Product Type
Chapter 9 Smart Healthcare Market Segmentation, By Application
Chapter 10 Smart Healthcare Market Segmentation, By End User
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
Continued…
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