Enjoy complimentary customisation on priority with our Enterprise License!
The smart healthcare market size is estimated to grow by USD 125.7 billion at a CAGR of 9.31% between 2023 and 2028. Smart healthcare involves the use of advanced medical devices and IoT-powered solutions to improve patient care, including biosensors, smartwatches, and wearable ECG monitors. Smart wearable healthcare devices, such as smart glasses and activity trackers, enable medical practitioners to provide mHealth and telehealth services effectively. The declining costs and technological advancements in these devices are driving their adoption and boosting market growth.
To learn more about this report, Request Free Smart Healthcare Market Report Sample
MI, or Medical Intelligence, is at the forefront of Smart Healthcare, with innovative solutions like smart health monitoring systems revolutionizing patient care. These systems track vital signs such as blood pressure, heart rate, oxygen level, and temperature using cutting-edge information technologies. The integration of Digital technology has led to the development of Smart healthcare items and Smart wearables, empowering individuals to monitor their health in real time. These advancements mark a significant shift in healthcare towards proactive, personalized, and data-driven approaches, enhancing patient outcomes and overall healthcare efficiency.
The market share growth by the offline segment will be significant during the forecast period. The offline segment of this market refers to the physical distribution channels through which smart medical products and services are offered to end-users. Offline retail stores, including specialty stores, medical equipment stores, and electronics stores, serve as significant distribution channels for smart medical products.
Get a glance at the market contribution of various segments. View PDF Sample
The offline segment was the largest and was valued at USD 121.4 billion in 2018. In the offline distribution of smart medical products, medical equipment suppliers and distributors play a significant role. In addition, these suppliers have established networks and relationships with healthcare providers, hospitals, clinics, and pharmacies, facilitating the distribution of advanced medical devices, telehealth systems, remote patient monitoring equipment, and other smart medical solutions. When they can see and touch the products before buying, customers often feel more confident in their purchase decisions. Such factors are anticipated to drive the growth of the offline segment of the market during the forecast period.
Telemedicine is the delivery of long-distance healthcare with the help of telecommunications technology. A telemedicine service connects users with experts and medical professionals online. The rising adoption of telemedicine among medical facilities across various countries with efficient telecommunication infrastructure is important. Telemedicine services have become extremely beneficial during the COVID-19 outbreak by lowering the exposure of medical staff to infected persons, thereby preserving the limited personnel protective equipment available for critical care applications and minimizing the need for patient visits to medical facilities. These initiatives are driving the adoption of telemedicine worldwide. Such factors are anticipated to fuel the growth of the telemedicine segment of the global market during the forecast period.
The mHealth segment is expected to be the second-largest segment of the global market and is anticipated to grow at a significant growth rate during the forecast period. mHealth technologies include the following: One-way data application: It comprises the flow of information from medical professionals to patients through educative methodology and SMS. Two-way data application: It includes data access programs for remote monitoring and client record access. Furthermore, advancements in cellular and wireless networks, such as the large-scale adoption of 4G and testing of 5G services, will generate a demand for data-related services, which, in turn, is anticipated to fuel the growth of the mHealth segment of the market during the forecast period.
For more insights about the market share of various regions View PDF Sample now!
North America is estimated to contribute 44% to the growth of the global market during the forecast period, while RoW will contribute 57%. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Due to the federal government's initiatives for reducing healthcare expenses and enabling remote patient monitoring, the adoption of the Internet of Nano-things (IoNT) in the medical sector is growing rapidly in the region.
Moreover, the federal government has enacted legislation such as the Affordable Care Act (ACA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act to encourage the adoption of the latest technologies, including telehealth, mobile health, and nanomedicine. The existence of advanced technology and infrastructure that enables the easy implementation of advanced medical facilities is also anticipated to fuel the growth of the regional market during the forecast period.
Buy Now Full Report and Discover More
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Alphabet Inc. - The company offers Google Cloud for healthcare and life sciences, signifying the importance of healthcare cloud-based analytics.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The sector is experiencing robust growth driven by innovations like mHealth, smart health monitoring systems, and IoT technology. Companies like Apple, Vera Smart Health, and Teladoc Health are leading the charge with digital health solutions. Key trends include the rise of remote monitoring, Smart wearables, and IoT-enabled healthcare products. However, challenges such as data security, interoperability, and regulatory compliance remain significant hurdles. Government initiatives aimed at digitization are driving market expansion, but addressing market restraints like privacy concerns and technology integration will be crucial for sustained growth. There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
Increasing focus on patient engagement is notably driving the market growth. Patient engagement refers to the interaction between patients and healthcare professionals which is becoming more relevant now as it is critical for improving healthcare results, improving patient care, and attaining lower costs through the regular interaction between healthcare providers and patients and keeping patients engaged in care management. Also, the integration and utilization of high-end technology platforms help in patient engagement by expanding patient access to care at any time and place. In addition, the gradual transition of the medical industry from institution-centric care delivery to patient-centric care delivery is driving the adoption of smart healthcare solutions.
Moreover, the benefit of smart healthcare solutions with connected architecture has also expanded the engagement of rural patients with healthcare professionals by delivering them with easy access to specialized care. Such factors drive the adoption of smart healthcare solutions globally, which, in turn, is anticipated to boost the growth of the global market during the forecast period.
Increasing use of healthcare applications is an emerging trend shaping the market growth. To track health conditions such as diabetes, depression, and menstrual cycle, technological companies such as Apple, Google, and Samsung are involved in the manufacturing of various health apps. The technological advances of smart healthcare products are anticipated to advance the number of health apps during the forecast period. For instance, the latest health app from Apple allows users to access their medical records on their iPhones. The updated app brings together hospitals, clinics, and other healthcare facilities to make it easy for consumers to keep track of their medical conditions.
Moreover, numerous such advances are likely to be adopted by other app developers, which will lead to increased use by consumers. Therefore, the rising use of healthcare applications is anticipated to contribute to the market growth during the forecast period.
Complexities associated with the deployment of smart healthcare solutions are a significant challenge hindering market growth. Implementing smart healthcare solutions, such as mHealth and EHR solutions, is a complex process. It requires customizing the system to support safe and quality healthcare while ensuring minimal downtime. Successful implementation also involves assessing communication within and outside the healthcare IT system, integrating all components, and proper interaction with people and technologies.
However, there are several obstacles faced during the deployment of smart healthcare solutions, including data and model issues, workflow changes, financial limitations, and organizational changes. These challenges limit the adoption of smart healthcare solutions due to the complexity of the systems and the difficulties faced during their integration and deployment. As a result, the growth of the global market is expected to be hampered during the forecast period.
Buy Now Full Report and Discover More
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is witnessing significant growth driven by advancements in Internet of Things (IoT) technology and the rise of the smart health monitoring system, including Vera Smart Health and Proxxi. Companies like Teladoc Health and initiatives like NHS U are pioneering remote and real-time monitoring. This evolution is facilitated by RFID and Real-Time Location Systems, enhancing device integration and medical record-keeping. Cloud computing, big data, and artificial intelligence are revolutionizing healthcare services and patient outcomes. However, challenges include high costs associated with surgery and eHealth solutions, as well as ensuring digital literacy among users.
Key participants in this market are developing smart wearable devices such as the AI-powered wearable lung monitor for lung function monitoring and asthma management. With acoustic resonance technology and essential cardiology features like blood glucose monitors, the smart healthcare sector is poised for continued growth and innovation in health monitors, smart syringes, smart medicines, and smart RFID cabinets. Despite market restraints, including government attempts to digitize and manage Electronic Health Records, the trajectory towards connected healthcare and digital health platforms like Teamplay is firmly established.
|
Industry Scope |
|
|
Report Coverage |
Details |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 9.31% |
|
Market growth 2024-2028 |
USD 125.7 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
8.6 |
|
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
|
Performing market contribution |
North America at 44% |
|
Key countries |
US, Germany, UK, Canada, and Japan |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
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, Microsoft Corp., Olympus Corp., Oracle Corp., Samsung Electronics Co. Ltd., and Zebra Technologies Corp. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our Market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
View Sample PDF at your Fingertips
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Solution
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
