The global smart healthcare market size is expected to hit US$ 482.25 billion by 2027 from valued at US$ 145.32 billion in 2020, poised to grow at a CAGR of 19.7% between 2020 and 2027.
The global smart healthcare market size is expected to hit US$ 482.25 billion by 2027 from valued at US$ 145.32 billion in 2020, poised to grow at a CAGR of 19.7% between 2020 and 2027.
Growth Factors
The growing adoption of the telehealth and mhealth platforms among the healthcare providers and the consumers across the globe owing to the huge cost benefits, convenience, and 24/7 availability of care services has fostered the growth of the smart healthcare market. The increasing adoption of smartphones among the global consumers, rising number of internet users, and rising investments in the development of IT and telecommunication infrastructure are the prominent factors that supports the growth of the global smart healthcare market. The regulatory changes by the government to favor and support the adoption of smart healthcare platforms is supplementing the market growth. Moreover, the rising investments in the development of smart hospitals and digitization of the existing hospitals to reduce healthcare costs and increase the operational efficiency of the hospitals are significantly boosting the growth of the global smart healthcare market.
Get the sample copy of report@ https://www.precedenceresearch.com/sample/1173
Report Highlights:
- Based on the product, the mHealth segment garnered a market share of around 47% and dominated the global smart healthcare market in 2019. This is simply attributed to the rapid emergence of numerous mHealth apps, increased awareness regarding the mHealth among the consumers, rising penetration of smartphones, and rapidly surging number of internet users across the globe. According to the International Telecommunication Union, around 63% or 4.9 billion global people were using internet in 2021. Moreover, the adoption of RFID technology is enhancing the hospital workflow related to the patients’ inflow and outflow.
- Based on the region, North America accounted for a market share of over 34% and dominated the global smart healthcare market in 2019. The favorable government policies regarding the reimbursement of telehealth and mHealth services and the increased adoption of the smart healthcare in North America has significantly fostered the growth of the market in this region. According to The American Hospital Association, around 76% of the hospitals in US uses telehealth platforms to communicate with the patients and the consulting professionals. Moreover, the increased adoption of the e-prescriptions and the electronic health records in the region has fostered the market growth.
- Asia Pacific is estimated to be the most lucrative and opportunistic market during the forecast period. The rising investments by the countries like China, Japan, India, and Australia in the development of smart hospitals and digitization of the healthcare sectors is expected to drive the growth of the market. Moreover, the governments of the emerging nations are framing favorable policies regarding the use of smart health platforms is augmenting the market growth. Furthermore, the increasing adoption of smartphones, presence of huge youth population, and increasing awareness regarding the benefits of smart health among the population are some of the major factors that drives the growth of the Asia Pacific smart healthcare market.
Ask here for customization@ https://www.precedenceresearch.com/customization/1173
Future of Smart Healthcare Market
The growing geriatric population and rising prevalence of chronic diseases along with the surging awareness regarding the smart health platforms like telehealth and mHealth are the prominent factors that are expected to boost the market growth in the forthcoming future. The globe is witnessing a rapid growth in the old age population. The geriatric population is estimated to reach at 2 billion by 2050, as per the United Nations. The old age people are more prone to the diseases and requires frequent monitoring, diagnosis, and consultations. Therefore, the smart healthcare platforms are very much feasible and economical for the old age population to cater to their medical needs.
COVID-19 Impact Analysis:
- The COVID-19 pandemic resulted in the huge adoption of the smart healthcare platforms among the consumers and the healthcare providers owing to the lockdown restrictions
- The huge number of COVID-19 patients in the hospitals created a pressure on the hospitals and resulted in the decline in the physician visits. The fear of getting infected has spiked the demand for the mHealth and telehealth owing to the easy availability of consulting services
- The government has taken necessary steps to favor the growth of the smart healthcare by amending the reimbursement policies
Key Developments in the Marketplace:
- In May 2020, DrChrono launched its fully integrated telemedicine platform/app for its network providers. It is also engaged in launching Physician Marketplace to help the patients to find physicians.
- In August 2020, Emme introduced its Smart Case, a birth control adherence device that ensures whether the user has taken the pills and it also sends notifications.
Key Players
- Allscripts
- BD
- Logi-Tag Systems
- Cerner Corporation
- Cisco Systems
- GENERAL ELECTRIC COMPANY
- AirStrip
- SAMSUNG
- Siemens Healthcare Private Limited
- IBM Corporation
- Terumo Corporation
- eClinicalWorksResideo Technologies, Inc.
- STANLEY Healthcare
- Medtronic
Market Segmentation
By Product Type
- RFID Kanban Systems
- RFID Smart Cabinets
- Electronic Health Records (EHR)
- Telemedicine
- MHealth
- Smart Pills
- Smart Syringes
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Click Here to View Full Report Table of Contents
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1173
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333