The global Smart Healthcare market size is expected to be worth around US$ 530 billion by 2028, according to a new report by Vision Research Reports.
The global Smart Healthcare market size was valued at US$ 145 billion in 2020 and is anticipated to grow at a CAGR of 16.2% during forecast period 2021 to 2028.
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 37.0% of Americans rely on internet or mobile apps for consultations related to their health conditions.
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.
Operating costs are mainly governed by production costs, inventory storage costs, manufacturing overhead costs, wages, energy costs, and logistical costs. Poor inventory control is a major issue faced by companies that leads to substantial operating losses. There is an increasing demand for RFID kanban systems control their inventory costs. RFID kanban systems owing to associated benefits such as reduction in manpower, higher efficiency, and cost effectiveness is anticipated drive traction over the forecast period.
Technological advancements are rapidly transforming the market for smart healthcare. Some of the major market players such as IBM, Cisco, Given Imaging, Inc., Olympus Corporation, Logi-Tag, Brooks Automation, Stanley Innerspace, GE Healthcare, and others account for a substantial market share, owing to their extensive product offerings.Key players are focusing on expanding their current portfolio such as in March 2020, Siemens Healthineers launched Teamplay digital health platform.
On the basis of product, mHealth dominated the smart healthcare market with around 48% revenue share in 2020. The dominance is attributed to high internet usage, smartphones, and the adoption of mHealth apps. Moreover, the introduction of wearable devices from Apple, Fitbit, and MI are influencing the market positively. In April 2020, Proxxi, a Canadian firm launched a wearable device, Halo. This device is designed to ensure compliance with social distancing at a workplace during the ongoing global COVID-19 pandemic. This device would constantly notify of separation to ensure proper social distancing.
RFID kanban system is the fastest-growing segment at a CAGR of 22% from 2021 to 2028. 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. Moreover, RFID in Real-Time Location Systems (RTLS) also helps to track newborn babies. Thus, owing to the aforementioned reasons the segment is likely to grow during the forecast period.
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 the healthcare professionals to connect effectively with their patients. Owing to social distancing globally, virtual care delivery is stepping up as an effective solution for secure and superior communication. Furthermore, companies are collaborating with hospitals to monitor COVID-19 patients. For instance, in March 2020, All India Institute of Medical Sciences (AIIMS) launched a 24/7 Telemedicine Hub, CoNTeC. Itis a real-time telemedicine hub aimed to assist physicians to treat patients.
North America dominated the market with a revenue share of 35% in 2020. This is attributed to supportive government policies for the deployment of digital health and the accessibility of infrastructure with high digital literacy. Furthermore, the presence of key market participants, 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.
On March 10, 2020, the American Hospital Association (AMA) stated that nearly 76% of hospitals in the U.S. use telehealth to connect with consulting practitioners and patients owing to its affordability and elevated health care value. Moreover, the successful implementation of e-prescription systems and Electronic Health Records (EHR) in various healthcare centers drive regional market growth.
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. Arise in the number of government digitalization programs in emerging nations such as China and India is expected to drive the adoption of digital healthcare solutions such as health services. With growing COVID-19 cases in the region, companies are increasingly investing in telemedicine services. On April 14, 2020, Huawei commended the provision of wireless network, conferencing, and smartphones across Thailand, Bangladesh, and Malaysia. This is intended to increase the adoption of telemedicine practices to combat the COVID-19 pandemic in the region.
Given Imaging, Inc.
Solstice Medical LLC
Siemens Medical Solutions
Allscripts Healthcare Solutions
Samsung Electronics Corporation
AirStrip Technologies Inc.
Hurst Green Plastics Ltd
Smart Healthcare Product Outlook
RFID Kanban Systems
RFID Smart Cabinets
Electronic Health Records (EHR)
Smart Healthcare Regional Outlook
Middle East & Africa
The Smart Healthcare market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Smart Healthcare market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Smart Healthcare market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Smart Healthcare market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Smart Healthcare market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Smart Healthcare capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Smart Healthcare by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Smart Healthcare market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Smart Healthcare market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Smart Healthcare market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Smart Healthcare industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
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.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Smart Healthcare market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Smart Healthcare market. These factors have benefited the growth of the global market for Smart Healthcare. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Smart Healthcare. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Smart Healthcare are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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