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The global smart healthcare market size is estimated to grow by USD 115.39 billion at a CAGR of 9.26% between 2022 and 2027.
Advancements in technology have resulted in the development of healthcare devices with improved attributes. The advanced healthcare devices currently available in the market are biosensors, smartwatches, wearable electrocardiogram (ECG) monitors, wearable hands-free wristbands, activity trackers, glucose monitors, smart diapers, bionic suits, implantable devices, digital tattoos, and pedometers. The adoption of advanced IoT-powered wearable devices, such as smart glasses, is delivering substantial advantages to healthcare practitioners by enabling them to provide mHealth and telehealth services to their patients. Hence, the increasing availability and new launches of such IoT-powered solutions are driving their adoption among healthcare providers. The declining costs and expanding advances in wearable devices are driving the use of smart wearable devices in healthcare, which is anticipated to boost the growth of the smart healthcare market during the forecast period.
Technavio has segmented the market into Distribution Channels, Solution, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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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 healthcare products and services are offered to end-users. Offline retail stores, including specialty stores, healthcare equipment stores, and electronics stores, serve as significant distribution channels for smart healthcare products.
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The offline segment was the largest and was valued at USD 115.03 billion in 2017. In the offline distribution of smart healthcare 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 healthcare 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 smart healthcare 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 healthcare 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 healthcare staff to infected persons, thereby preserving the limited personnel protective equipment available for critical care applications and minimizing the need for patient visits to healthcare 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 smart healthcare market during the forecast period.
mHealth segment is expected to be the second-largest segment of the global smart healthcare 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 smart healthcare market during the forecast period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. 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 healthcare 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 healthcare facilities is also anticipated to fuel the growth of the regional smart healthcare market during the forecast period.
The outbreak of COVID-19 has had a positive impact on the market and the demand for smart healthcare solutions in North America. Nevertheless, in 2021, vaccination drives conducted by the governments of various countries led to a decrease in the number of COVID-19 cases. This decline in cases led to a decrease in the burden on healthcare systems, allowing healthcare facilities to focus on implementing and utilizing smart healthcare technologies effectively. Such a factor is anticipated to drive the growth of the regional smart healthcare market during the forecast period.
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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.
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.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 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 healthcare 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 smart healthcare 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 smart healthcare market is expected to be hampered during the forecast period.
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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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart Healthcare Market Customer Landscape
The smart healthcare market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Smart Healthcare Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.26% |
Market growth 2023-2027 |
USD 115.39 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.28 |
Regional analysis |
Europe, North America, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, Germany, UK, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 Plc, Microsoft Corp., Olympus Corp., Samsung Electronics Co. Ltd., Zebra Technologies Corp., and Oracle Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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