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The smart healthcare market share is expected to increase by USD 96.25 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.46%.
This smart healthcare market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the smart healthcare market segmentation by solution (telemedicine, MHealth, EHR, smart pills, and others) and Geography (North America, Europe, Asia, and the Rest of the World (ROW)). The smart healthcare market report also offers information on several market vendors, including 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, Koninklijke Philips NV, Medtronic Plc, Microsoft Corp., Olympus Corp., Oracle Corp., Samsung Electronics Co. Ltd, and Zebra Technologies Corp. among others.
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The growing demand for remote health monitoring is notably driving the smart healthcare market growth, although factors such as high costs involved with smart healthcare may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart healthcare industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Smart Healthcare Market Driver
One of the key factors driving growth in the smart healthcare market is the growing demand for remote health monitoring. The rise in the aging population, especially in developed countries, has increased chronic diseases. This has necessitated the demand for live and effective monitoring of health conditions and the day-to-day activities of the aged population. Subsequently, this is likely to increase the adoption of smart health products. Smart health products come with embedded communication, sensor technologies, and data analytics techniques. These products are used for monitoring individuals physically for the diagnosis and ongoing disease treatments. Potential applications of smart healthcare products include early-stage diagnosis of congestive heart failure, diabetes prevention, enhanced clinical management of neurodegenerative conditions, and facilitating timely response to emergencies. These benefits will boost the demand for smart healthcare products.
Key Smart Healthcare Market Trend
The growing application of IoT in healthcare is a smart healthcare market trend that is expected to have a positive impact in the coming years. IoT applications like mHealth provide facilities like medication reminders, remote diagnostics, and telemedicine services. Telecom companies are playing a crucial role in the mHealth domain by delivering connected solutions. Companies are using GIS platforms with location technology to offer services to companies involved in emergency management. Several mobile operators are establishing sustainable mHealth business models by collaborating with governments and other regulatory stakeholders. IoT solutions deployment in hospitals is expected to save billions of dollars by optimizing discharge timings with remote monitoring support.
Key Smart Healthcare Market Challenge
The high cost involved with smart healthcare will be a major challenge for the smart healthcare market during the forecast period. The high costs involved have a direct impact on end-users and prevent them from focusing on the adoption and implementation of new technologies to improve healthcare services; moreover, the high cost also affects the overall efficiency of healthcare industry players. The time taken for EHR implementation varies, depending on various factors, such as the level of integration, the degree of data accuracy required, and the functionalities needed. To make EHR more seamless, a high level of integration is required, which will increase the costs further. Hence, the high costs associated with certain smart healthcare solutions hinder their adoption and, thereby, the growth of the global smart healthcare market.
This smart healthcare market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global smart healthcare market as a part of the global healthcare technology market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the smart healthcare market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the smart healthcare market encompasses successful business strategies deployed by the key vendors. The smart healthcare market is fragmented and the vendors are deploying growth strategies such as using low pricing strategies and strengthening the local customer base to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The smart healthcare market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the smart healthcare market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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43% of the market’s growth will originate from North America during the forecast period. The US is the key market for smart healthcare in North America. Market growth in this region will be slower than the growth of the market in the other regions.
The growing awareness, expanding mobile coverage, and rising chronic diseases will facilitate the smart healthcare market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 highlighted the crucial importance of smart healthcare to tackle healthcare emergencies. As of 2020, more than 6% of hospitals and 86% of physician offices adopted EHR and EMR systems in the USA. With the advent of COVID-19, the demand for smart healthcare products/solutions increased at a rapid pace. Smart healthcare supported remote patient monitoring when the pandemic was at its peak in the first two quarters of 2020.
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The smart healthcare market share growth in the telemedicine segment will be significant during the forecast period. Telemedicine services have proven to be extremely beneficial during the COVID-19 outbreak, by reducing the exposure of healthcare staff to infected persons Such instances are driving the adoption of telemedicine globally. However, with the advent of mHealth services, this service will likely lose ground in the global smart healthcare market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the smart healthcare market size and actionable market insights on post COVID-19 impact on each segment.
Smart Wearable Healthcare Devices market - The market share has the potential to grow by USD 15.70 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 14.38%.
Healthcare Information Software market - The market share from 2021 to 2026 is USD 11.76 billion at a progressing CAGR of 7.9%.
Healthcare IT market - The market share is expected to increase by USD 121.75 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 10%.
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Smart Healthcare Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.46% |
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Market growth 2022-2026 |
$ 96.25 billion |
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Marke structure |
Fragmented |
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YoY growth (%) |
8.33 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 43% |
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Key consumer countries |
US, Germany, France, UK, and Japan |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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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, Koninklijke Philips NV, Medtronic Plc, Microsoft Corp., Olympus Corp., Oracle Corp., Samsung Electronics Co. Ltd, and Zebra Technologies Corp. |
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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. |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Solution
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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