Smart Healthcare

Smart Healthcare Market Hits US$ 482.25 Billion in Market Value By 2027

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[150+ Pages Report] The smart healthcare market size in terms of value is projected to reach $ 482.25 billion by 2027, at a CAGR of 17.97% between 2020 and 2027, according to a 2021 study by Precedence Research, the Canada based market insight company.

The study provides the overall revenue of the global smart healthcare market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.

The global smart healthcare market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the smart healthcare industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

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Growth Factors

The demand for smart health systems is likely to be accentuated by growing adoption of mHealth, government digitization initiatives for healthcare, and the prevalence of chronic disorders. The healthcare sector has been changed by digitalization. In recent years, the adoption of mHealth has increased significantly, largely due to the growing use of smartphones and digitization. In 2019, according to a United Healthcare Customer Opinion Report, approximately 37% of Americans rely on the internet or mobile apps for health-related consultations.

It is expected that growing participation by players in the industry would further drive market growth. In April 2020, for example, Phillip launched a new application for the acuity-based scoring tools of eCare Manager to scrutinize patient conditions to detect worsening or any adverse COVID-19 related patterns. Likewise, Teladoc Health released Teladoc medical professionals in October 2019 for patients suffering from challenging mental and physical health conditions. This is meant to seamlessly combine specialized medical services and doctors with their patients. During the forecast period, such developments are expected to drive the market.

Report Highlights

  • North America smart healthcare market is expected to dominate the market with the share of 33.57% in 2020 and expected to hit 31.72% by 2027.
  • Europe followed by North America lead the global smart healthcare market. The Europe market is mainly characterized by the rapid commercialization of innovative technologies. Quick adoption of the latest medical technologies in the mainstream is also a key feature of the European healthcare industry.
  • Asia Pacific region is expected to held market with the share of 23.53% in 2020 and predicted to reach 25.54% by 2027.
  • Over the forecast period, Asia Pacific is expected to exhibit profitable growth. Due to their developed healthcare IT infrastructure and growing investments in smart healthcare, countries such as Japan, Australia and India exhibit significant potential.
  • Telemedicine, due to its vast application base in different aspects of the global healthcare system occupies the largest revenue share and shall be continuing to dominate the global market. It shall also be the fastest progressing segment through the forecast period at a CAGR of 25.42%.
  • At a CAGR of 22.1% from 2020 to 2027, the RFID kanban system is the fastest-growing segment.
  • The second fastest-growing market segment for smart healthcare was telemedicine.

Report Scope of the Smart Healthcare Market

Report Coverage Details
Market Size USD 482.25 Billion by 2027
Growth Rate CAGR of 17.97% from 2021 to 2027
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2021
Forecast Period 2021 to 2027
Segments Covered Product Type, Region Type
Companies Mentioned Abbott Laboratories, Cisco Systems Inc., Alphabet Inc. Allscripts Healthcare Solutions Inc., Alphabet Inc., General Electric Co., International Business Machines Corp., Hewlett Packard Enterprise Co., Microsoft Corp., Samsung Electronics Co. Ltd.

Market Dynamics:

Drivers

  • Rising trends of remote patient monitoring (RPM)
    • The connection between telehealth and RPM
    • RPM for minorities
    • RPM Management
  • Increasing adoption of telemedicine due to COVID-19

Restraints

  • Cyber security issues for remote patient monitoring (RPM) and telehealth

Opportunity

  • Opportunities app-based personal emergency response systems (PERS)

Top Players Contending in the Market:

The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global smart healthcare market are as follows:

  • Allscripts
  • Logi-Tag Systems
  • Cerner Corporation
  • SAMSUNG
  • Cisco Systems
  • GENERAL ELECTRIC COMPANY
  • Siemens Healthcare Private Limited
  • IBM Corporation
  • BD
  • AirStrip
  • 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

Regional Segmentation

  • North America (U.S. and Canada)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Some of the key highlights of the report are:

  • Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
  • Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
  • Competitive Landscape Analysis – Some of the leading companies operating in the smart healthcare market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Why should you invest in this report?

If you are aiming to enter the global smart healthcare market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for smart healthcare are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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