Smart Healthcare Market — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021–2027
Smart Healthcare is the generation of information technologies, such as the internet of things (loT), big data, cloud computing, and artificial intelligence, for transforming the conventional medical system and making healthcare further efficient, more convenient, and personalized.
According to Univdatos Market Insights — The Global Smart Healthcare Technologies and Products Market is expected to reach the market valuation of US$ 78.8 Billion by 2027 expanding at a reasonable CAGR of 7.15% during the forecast period (2021–2027) from US$ 40.5 Billion in 2019.
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The various factors driving the smart healthcare technologies and products market include an increasingly aging population worldwide, rising cases of chronic diseases among the population, modernization of healthcare infrastructure. Also, the rising government investments in the healthcare sector and growth potential in emerging economies is expected to boost market growth. However, the high price of smart healthcare products and lack of skilled and trained professionals is expected to hinder the growth of smart healthcare technologies and products market.
Trends in smart healthcare technologies and product adoption and application in emerging sectors provide important signals for organizations striving to develop innovative products and processes. The healthcare industry is a key growth area in smart healthcare technologies and products, with an ever-increasing demand for electronic health records, RFID systems, smart pills, and smart syringes. Smart healthcare technologies and products improve healthcare standards, patient well-being, patient privacy rights. The increasing prevalence of chronic diseases in developed as well as developing economies is anticipated to further surge the market demand around the globe. According to World Health Organization (WHO), around 17.9 million people died from cardiovascular diseases (CVDs) in 2016; and according to American Diabetes Association, approximately 34.2 million people in American are suffering from Diabetes.
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The various products in the smart healthcare technologies and products market include electronic health records, smart pills, smart syringes, and RFID systems. The electronic health record segment dominated the product segment market in 2019 generating a revenue of US$ 40.5 billion and is anticipated to maintain its dominance during the forecast period owing to the rising use of electronic health records in hospitals to provide higher quality and safer care for patients while creating tangible enhancements. EHR provides better manage care for patients and better health care. The usage of these electronic health records has been increased in day-to-day operations in healthcare facilities.
Based on the Application, the market is segmented into health data storage and exchange, monitoring and treatment, and inventory management. In 2019, the health data storage and exchange segment accounted for 70.49% of market revenue share and dominated the market owing to the increasing demand for health data storage and exchange allows helps healthcare stakeholder to fast and secure data storage and exchange such as patient’s medical history, diagnoses, medications, treatment plans, immunization dates, allergies, radiology images, and laboratory and test results, thus, driving the growth of the health data storage and exchange segment over the next few years. The major end-users of smart healthcare technologies and products include hospitals, home settings, and others (Institutes, ASCs, Clinics, etc.). The Hospitals dominated the market and generated revenue of US$29.9 billion in 2019 as these technologies streamline the work process, improving healthcare decisions with greater data, aiding in patients’ abilities to interact electronically with their physicians in hospitals. Greater knowledge of space and room utilization being occupied or available helps the hospitals with greater efficiencies to decrease time in waiting rooms. However, the Home Settings are expected to witness the highest CAGR of 7.8% during the forecast period.
Additionally, the report provides detailed initiatives that are being taken in the field of smart healthcare technologies and products. The market is classified into distinct regions including North America (the United States, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of the World. North America generated maximum revenue of US$ 16.3 billion in 2019 owing to the increasing adoption of smart healthcare technologies and products and rising cases of chronic diseases among the population, and growth in the geriatric population. Approximately 6 in 10 adults in the U.S. have a chronic disease and 4 in 10 adults in the U.S. have two or more chronic diseases. IBM Corporation, Allscripts Healthcare Solutions, Inc., eClinicalWorks, Medtronic, Olympus Corporation, Terumo Corporation, Cerner Corporation, General Electric Company, Siemens Healthcare, and BD are some of the prominent players operating in the global smart healthcare technologies and products market. Several M&A’s along with partnerships have been undertaken by these players to develop smart healthcare technologies and products.