Smart Healthcare Market (By Product Type: RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records (EHR), Telemedicine, mHealth, Smart Pills, Smart Syringes; By End User: Hospitals, Home Care Settings, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027
The global smart healthcare market is anticipated to grow at a CAGR of around 16.4% during the forecast period 2020 to 2027 and to reach around US$ 487.5 Bn by 2027.
Market Dynamics
Increasing government spending on development of healthcare sector, approach towards adoption of IT in medical sector, along with players focus on improving the patient care quality are major factors expected to drive the growth of global market. According to India Brand Equity Foundation the Indian government announced US$ 9.87 billion outlay for the health sector that is inclusive of US$ 915.72 million for PMJAY in Union Budget 2020-21.
Consumers consciousness related to health is increasing, with the rising smart phone penetration they are inclining towards adoption of mheath service. Players are introduction various platforms and application in vivid ecosystem. More than 50 million people around the world use apps to determine if they need to see a doctor about a medical issue, while 26 percent of U.S. doctors have been asked about mHealth by a patient.
Major are investing high for the development of present healthcare scenario they are inclining towards implementing EHR in order to improve the quality, safety, and efficiency this is expected to impact the growth of target market.
In 2019, Cerner Corporation a supplier of health information technology services, devices, and hardware is focused on development of Cerner Learning Health Network in collaboration with Duke Clinical Research Institute in order to enhance the clinical research registries further expanding the company client base.
In 2018, Epic Systems a healthcare software company launched One Virtual System to its Verona and EHR system. The introduced feature is expected to benefit the company’s customer in better exchange of patient data.
In 2018, Mayoclinic launched telemedicine solution with the focus on minimally invasive coronary interventions and approach towards improve the access to PCI in medically under-served regions. This is expected to help the company to enhance the business.
Favorable business policies by the government of developing countries in order to encourage the regional development, along with emergence of small and mid-size enterprises with innovative solutions are factors expected to boost the growth of target market.
However, factors such as high cost in implementing EHR systems and lack of skilled professionals in order to handle the advanced devices are expected to hamper the growth of global smart healthcare market. In addition, increasing security concern related to heath records is expected to challenge the growth of target market.
Rapid technological advancements in medical devices, improving healthcare infrastructure in developing countries, and approach towards lowering the healthcare cost through introduction of smart devices are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, increasing partnership and agreements in order to enhance the business presence in developing countries is expected to support the revenue growth of target market.
Segment Analysis by Region
The market in North America is expected to account for significant revenue share owing to availability of advanced healthcare infrastructure for the adoption of advanced solution. In addition, presence of major players operating in the country and approach towards introduction of innovative solutions are factors expected to support the growth of target market.
Major players approach towards strategic merger and acquisition in order to enhance the business presence and increase the profit ratio are factors expected to impact the growth of target market.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
|
Market |
Global Smart Healthcare Market |
|
Analysis Period |
2016 – 2027 |
|
Base Year |
2019 |
|
Forecast Data |
2020 – 2027 |
|
Market Stratification |
Product, End Use and Geography |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Smart Healthcare Market Segment Analysis, 2019
The global smart healthcare market is segmented into product type and end use. The product type segment is bifurcated into RFID kanban systems, RFID smart cabinets, electronic health records (EHR), telemedicine, mhealth, smart pills, and smart syringes. Among the product type the mhealth segment is expected to account for major revenue share in the global market.
The end use segment is further divided into hospitals, home care settings, and others and the hospital segment is expected to account for major revenue share due to high government spending on development of hospital infrastructure.
The players profiled in the report are AirStrip Technologies Inc., Allscripts Healthcare Solutions, Apple Inc., AT&T Inc., Brooks Automation, Cerner Corporation, Cisco, GE Healthcare, Given Imaging, Inc., Hurst Green Plastics Ltd., and IBM.
Market Segmentation
Market By Product Type
RFID Kanban Systems
RFID Smart Cabinets
Electronic Health Records (EHR)
Telemedicine
mHealth
Smart Pills
Smart Syringes
Market By End User
Hospitals
Home Care Settings
Others
Market By Region
North America
- U.S
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
What will be the market size of global smart healthcare market in 2027?
The global smart healthcare market in 2027 is expected to be above US$ 487.5 Bn.
Which segment is growing in end use segment?
In end use segment the hospital segment is growing at faster pace.
What is the CAGR of the global smart healthcare market?
The CAGR of the global smart healthcare market from 2020-2027 is above 16.4%.
Which region is expected to grow faster?
In the global market the Asia Pacific region is expected to grow faster.
What are the players considered in the report scope?
Some of the players considered in the report scope are GE Healthcare, Given Imaging, Inc., Hurst Green Plastics Ltd., and IBM.
Which are the prominent players in the smart healthcare market?
AirStrip Technologies Inc., Allscripts Healthcare Solutions, Apple Inc., AT&T Inc., Brooks Automation, Cerner Corporation, Cisco, GE Healthcare, Given Imaging, Inc., Hurst Green Plastics Ltd., and IBM and others are the prominent players in the smart healthcare market.
Which insight provides on the smart healthcare market?
The report provides insights on global smart healthcare market segment by product type, end user and major geographic regions.
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