Smart Healthcare Market

Market Overview

The global market for smart healthcare size was estimated at USD 151 billion in 2021 and is predicted to grow at a CAGR of 13.4% from 2022 to 2030, reaching $468.27 billion by 2030.

Smart healthcare items are the sort of instrument that employs advanced technology so that they may supply better therapy to the patients and progress their quality of living. They give exact data connected to the patients and allow the professionals to treat their patients effectively. Smart healthcare is defined as the incorporation of digital technology into traditional healthcare delivery systems. This makes conventional healthcare delivery methods smart healthcare. The quality of medical facilities may be improved, and the patient's experience can be improved as well, via the use of smart healthcare.

The major objective is to assist users in becoming knowledgeable about their current medical state and to continue to keep users informed and up to date with their current health issues. There is an abundance of smart medical technology easily available on the market today. Some examples of this technology include smart wearables, smart syringes, smart medicines, and smart RFID cabinets; these and many more innovations all contribute to an improvement in the consumer's lifestyle. The remote monitoring of patient's health problems made possible by these gadgets also contributes to a reduction in the overall cost of treatment for individual customers.

Market Dynamics

Market Drivers

• IoT (Internet of Things) is gaining popularity

The Internet of Things helps close the informational divide between analogue and digital data sources by enabling real-time patient monitoring. The infrastructure of the internet of things helps improve patient access to services, lessens the operational strain on healthcare facilities, and provides support for the growth of digital ecosystems inside healthcare organisations. In order to deliver treatment that is both timely and of higher quality, healthcare companies are transitioning to linked hospital infrastructure. The Internet of Things has a broad variety of applications in the medical field, and these applications have the potential to grow both within and outside of healthcare institutions. Telemedicine, networked imaging, clinical workflow and operations management, medication management, and inpatient monitoring are some of the most important uses of the internet of things.

• Rise in the use of mobile Health and Rise in government attempts to digitize

It is anticipated that factors such as the rapidly escalating usage of mobile health (mHealth), the rise in government attempts to digitise healthcare, and the prevalence of chronic illnesses will all contribute to the expansion of the worldwide smart healthcare market throughout the forecast period.

Additionally, it is anticipated that the high demand for small electronic devices to obtain real-time information will also act as a significant factor that will flourish the development of the global smart healthcare market. This is due to the fact that smart healthcare is becoming increasingly important. A further factor that is anticipated to contribute to the expansion of the market for smart healthcare devices is the growing popularity of smartphone usage.

Market Restraints

• High cost of smart healthcare products

The global market for smart healthcare is anticipated to be hampered by factors such as the high prices of smart healthcare products and rising investment expenses. In addition, there is an anticipated shortage of trained individuals that are able to manage intelligent healthcare products such as electronic health records, which is another factor that is anticipated to inhibit the expansion of the target market in the near future Lack of knowledge about smart healthcare goods, as well as a deficiency of competent and educated experts, which are factors that inhibit the worldwide expansion of this market. It is anticipated that these factors will limit the growth of the global market for smart healthcare products.

Market Opportunity

Rising technological breakthroughs in the healthcare industry, such as the internet of things, are anticipated to provide profitable opportunities for businesses operating in the worldwide smart healthcare products market. By utilising cutting-edge sensors and computer networking technologies, the revolution brought on by the internet of things has caught up to the growing need for intelligent medical supplies all over the world. It is responsible for the production of a vast array of apps that are available on the market. As a result of the launch of the new internet of things, makers of healthcare medical equipment and hardware are now able to generate and store medical documentation at rates that are far quicker than ever before.

Segmental Analysis

Based on Product

The global smart healthcare market is divided into the following categories: RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records, Telemedicine, mHealth, Smart Pills, Smart Syringes. Based on product, the mHealth sector led the market in 2021, accounting for over 39.0 percent of revenue. High internet usage, cellphones, and the proliferation of mHealth applications are all contributing to the domination. Furthermore, the emergence of wearable gadgets like Apple, Fitbit, and MI is having a beneficial impact on the market. Proxxi, a Canadian company, unveiled Halo, a wearable gadget, in April 2020. During the ongoing global COVID-19 epidemic, this gadget is meant to guarantee workplace compliance with social distancing. To guarantee adequate social distance, this gadget would continually alert of separation.

From 2022 to 2030, the RFID Kanban System will be the fastest-growing category. Supply chain management, automation, real-time information, and asset monitoring are all major developments that are assisting in RFID adoption. RFID technology aids in the detection of problems in hospital operations, particularly in terms of moving patients in and out more swiftly and effectively. RFID in Real-Time Location Systems (RTLS) also assists in the tracking of newborn newborns. Due to these factors, the category is expected to increase throughout the projected period.

Telemedicine was the second-fastest-growing area of the smart healthcare industry. Following the current COVID-19 epidemic, healthcare professionals are expected to increase their adoption and use of telemedicine to better communicate with their patients. As a result of worldwide social disconnection, virtual care delivery is emerging as a viable option for safe and better communication. In addition, businesses and hospitals are working together to keep track of COVID-19 patients. For example, the All India Institute of Medical Sciences (AIIMS) inaugurated CoNTeC, a 24/7 Telemedicine Hub, in March 2020. It's a real-time telemedicine portal designed to help doctors treat patients more effectively.

Regional Analysis

North America dominated the smart healthcare market in 2021, with a revenue share of more than 33.0%. This is because of government initiatives that encourage the deployment of digital health and infrastructure that is accessible to those who have a high level of digital literacy.  Furthermore, the presence of important market participants, increased awareness about linked healthcare, high internet and smartphone penetration, as well as the use of health-related applications, are just a few of the main drivers driving the smart healthcare industry forward.

Because of its cost and increased health care value, over 76 percent of hospitals in the United States employ telehealth to connect with consulting practitioners and patients, according to the American Hospital Association (AMA) in March 2020. Furthermore, regional market expansion is fueled by the effective installation of e-prescription systems and Electronic Health Records (EHR) in various healthcare facilities.

Over the projected period, the market for smart healthcare in Asia Pacific is predicted to develop at a healthy rate. Because of their mature healthcare IT infrastructure and expanding investments in smart healthcare, countries like Japan, Australia, and India have a lot of promise. The use of digital healthcare solutions such as health services is predicted to increase as the number of government digitization projects in emerging nations such as China and India increases.

Recent Developments

MSF launched a free telemedicine hotline for COVID-19 patients in India in September 2021.

IBM, collaborated with the US Department of Energy and the White House Office of Science and Technology, launched the COVID-19 High-Performance Computing Consortium in April 2020, releasing AI-powered technologies to assist the research and health communities in accelerating the discovery of medical insights and treatments for COVID-19.

Siemens Healthineers will introduce the Teamplay digital health platform in March 2020. Its goal is to enable healthcare to deliver digital transformation and make clinical and operational solutions more accessible.

Smart Healthcare Market Segmentation

By Product

• RFID Kanban Systems
• RFID Smart Cabinets
• Electronic Health Records (EHR)
• Telemedicine
• mHealth
• Smart Pills
• Smart Syringes

By Region

North America

• Canada
• US

Europe

• UK
• Germany
• France
• Italy
• Spain

Asia Pacific

• Japan
• China
• India
• South Korea
• Australia

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE