Smart Healthcare Market size is set to grow by USD 115.39 billion from 2023-2027, Growing demand for remote health monitoring boost the market, Technavio

NEW YORK, July 30, 2024 /PRNewswire/ — The global smart healthcare market size is estimated to grow by USD 115.39 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  9.26%  during the forecast period. Growing demand for remote health monitoring is driving market growth, with a trend towards iot in healthcare. However, high costs involved with smart healthcare  poses a challenge. Key market players include 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 Services Inc., Koninklijke Philips N.V., Medtronic Plc, Microsoft Corp., Olympus Corp., Samsung Electronics Co. Ltd., Zebra Technologies Corp., and Oracle Corp..

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Market Driver

The healthcare industry is experiencing a significant shift towards smart healthcare solutions, driven by the increasing use of Internet of Things (IoT) and connected medical devices. IoT infrastructure is bridging the gap between physical and digital data sources, enabling real-time patient monitoring and improving access to healthcare services. Key applications of IoT in healthcare include telemedicine, connected imaging, clinical workflow management, dosing management, and inpatient monitoring. Governments worldwide are promoting IT usage in healthcare, reducing costs, and the growing penetration of smartphones and the Internet are fueling the adoption of IoT in healthcare. The rise of wearable medical devices and technological innovations are enhancing the quality of healthcare. However, the increasing number of data sources and data generated necessitate improved network security. Hospitals and clinics are adopting Electronic Health Records (EHRs) to optimally collect and integrate data from external and wearable devices. This trend presents significant growth opportunities for vendors offering cloud-based solutions in the smart healthcare market, such as Cisco, Microsoft, and Alphabet. The demand for connected systems to optimize healthcare deployments is expected to drive the growth of the global smart healthcare market during the forecast period. IoT and connected applications are revolutionizing healthcare, offering improved patient care and operational efficiency. 

Smart healthcare is a rapidly growing market that integrates digital technology into healthcare items for improved patient care and efficiency. Trends include pedometers, activity trackers, and smart wearables for monitoring health metrics like blood pressure, heart rate, oxygen level, and temperature. Smart syringes, RFID cabinets, and RFID Kanban systems streamline inventory management. Remote monitoring, mobile health, and telemedicine enable real-time patient care. Market restraints include data security concerns and high implementation costs. Leading companies like Vera Smart Health, Teladoc Health, and RFID Smart Cabinets leverage information technologies such as big data, cloud computing, artificial intelligence, and RFID for innovative solutions. Smart pills and mHealth apps offer personalized care. The market’s future lies in seamless integration of digital technology with the traditional medical system. 

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Market Challenges

• The high cost of implementing smart healthcare solutions, such as Electronic Health Records (EHR), is a significant challenge for the industry. The costs involved, including hardware, software, installation assistance, licensing fees, maintenance expenses, and opportunity costs, can be substantial. For instance, the average cost of EHR implementation for hospitals is approximately USD14,500 per bed, with annual operating costs amounting to USD2,700 per bed per year. These costs can limit the adoption of EHR and other smart healthcare technologies, particularly for smaller hospitals with limited IT budgets. The high cost of integrating biosensors into healthcare products is another challenge. The novel technology behind these sensors significantly increases the overall cost of the final product, which can deter consumers from adopting them. The high costs associated with certain smart healthcare solutions can hinder their adoption and negatively impact the growth of the global smart healthcare market.
• The Smart Healthcare Market is experiencing significant growth due to the increasing demand for advanced healthcare solutions. However, challenges persist, such as obtaining necessary approvals for new technologies, catering to cognitive impairment patients, and integrating wearable devices with cloud communication. Caregivers, patients, families, physicians, hospitals, and insurance companies seek improved healthcare services through eHealth solutions like cell phones, tablets, and patient monitoring devices. Oral Biology and Craniofacial Research are also benefiting from digital health programs. Sensor-based IoT technology in illness causes research, surgery, and health outcomes is a major advantage, but high costs remain a concern. Key market participants include medical record-keeping companies, device integration specialists, and healthcare infrastructure providers. Digital literacy and infrastructure development are essential for the successful implementation of connected healthcare and health-related apps. Smart wearable devices like smartwatches and health monitors, using acoustic resonance for lung function assessment and blood glucose monitors, are transforming essential cardiology and asthma management.

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Segment Overview 

This smart healthcare market report extensively covers market segmentation by  

1. Distribution Channel

• 1.1 Offline
• 1.2 Online

• 2.1 Telemedicine
• 2.2 mHealth
• 2.3 EHR
• 2.4 Smart pills
• 2.5 Others

• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Offline-  The offline segment of the global smart healthcare market refers to the distribution of smart healthcare products and services through physical channels. Retail stores, including specialty and healthcare equipment stores, electronics retailers, medical equipment suppliers, and distributors, serve as crucial offline distribution channels. These channels enable customers to personally examine and purchase devices like fitness trackers, smartwatches, blood pressure monitors, and telehealth systems. Medical equipment suppliers and distributors play a pivotal role in offline distribution, leveraging relationships with healthcare providers, hospitals, clinics, and pharmacies. Offline segments offer face-to-face interactions and personalized customer experiences, enhancing satisfaction and trust. Customers often prefer these channels due to the reliability, professional expertise, and after-sales support they provide. These factors are anticipated to fuel the expansion of the offline segment in the smart healthcare market during the forecast period.

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Research Analysis

The Smart Healthcare Market is experiencing exponential growth due to the integration of mHealth and information technologies. Vera Smart Health and Teladoc Health are leading the charge in this space, offering remote monitoring solutions for various health metrics such as blood pressure, heart rate, oxygen level, and temperature. These smart healthcare products leverage digital technology, including RFID and Real-Time Location Systems, to ensure accurate tracking and delivery of essential items. Big data and cloud computing play a crucial role in analyzing patient information and providing personalized care. The market includes a range of smart healthcare items, from wearables like smartwatches and fitness trackers to innovative solutions like smart syringes and medicines with embedded sensors. These advancements aim to improve patient outcomes, reduce healthcare costs, and enhance overall healthcare efficiency.

Market Research Overview

Smart Healthcare Market: Transforming Traditional Healthcare with mHealth and Information Technologies The Smart Healthcare Market is revolutionizing the traditional healthcare system by integrating digital technology, sensors, and real-time communication. MHealth solutions, such as Vera Smart Health and Teladoc Health, are leading the charge with RFID and Real-Time Location Systems enabling seamless patient monitoring. Blood pressure, heart rate, oxygen level, and temperature are just a few vital signs monitored by smart healthcare products. Oral Biology and Craniofacial Research are also benefiting from this digital transformation, with sensor-based IoT technology providing valuable data for health research. Advantages of smart healthcare include improved health outcomes, remote patient monitoring, and increased access to healthcare services. However, high costs and infrastructure requirements can be market restraints. Caregivers, patients, families, physicians, hospitals, and insurance companies all benefit from this connected healthcare infrastructure. Wearable devices like smartwatches, health monitors, pedometers, and activity trackers are popular smart healthcare items. Digital technology, including cloud computing, artificial intelligence, and big data, plays a crucial role in this market. EHealth programs, health-related apps, and smart wearable devices are essential components of this digital health revolution. Market restraints include the need for approvals, cognitive impairment, and device integration challenges. However, the advantages far outweigh the challenges, making the Smart Healthcare Market a promising and growing industry. Key market participants include healthcare services, healthcare research institutions, and digital health companies. The internet and cell phones are essential infrastructure for this market, with tablets and patient monitoring devices completing the digital health ecosystem. Smart syringes, smart medicines, smart RFID cabinets, and remote monitoring are other innovative smart healthcare solutions. Acoustic resonance technology is used for lung function assessment in asthma patients, and essential cardiology benefits from blood glucose monitors and smartwatches. In conclusion, the Smart Healthcare Market is transforming healthcare by integrating digital technology, sensors, and real-time communication. The advantages of this digital health revolution far outweigh the challenges, making it a promising and growing industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Solution
• Telemedicine
• MHealth
• EHR
• Smart Pills
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio