Global Smart Healthcare Market, By Product Type (Telemedicine, Electronic Health Records, and Others), Application (Storage and Inventory Management, and Others), End User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the Smart Healthcare Market was valued at USD 184 billion and is expected to reach around 541 billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 15.7%.

The rise in chronic disorders, growing adoption of mHealth, and government initiatives to digitize healthcare are likely to drive demand for smart healthcare systems. Digitalization has revolutionized the industry in recent years; majorly due to smartphones increasing usage and digitization.

According to United Healthcare Consumer Sentiment Survey statistics in 2019, 37.0% of Americans rely on either online or mobile apps for consultations related to their health conditions.

*Actual Numbers Might Vary In The Final Report

Rising participation from industry players is expected to further drive the market for smart healthcare. For instance, in April 2020 Phillips released an application with acuity-based scoring tools to monitor patient conditions in order to detect any negative trends related to COVID-19; similarly, Teladoc Health launched Teladoc medical professionals for patients suffering from complex mental and physical health conditions in October 2019, designed to seamlessly connect expert medical services and physicians with their patients. Such developments are predicted to fuel demand for smart healthcare over the forecast period.

Key Takeaways

• Market Growth: The global smart healthcare market is growing at a CAGR of 15.7%.
• Key Drivers: Advancements in technology, including IoT, AI, and Big Data Analytics, are enabling more efficient and effective healthcare solutions. Growing demand for personalized healthcare and the need to reduce healthcare costs are driving the adoption of smart healthcare.
• Product Type Analysis: mHealth dominates the market with a 34% market share, driven by mHealth apps and wearable devices.
• Application Analysis: Storage and inventory management hold a 29% market share, improving hospital operations. Smart healthcare technologies enable remote patient monitoring, personalized medicine, and drug delivery.
• End-User Analysis: Hospitals are the dominant end-users with a 38% market share, benefiting from tools like telemedicine and remote monitoring. Wearable devices and mobile apps empower patients to take a more active role in their healthcare.
• Growth Opportunities:
  • Remote patient monitoring, predictive analytics, and telemedicine offer growth prospects.
  • Wearable devices provide real-time patient data and improve healthcare management.
  • Advancements in genomics and value-based care are shaping the healthcare landscape.
• Regional Analysis: North America dominates the market with a 36% market share due to the rapid adoption of IT services in healthcare. The region hosts renowned healthcare facilities, driving growth in healthcare IT adoption.
• Key Players: Key players in the smart healthcare market include companies like Apple, IBM, GE Healthcare, and Siemens Medical Solutions.

Driving Factors:

Advancements in technology: Thanks to advances such as the Internet of Things (IoT), Artificial Intelligence (AI), and Big Data Analytics, healthcare providers can now collect and analyze vast amounts of patient data. This has allowed for the creation of smart healthcare solutions that are more efficient, accurate, and effective.

Increased Demand for Personalized Healthcare: Patients are increasingly demanding personalized healthcare solutions tailored to their individual needs. Smart technologies such as wearable devices, mobile health apps, and remote patient monitoring systems give healthcare providers the tools necessary to deliver tailored care and improve patient outcomes.

Healthcare Cost Increases: Healthcare costs are rising, and governments and providers are searching for ways to reduce expenses while improving patient outcomes. Smart healthcare solutions such as telemedicine and remote patient monitoring can reduce the need for in-person consultations or hospitalization, leading to cost savings both for patients and healthcare providers alike.

Aging Population: As the population ages, so does the need for healthcare services. Smart solutions like remote patient monitoring, medication reminders, and fall detection systems can help healthcare providers better meet these needs.

Restraining Factors

High Implementation Costs: Smart healthcare technologies such as AI, IoT, and big data analytics require substantial investments in hardware, software, and infrastructure to become viable. Their high implementation costs may impede their adoption, particularly in developing countries with limited resources.

Data Privacy and Security Concerns: Smart healthcare technologies involve the collection, storage, and sharing of sensitive patient data which raises privacy and security issues. Healthcare providers must guarantee their patients’ data is safeguarded against cyber threats and unauthorized access – something which can be a daunting challenge.

Limited Healthcare IT Infrastructure: Many healthcare providers, particularly in developing countries, lack sufficient IT infrastructure and lack resources to adopt smart healthcare technologies. This lack of resources may impede the adoption of these solutions in remote or rural areas.

Product Type Analysis

By product type analysis, the mHealth segment dominates the market with a 34% market share.

The growth is attributed to the adoption of mHealth apps and high internet usage. Furthermore, wearable devices like Apple’s Fitbit and MI are having a positive effect on this market. The key trends driving RFID adoption include supply chain management, automation, real-time intelligence, and asset tracking.

RFID helps hospitals identify issues in their workflow quickly and more efficiently; additionally, Real-Time Location Systems (RTLS) use RFID for tracking newborn babies as well. As a result, the market size for this segment is expected to expand during the forecast period.

Telemedicine was the second fastest growing segment in the market for smart healthcare, as COVID-19 continues to spread across the world. Telemedicine companies are working closely with hospitals to monitor COVID-19 patients.

Application Analysis

By Application analysis, the storage and inventory management segment dominates the market with a 29% market share.

Smart healthcare technologies are a great way to manage medical supplies, inventory, and equipment. RFID (Radio Frequency Identification technology) is an example of a smart healthcare technology that can be used by hospitals to track their medical equipment and supplies. Smart healthcare technologies are available to monitor the health and well-being of patients.

Wearable devices, smart sensors, and remote monitoring systems can track vital signs, medication compliance, and other health data. Smart healthcare technologies can improve treatment outcomes such as personalized medicine and drug delivery.

Robotic surgery and telesurgery are two examples of technologies being developed to improve surgical outcomes while reducing complications. Smart healthcare technologies are also useful for other purposes such as data management, health analytics, and patient engagement. These tools help healthcare providers better understand patient needs, improve care quality, and enhance the patient experience.

End-User Analysis

By End-User analysis, the hospital segment dominates the market with a 38% market share.

The primary users of intelligent healthcare technologies, such as remote patient monitoring and telemedicine, are hospitals and clinics. These tools allow healthcare providers to improve care and increase operational efficiency.

Wearable devices, mobile apps, and other technologies are allowing patients to be more involved in their healthcare. These tools allow individuals to track their medication adherence and communicate with healthcare professionals. Pharmaceutical and Biotechnology Companies – Pharmaceutical and Biotechnology companies can use smart healthcare technologies to conduct clinical trials, develop drugs, and engage patients.

Key Market Segments

Based on Product Type

• Telemedicine
• Electronic Health Records
• m-Health5
• Smart Pills and Syringes
• RFID Kanban Systems
• Smart RFID Cabinets
• Others

Based on Application

• Storage and Inventory Management
• Monitoring
• Treatment
• Others

Based on End-User

• Hospitals
• Home Care Settings
• Others

Growth Opportunity

Remote Patient Monitoring: Smart healthcare solutions enable healthcare providers to keep tabs on patients outside traditional clinical settings, which could improve outcomes and cut costs in the process.

Predictive Analytics: Smart healthcare solutions can utilize data analytics to anticipate and prevent health issues before they arise, allowing healthcare providers to offer proactive care rather than reactive treatment. This enables them to provide optimal patient outcomes.

Telemedicine: Telemedicine, which involves providing healthcare services remotely, presents significant prospects for the smart healthcare market. Telemedicine can increase access to quality care for those living in remote or rural areas.

Wearable Devices: Wearable devices such as smartwatches and fitness trackers can collect patient data and offer real-time monitoring to enable patients to better manage their health, and healthcare providers to offer personalized care. However, some healthcare professionals and patients may be resistant to change or prefer traditional methods of healthcare which could hinder the adoption of new technologies.

Latest Trends

The global healthcare market is currently shaped by several trends, including, Recent advances in genomics, among other fields of science, which enable healthcare providers to offer personalized treatments and therapies to patients based on unique genetic profiles and health profiles.

Value-based care is becoming more prevalent: Instead of simply providing additional care, healthcare providers and payers focus on delivering cost-effective high-quality services that improve patient outcomes. Telemedicine, electronic records, and wearable devices are becoming more common in healthcare. This allows providers to provide care more efficiently.

Health providers and policymakers place more emphasis on prevention and wellness. They recognize the importance of wellness and preventative care in reducing healthcare expenses and improving population health. Patients are more empowered and informed in their healthcare decisions, driving the demand for greater transparency.

As middle-class populations in emerging markets grow, the demand for healthcare services increases, and healthcare providers can expand their services to these regions. These trends will continue to drive innovation and change in the healthcare industry in the years to come.

Regional Analysis

North America dominates the market with a 36% market share.

The growth of the healthcare market is driven by the increasing smartphone penetration, improved internet connectivity, and increased spending on IT in the healthcare sector, as well as the growing digital literacy. North American healthcare industry is adopting and implementing IT services rapidly to improve patient care, while simultaneously reducing medical costs.

This is driving the growth of the North American Market. The demand for these solutions is increasing as a result of the growing number of universities, research centers, and care facilities. The presence of world-class care facilities also contributes to the growth of this region.

The University of Maryland Medical Center is one example of a care facility and research center in North America. Other examples include the Cleveland Clinic, John Hopkins Medicine Mayo Clinic, and St. Jude Children’s Research Hospital.

These facilities offer growth opportunities to the healthcare IT sector. Growth is driven by the growing need to streamline and optimize hospitals’ workflows and improve clinical efficiency, and operational efficiency.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Smart healthcare is an emerging field that uses technology to improve healthcare delivery, patient outcomes, and operational efficiency. The key players in the smart healthcare market include:

Market Key Players

• AirStrip Technologies Inc.
• Allscripts Healthcare Solutions
• Apple Inc.
• AT&T Inc.
• Brooks Automation
• Cerner Corporation
• Cisco Inc.
• GE Healthcare
• Given Imaging, Inc.
• Hurst Green Plastics Ltd.
• IBM Inc.
• Logi-Tag
• McKesson Corporation
• Olympus Corporation
• Pepperl+Fuchs
• Samsung Electronics Corporation
• Siemens Medical Solutions
• Solstice Medical LLC
• Stanley Innerspace
• Bollhoff Group
• Wurth Group
• Other companies

Recent Developments

• Increased adoption of AI and machine learning: AI and machine learning technologies are being used more widely in healthcare to improve patient outcomes and operational efficiency. For example, AI-powered diagnostic tools are being developed to help doctors diagnose diseases more accurately and quickly.
• Expansion of wearables and IoT devices: Wearable devices and other IoT technologies are being used to monitor patient health and collect data that can be used to improve patient outcomes. These devices can also be used to track medication adherence and detect potential health issues before they become serious.

Report Scope: