The Smart Healthcare Market is being driven by Growing demand for remote health monitoring
The Smart Healthcare Market is expected to grow at a CAGR of 9.31% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 125.7 billion. The smart healthcare market is experiencing significant growth due to the increasing adoption of Internet of Things (IoT) technology and connected medical devices in the healthcare industry. IoT infrastructure bridges the gap between physical and digital data sources, enabling real-time patient monitoring and improving access to healthcare services. This trend reduces operational burdens on healthcare facilities and supports the development of comprehensive digital healthcare ecosystems. The implementation of connected hospital infrastructure is essential for delivering timely and efficient care, with IoT technology offering numerous applications within and beyond medical facilities.
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The market is segmented based on segments_for_ai.nslist
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
191 |
Base year |
2023 |
Historic period |
2017-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.31% |
Market growth 2024-2028 |
USD 125.7 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.6 |
Key countries |
US, Germany, UK, Canada, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Smart Healthcare Market is experiencing rapid growth due to the integration of digital technology, information technologies, and mHealth solutions. Mobile Health (mHealth) applications, such as telemedicine and remote monitoring, are revolutionizing healthcare delivery. Smart RFID cabinets and Real-Time Location Systems ensure efficient inventory management and timely delivery of smart healthcare items, including smart medicines and syringes. Digital technology enables the development of smart wearables that monitor vital signs like temperature, oxygen level, heart rate, and blood pressure in real-time. Cloud computing and big data provide healthcare professionals with valuable insights for personalized treatment plans. Companies like Apple, NHS Digital, Teladoc Health, and Vera Smart Health are leading the charge in this space. Smart RFID cabinets use RFID technology and Proxxi to automatically track and manage inventory levels, reducing the risk of stockouts and ensuring patients have access to the medications they need. Smart medicines and syringes, equipped with sensors, can monitor and report usage patterns, ensuring medication adherence and improving patient outcomes. Overall, the integration of digital technology, smart healthcare products, and real-time data analysis is transforming healthcare delivery and improving patient care.
According to Technavio, the global smart healthcare market is a significant segment within the larger healthcare technology market, which was valued at USD226.40 billion in 2022. This market encompasses the revenue generated from the sales of healthcare applications, IT systems, monitoring devices, and IT consulting services to healthcare providers and businesses. The market size is calculated based on the combined revenues of equipment and supply manufacturers, pharmaceutical companies, healthcare technology players, biotechnology firms, and life sciences tools and services providers. The expansion of the healthcare technology market is influenced by factors affecting both the healthcare industry and IT spending trends.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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