Authored By: Sarah
22 Jan 2025

Latest News- Smart Healthcare Market: Offline is expected to lead the Distribution Channel segment during 2024-2028

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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Which Factors Are Causing a Surge in Market Growth?

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: 

  • Growing demand for remote health monitoring
  • Increasing adoption of wearables
  • Increasing focus on patient engagement

However, the market also witnesses some limitations, which are as follows:

  • High costs involved with smart healthcare
  • Data privacy and security issues
  • Complexities associated with deployment of smart healthcare solutions

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Market Scope in Smart Healthcare Market Research Report

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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Research Analysis Overview

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.

Market Research Overview

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.


Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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