Smart Healthcare Market Size to grow by USD 115.39 billion between 2023-2027
According to a research report “ Smart Healthcare Market” by Distribution Channel (Offline, Online ) Solution (Telemedicine, mHealth, EHR, Smart pills, Others ) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 115.39 billion, at a CAGR of 9.26% during the forecast period. The aging population in developed regions, such as North America and Western Europe, has experienced a significant increase due to rising life expectancy. This demographic shift has resulted in a surge in chronic diseases, including diabetes, cancer, arthritis, obesity, asthma, and heart disease. In response, there is a growing demand for effective and real-time monitoring of health conditions and daily activities among healthcare providers. This demand has fueled the adoption of smart healthcare solutions, which incorporate advanced communication and sensor technologies, as well as data analysis techniques, to facilitate continuous monitoring and diagnosis of individuals with chronic conditions. These solutions enable healthcare providers to deliver more personalized and efficient care, ultimately improving patient outcomes and reducing healthcare costs..
Browse market data tables, figures, and in-depth TOC on “Smart Healthcare Market” by Distribution Channel (Offline, Online ) Solution (Telemedicine, mHealth, EHR, Smart pills, Others ) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2027. Download Free Sample
By Distribution Channel, the Offline segment is projected to dominate the market size in 2024
The offline distribution channel of the global smart healthcare market encompasses traditional retail outlets where smart healthcare products and services are sold to consumers. Offline retailers, comprising specialty stores, healthcare equipment vendors, and electronics retailers, function as crucial intermediaries in the sale of smart healthcare devices, such as fitness trackers, smartwatches, blood pressure monitors, and other wearable health technology. Medical equipment suppliers and distributors play a pivotal role in the offline distribution landscape, leveraging their extensive networks and partnerships with healthcare providers, hospitals, clinics, and pharmacies to facilitate the distribution of advanced medical devices, telehealth systems, remote patient monitoring equipment, and other sophisticated smart healthcare solutions.
By Solution, Telemedicine segment is expected to hold the largest market size for the year 2024
Telemedicine represents a significant shift in healthcare delivery, leveraging telecommunications technology to facilitate long-distance consultations between patients and medical professionals. This innovative approach connects users with experts online, expanding access to quality care and reducing healthcare costs and hospital stays. Telemedicine's benefits extend to improved patient engagement and satisfaction, particularly in regions with limited healthcare resources, such as rural areas and developing economies in Africa and Asia, where self-diagnosis capabilities offered by telemedicine services prove invaluable due to a shortage of trained medical personnel.
North America is forecasted to hold the largest market size by region in 2024
The healthcare sector in the region is witnessing a significant surge in the adoption of the Internet of Nano-things (IoNT) due to federal initiatives aimed at reducing healthcare expenses and enhancing remote patient monitoring. Legislation such as the Affordable Care Act (ACA) and Health Information Technology for Economic and Clinical Health (HITECH) Act have been enacted to encourage the implementation of advanced technologies, including telehealth, mobile health, and nanomedicine. The presence of sophisticated IT infrastructure, which facilitates the seamless integration of these technologies, is further anticipated to fuel the expansion of the regional smart healthcare market during the forecast period.
The Smart Healthcare Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
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
The Smart Healthcare Market is experiencing significant growth due to the integration of digital technology in healthcare. Key components of this market include 'Smart Pills' with embedded sensors, 'Telemedicine' for remote consultations, and 'Electronic Health Records' for efficient medical record-keeping. 'RFID Smart Cabinets' and 'RFID Kanban Systems' ensure proper inventory management of 'Smart Healthcare Items' such as 'Smart Medicines', 'Smart Syringes', and 'Smart Wearables' including 'activity trackers', 'pedometers', 'health monitors', 'smartwatches', 'blood glucose monitors', and 'essential cardiology' devices. However, market restraints include digital literacy, infrastructure, and high cost. 'Mobile Health' and 'Remote Monitoring' through 'smart wearable devices' and 'health-related apps' are revolutionizing healthcare, enabling real-time patient monitoring and connected healthcare. 'Digital Health' programs focus on 'health research' and 'healthcare services', improving health outcomes through 'patient monitoring devices' like 'tablets' and 'cell phones'. Key market participants include Teladoc Health, Vera Smart Health, and mHealth. 'Real-Time Location Systems' using RFID and 'cloud communication' facilitate efficient healthcare delivery. 'Smart Healthcare' also caters to specific conditions like 'asthma', 'lung function', 'acoustic resonance', 'cognitive impairment', and 'surgery'. 'Sensor-based IoT technology' and 'artificial intelligence' are driving innovation, while 'approvals' and 'insurance companies' are key challenges. The traditional medical system is evolving, with 'hospitals', 'physicians', 'families', 'caregivers', and 'insurance companies' embracing digital health solutions.
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/
