The smart healthcare market share will post an incremental growth of USD 96.25 billion, progressing at a CAGR of 8.46% during the forecast period. The growing demand for remote health monitoring will offer immense growth opportunities to market vendors. The smart healthcare market is fragmented and the vendors are deploying growth strategies such as using low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Smart Healthcare Market by Solution and Geography - Forecast and Analysis 2022-2026 “provides a detailed smart healthcare market analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
The smart healthcare market is segmented by solution (telemedicine, MHealth, EHR, smart pills, and others) and Geography (North America, Europe, Asia, and the Rest of the World (ROW)).
The growth of the smart healthcare market in the telemedicine segment will be significant during the forecast period. During the COVID-19 outbreak, telemedicine services have proven to be extremely beneficial by reducing the exposure of healthcare staff to infected persons.
Factors such as growing awareness, expanding mobile coverage, and rising chronic diseases will be instrumental in driving the smart healthcare market growth in North America over the forecast period. 43% of the market’s growth will originate from North America during the forecast period. The US is the key market for smart healthcare in North America.
The smart healthcare market growth is driven by the growing demand for remote health monitoring. In addition, the growing application of IoT in healthcare is one of the major smart healthcare market trends that is expected to have a positive impact in the coming years. However, the high cost involved with smart healthcare will be a major hurdle for the smart healthcare market vendors during the forecast period.
Some of the major smart healthcare market vendors are 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, Koninklijke Philips NV, Medtronic Plc, Microsoft Corp., Olympus Corp., Oracle Corp., Samsung Electronics Co. Ltd, and Zebra Technologies Corp.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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