Newark, June 29, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the smart healthcare market will grow to USD 97.25 billion in 2022 and reach USD 318.62 billion by 2032. In just ten years, the rising knowledge of connected healthcare, the use of health-related apps, and the rising usage of smartphones & digitization are helping to boost the market growth over the forecast period. Moreover, the developed healthcare IT infrastructure and the increased awareness among the people regarding healthcare are expected to propel the market growth in the forthcoming year.
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Key Insight of the Smart Healthcare Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the smart healthcare market. Key factors favouring the growth of the smart healthcare market in North America include the growing awareness about connected healthcare and the presence of key market participants are anticipated to drive market growth in this region. Moreover, supportive government policies for the deployment of digital health and the accessibility of infrastructure with high digital literacy are expected to propel the market growth in this region.
The storage and inventory management segment is expected to augment the smart healthcare market during the forecast period.
The application segment is divided into treatment, storage and inventory management, monitoring, and others. The storage and inventory management segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the rising government and corporate expenditure in developing smart healthcare infrastructure.
The M-health segment market size was USD 25.54 billion in 2022
The product type segment is divided into electronic health records, telemedicine, M-health, smart RFID cabinets, RFID kanban systems, smart pills and syringes, and others. The M-health segment market size was USD 25.54 billion in 2022, owing to the high internet usage, smartphones, and the adoption of mHealth apps. Further, by 2032, the RFID kanban systems segment will likely dominate the market due to the adoption of RFID are automation, supply chain management, real-time intelligence, and asset tracking.
The home care settings segment is anticipated to dominate the market by 56.03% in 2032.
The end-user segment is divided into home care settings, hospitals, and others. The home care settings segment is anticipated to dominate the market in the forthcoming years due to the high customer purchasing power and rising living standards.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 97.25 Billion |
| Market Size in 2032 | USD 318.62 Billion |
| CAGR | 12.60% |
| No. of Pages in Report | 237 |
| Segments covered | Application, Product Type, End-User |
| Drivers | Diffusion of IoT in Healthcare |
| Opportunities | The rising technological advancement |
| Restraints | The high cost of smart healthcare products |
Market Dynamics
Driver: The increasing adoption of IoT in healthcare:
The rising awareness of the numerous benefits of smart healthcare products, like improved patient care, virtual assistance, user-friendly systems, self-monitoring, etc., is propelling the market growth. Moreover, the rise in technology adoption to track daily physical activities and raised awareness among people about healthcare are expected to drive market growth over the forecast period. Additionally, an increase in investment projects, and the integration of advanced machines & software in smart home healthcare apparatuses, are expected to propel the market growth. Also, the rising demand for small electronic appliances to obtain real-time information is helping to boost market growth.
Restraint: A lack of skilled and trained professionals:
The high cost of smart healthcare devices is hampering market growth. Moreover, concerns regarding data privacy and security are hindering the market growth. Additionally, the lack of skilled professionals to handle smart healthcare products like electronic health records impedes market growth over the forecast period.
Opportunity: The rising mHealth adoption:
The rising mHealth adoption is an opportunity factor for market growth. Moreover, the Internet of Things infrastructure helps improve patient access to services, reducing the operational strain on healthcare facilities. It provides support for the growth of digital ecosystems inside healthcare organizations. These factors also help to boost the market growth. Moreover, the increasing penetration of digital health services for remote patient monitoring is also expanding the demand for mobile health apps, which are expected to propel market growth over the projection period.
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Some of the major players operating in the smart healthcare market are:
• Cisco Systems Inc.
• Abbott Laboratories
• Allscripts Healthcare Solutions Inc.
• International Business Machines Corp.
• Alphabet Inc.
• Hewlett Packard Enterprise Co.
• General Electric Co.
• Samsung Electronics Co. Ltd.
• Microsoft Corp.
Key Segments cover in the market:
By Application:
• Treatment
• Storage and Inventory Management
• Monitoring
• Others
By Product Type:
• Electronic Health Records
• Telemedicine
• M-Health
• Smart RFID Cabinets
• RFID Kanban Systems
• Smart Pills and Syringes
• Others
By End-User:
• Home Care Settings
• Hospitals
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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