Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 97.25 billion in 2022 global smart healthcare market will reach USD 318.62 billion in 2032. Applications for smart healthcare include electronic patient records, smart RFID drawers, smart syringes, smart medicines, and more. Smart Healthcare makes Advanced IT software and technology available to deliver better healthcare services. Benefits include better disease management, fewer medical errors, and better patient outcomes. Smart healthcare solutions use cutting-edge communication technologies that operate on digital, cloud-based, and smartphone platforms to give patients better care.
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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 |
Key Insight of the Global Smart Healthcare Market
North America will dominate the market during the forecast period.
The availability of infrastructure with a high level of digital literacy and the government's supportive policies for implementing digital health are anticipated to fuel market expansion in this area. Additionally, it is anticipated that the availability of infrastructure with a high level of digital literacy and an increase in government regulations supporting digital health implementation will fuel market expansion in this area. In addition, the growing number of people living unhealthy lifestyles and suffering from chronic illnesses is contributing to expanding the market in this area.
The storage and inventory management segment dominated the market, with a market share of around 34.17% in 2022.
The application segment is divided into treatment, storage and inventory management, monitoring, and others. The storage and inventory management segment dominated the market, with a market share of around 34.17% in 2022.
The M-Health segment dominated the market, with a share of around 26.27% 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 dominated the market, with a share of around 26.27% in 2022.
The hospital segment dominated the market, with a market share of around 43.18% in 2022.
The end-user segment is divided into home care settings, hospitals, and others. The hospital segment dominated the market, with a market share of around 43.18% in 2022.
Advancement in market
A revolutionary chapter in healthcare history has begun with the formal opening of Minimal Access Smart Surgery Hospitals (MASSH). MASSH sets out to transform patient care by fusing cutting-edge technology with humane therapy in a harmonic way. This cutting-edge hospital embodies a new benchmark for medical brilliance, paving the way for patients in India and abroad to have healthier and happier futures. Stepping away from the standard healthcare model, the hospital offers all patients and their families unlimited free Wi-Fi connection and smart, non-conventional billing, admission, and discharge processes available through an easy-to-use mobile app. A patient-centred approach combined with technology ensures smooth healthcare integration into contemporary life. With an emphasis on offering the best
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Market Dynamics
Driver: Diffusion of IoT in Healthcare.
The market is anticipated to increase due to the widespread use of technology to track daily physical activity and promote health awareness. Additionally, the market is anticipated to rise faster due to the growing need for compact electronic gadgets that provide real-time information. Additionally, market expansion is anticipated throughout the projected period due to growing awareness of the numerous advantages of smart healthcare devices, including better patient care, virtual support, user-friendly systems, self-monitoring, etc. The market is expanding as a result of more investment projects as well as the integration of cutting-edge hardware and software in smart home healthcare.
Restraints: The high price of smart medical devices.
The high installation cost and users' lack of technical expertise are anticipated to impede market expansion.
Opportunities: The increasing technology advancement.
Businesses involved in the global market for smart healthcare goods could expect to benefit financially from the increasing technological innovations in the healthcare sector, such as the Internet of Things. Furthermore, by facilitating the sharing of electronic information across healthcare stakeholders, the growing technology breakthroughs in smart healthcare goods, such as cloud-based electronic records, also streamline and improve overall health operations. This aspect is anticipated to propel market expansion in the upcoming year.
Challenges: the lack of skilled workforce.
The lack of skilled and educated workers is impeding the expansion of the market. Technical know-how is lacking in most countries healthcare industries, which reduces efficiency and restricts the potential benefits of automation in the sector.
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Some of the major players operating in the global 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 covered 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 UK, 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)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. 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.
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