Smart Healthcare Market Size, Share Global Analysis Report, 2021–2026

Industry Insights

[221+ Pages Report] According to a survey issued by Facts and Factors, the global smart healthcare market was estimated to be worth over USD 150 billion in 2020, and is predicted to be worth about USD 245 billion by the end of 2026, with a CAGR of roughly 8.5% between 2021 and 2026.

Market Overview      

Smart healthcare goods are devices that use cutting-edge technology to provide patients with better care and a higher quality of life. They provide clinicians with precise patient data, allowing them to better treat their patients.

The use of mobile health, the prevalence of chronic diseases, and government initiatives to digitize healthcare are all projected to drive up demand for smart healthcare systems. Digitalization has altered the healthcare industry. The popularity of mHealth has skyrocketed in recent years, owing to the widespread use of smartphones and digitization.

Industry Growth Factors

One of the major factors projected to drive the growth and demand of the smart healthcare market is the increasing prevalence of the Internet of Things.

The rapid growth of the senior population, quick changes in lifestyle, and increased government measures to digitize healthcare infrastructure are all expected to boost market growth. Furthermore, the increased demand for small electronic devices to get real-time information is likely to be a significant element in the smart healthcare market's growth.

Market growth is projected to be aided by increased engagement from industry players along with that market growth is expected to be aided by government initiatives. Phillips, for example, launched a new application for the eCareManager acuity-based scoring tools in April 2020 to analyze patient conditions for deterioration or any undesirable patterns associated with COVID-19 in April 2020. Teladoc Health, meanwhile, debuts Teladoc medical experts in October 2019 for patients with complex mental and physical health concerns. This is designed to seamlessly connect expert medical services and clinicians with their patients. During the projected period, such advances are projected to drive the market.

Segmentation Analysis

Based on the products segment in the smart healthcare market, the segments are telemedicine, electronic health records, m-health, smart pills and syringes, RFID Kanban systems, RFID smart cabinets, and others. In 2020, mHealth led the smart healthcare business. The dominance is aided by high internet usage, cellphones, and the adoption of mHealth apps. In addition, the introduction of wearable devices by Apple, Fitbit, and MI have a positive impact on the market. In April 2020, Proxxi, a Canadian startup, presented Halo, a wearable device. This device is meant to ensure workplace compliance with social distance during the ongoing global COVID-19 pandemic. This device would constantly inform of separation to achieve sufficient social distancing. The RFID Kanban System is predicted to be the smart healthcare market's fastest-growing category, with excellent growth rates. RFID adoption is influenced by supply chain management, automation, real-time intelligence, and asset tracking, among other factors. RFID technology helps spot difficulties in hospital operations, especially when it comes to transporting patients in and out more quickly and efficiently. The smart healthcare market is divided into four categories based on application: storage and inventory management, monitoring, treatment, and others. The smart healthcare market is divided into three categories based on the end user: hospitals, home care settings, and others.

Regional Analysis

North America dominated the smart healthcare market. This is due to government initiatives that encourage the deployment of digital health and infrastructure that is accessible to people who have a high level of digital literacy. Furthermore, the existence of significant market participants, increased awareness about linked healthcare, high internet, and smartphone penetration, as well as the use of health-related apps, are all contributing to the market's growth.

Over the forecast period, Asia Pacific is predicted to grow at a healthy rate. Because of their mature healthcare IT infrastructure and expanding investments in smart healthcare, countries like Japan, Australia, and India have a lot of potential. The adoption of digital healthcare solutions such as health services is predicted to increase as the number of government digitization programs in emerging nations such as China and India increases.

Report Scope

Competitive Players

Major players in the smart healthcare market are

• Stanley Innerspace
• Cerner Corporation
• Pepperl Fuchs
• Hurst Green Plastics Ltd.
• Brooks Automation
• Given Imaging Inc.
• Samsung Electronics Corporation
• Solstice Medical LLC
• Siemens Medical Solutions
• Allscripts Healthcare Solutions
• Bollhoff Group
• Wurth Group
• IBM
• Cisco
• GE Healthcare
• Olympus Corporation
• Philips
• AirStrip Technologies Inc.
• Apple Inc.
• AT&T Inc.
• Logi-Tag
• McKesson Corporation
• Brooks Automation
• LogTag

Smart Healthcare Market: Regional Segment Analysis

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA