Growing implementation of inventory management systems such as RFID KanBan and RFID smart cabinets aimed at curbing inventory costs and ensure appropriate logistics management is expected to boost the growth of the smart healthcare market. Development of smart syringes, smart pills and smart bandages which enable remote monitoring of patients, help in diagnosing gastrointestinal diseases and infection spread minimization and remote monitoring of healing processes is expected to strengthen the platform for future market growth. On the other hand, high capital investments and poor awareness levels among consumers are some challenges faced by manufacturers.
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mHealth is expected to register the fastest growth of over 40.0% over the forecast period. Key factors likely to drive segment growth include rapidly increasing incidence rates of chronic diseases, increasing smart phone penetration rates and heightening need to ensure improved healthcare outcomes.
Further key findings from the study suggest:
Electronic health record (EHR) emerged as the largest product segment in terms of revenue and was estimated at over USD 19.50 billion in 2014. Implementation of the American Recovery and Reinvestment Act (ARRA) and HITECH Act is expected to make significant contributions towards segment growth. Key feature of HITECH Act includes the provision of USD 64,000 per year to healthcare practitioners adopting EHR systems.
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North America was the largest Smart Healthcare Regional Market in 2014. Presence of favorable government initiatives in the form of HITECH Act providing allowances to healthcare practitioners is one of the major factors expected to drive regional market growth. Presence of sophisticated IT infrastructure enabling easy implementation of advanced healthcare facilities is also expected to boost market growth over the forecast period.
Asia Pacific is expected to grow at a considerable pace over the forecast period owing to growing penetration of advanced healthcare facilities and rapidly evolving mobile & IT infrastructure. Increasing awareness among consumers pertaining to novel healthcare technologies such as telemedicine, mHealth and EHR is expected to further complement regional market growth.
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Key players operating in the smart healthcare market include Cisco, IBM, Olympus Corp., GE Healthcare, AT&T Inc., Apple Inc., Samsung Electronics, Logi-Tag, Wurth Group, AirStrip Technologies Inc., Allscripts Healthcare Solutions Inc., Pepperl+Fuchs and Given Imaging Inc.
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