The global smart healthcare market size is anticipated to reach USD 528.9 billion by 2027, registering a CAGR of 16.2%, as per the new report by Grand View Research, Inc. The COVID-19 (coronavirus) pandemic is likely to boost the market growth as these solutions help healthcare professionals to connect effectively with their patients and offer quality treatment. Owing to social distancing, remote patient monitoring, and virtual healthcare delivery is gaining momentum. For instance, U.K. has introduced free virtual consultation during the coronavirus crisis. In April 2020, doctorinthehouse.net, a not-for-profit online healthcare service in U.K.launched a platform in collaboration with volunteers amongst doctors, pharmacists, specialist nurses aiming to schedule 25,000 online appointments and supply 100,000 online assessments over 200 at-home clinicians. Such initiatives are expected to drive the market ahead.
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Operating costs are mainly governed by production costs, inventory storage costs, manufacturing overhead costs, wages, energy costs, and logistical costs. Poor inventory control is a major issue faced by companies that leads to substantial operating losses. There is an increasing demand for RFID kanban systems to control their inventory costs. RFID kanban systems owing to associated benefits such as reduction in manpower, higher efficiency, and cost effectiveness is anticipated drive traction over the forecast period.
Technological advancements are rapidly transforming the market for smart healthcare. Some of the major market players such as IBM, Cisco, Given Imaging, Inc., Olympus Corporation, Logi-Tag, Brooks Automation, Stanley Innerspace, GE Healthcare, and others account for a substantial market share, owing to their extensive product offerings.Key players are focusing on expanding their current portfolio such as in March 2020, Siemens Healthineers launched Teamplay digital health platform. It is aimed to enable digital healthcare transformation and eases quick access to clinical and operational solutions. Also, in June 2019, Intel introduced Network And Custom Logic Group it is a broad portfolio of products for Artificial Intelligence (AI) and 5G cloud. This is aimed to broaden the horizons of healthcare application.
Key suggestions from the report:
- mHealth held the dominant share due to the growing usage of internet, penetration of smartphones, and the increased adoption of mHealth technologies by healthcare professionals and patients
- Telemedicine is expected to be the second fastest-growing segment from 2020 to 2027. Growing prevalence of chronic conditions, rising demand for self healthcare, and outbreak of COVID 19 pandemic are the key factors driving the growth
- Smart Pills demonstrated promising growth during the forecast period owing to technological development including miniaturization of integrated circuits, an increase in focus on patient convenience, and high demand for minimally invasive procedures
- Siemens Medical Solutions; IBM; AT&T Inc.; Apple Inc.; GE Healthcare; and Cisco are some of the major market participants due to their regional presence and product offerings
- Companies are adopting innovative strategies to attain a competitive advantage. Product development, partnerships, strategic collaborations, mergers and acquisitions, and regional expansion are a few of them
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Grand View Research has segmented the global smart healthcare market on the basis of the product and region:
Smart Healthcare Product Outlook (Revenue, USD Million, 2016 – 2027)
- RFID Kanban Systems
- RFID Smart Cabinets
- Electronic Health Records (EHR)
- Smart Pills
- Smart Syringes
Smart Healthcare Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Smart Healthcare Market
- Given Imaging, Inc.
- Olympus Corporation
- Brooks Automation
- Stanley Innerspace
- Solstice Medical LLC
- GE Healthcare
- Siemens Medical Solutions
- McKesson Corp.
- Allscripts Healthcare Solutions
- Samsung Electronics Corporation
- AirStrip Technologies Inc.
- Apple Inc.
- AT&T Inc.
- Cerner Corporation
- Hurst Green Plastics Ltd
- Bollhoff Group
- Wurth Group
- Brooks Automation
- Stanley Innerspace
Find more research reports on Healthcare IT Industry, by Grand View Research:
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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