Smart Healthcare Market: Telemedicine Accounted For The Second-Fastest-Growing Segment

 Smart Healthcare Industry Overview

The global smart healthcare market size was estimated at USD 144.9 billion in 2022 and is expected to witness a compound annual growth rate (CAGR) of 12.8% from 2023 to 2030. The rising adoption of mHealth, government initiatives to digitize healthcare, and the prevalence of chronic disorders are likely to accentuate the demand for smart healthcare systems. Digitalization has transformed the healthcare industry. The adoption of mHealth has increased substantially in the past few years, majorly owing to the rising usage of smartphones and digitization. As per a United Healthcare Consumer Sentiment Survey, in 2019, approximately 37.0% of Americans rely on the internet or mobile apps for consultations related to their health conditions.

With the COVID-19 advent, smart healthcare products noticed a sudden increased demand. Smart healthcare adoption has increased during the pandemic situation, and this adoption rate is further projected to grow in the post-COVID-19 scenario. Consequently, many businesses are expanding their products and services; for instance, in November 2020, Vera Smart Health invested around USD 20 billion to increase its services into home-based tests and diagnostics, remote health services, medication delivery, virtual care, and nutrition consultation services. Therefore, substantial demand for smart healthcare products is anticipated due to the COVID-19 emergency.

Gather more insights about the market drivers, restrains and growth of the Global Smart Healthcare market

 

Rising participation from the industry players is expected to further drive the market for smart healthcare. For instance, in April 2020, Phillips introduced a new application for the care manager acuity-based scoring tools to scrutinize patient conditions to detect deterioration or any adverse trends related to COVID-19. Similarly, in October 2019, Teladoc Health launched Teladoc medical professionals for patients suffering from complicated mental and physical health conditions. This is intended to integrate expert medical services and physicians with their patients effortlessly. Such advancements are expected to drive the market for smart healthcare during the forecast period. 

Supportive government programs are projected to bode well for the growth of the market for smart healthcare. For instance, in March 2020, the Quebec government in collaboration with the Canadian Medical Association (CMA) had decided to expand the access to telehealth services across different provinces of Canada such as Alberta, New Brunswick, British Columbia, Manitoba, Ontario, Newfoundland and, and others. Such attempts are expected to put the forefront of digital patient-oriented healthcare services globally. 

Moreover, in March 2020, the NHS U.K. encouraged first-tier medical institutions to use telemedicine to reduce the COVID-19 spread. As of now, at primary care clinics, the U.K. records nearly 340 million files of annual medical consultations and only 1% of them are made through video calls. However, the NHS is planning to implement telemedicine services by reducing face-to-face consultation. 

 

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Smart Healthcare Market Segmentation 

Grand View Research has segmented the global smart healthcare market based on product, end-use and region:

Smart Healthcare Product Outlook (Revenue, USD Million, 2017 - 2030)

  • RFID Kanban Systems
  • RFID Smart Cabinets
  • Electronic Health Records (EHR)
  • Telemedicine
  • mHealth
  • Smart Pills
  • Smart Syringes
  • Others

Smart Healthcare End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Hospitals
  • Homecare Settings
  • Others

Smart Healthcare Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Market Share Insights

  • September 2021: MSF introduced free telemedicine helpline for COVID-19 patients in India.
  • April 2020: IBM released AI-powered technologies to assist the research and health community in hastening the discovery of medical insights and treatments for COVID-19 by launching the COVID-19 High-Performance Computing Consortium in the collaboration with the U.S. Department of Energy and the White House Office of Science and Technology.

 

Key Companies profiled:

Some of the prominent players in the smart healthcare market include:

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

 

Order a free sample PDF of the Smart Healthcare Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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