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Global smart healthcare market size to record 16.2% CAGR through 2027

·6 min read

The research report on ‘global smart healthcare market’ evaluates the major development trends, restraining factors, and expansion opportunities defining the growth rate of this industry landscape over the period of 2020-2027.

Selbyville, Delaware, Nov. 11, 2020 (GLOBE NEWSWIRE) -- As per the credible estimates, worldwide smart healthcare market recorded a valuation of USD 144 billion in the year 2019 and is expected to showcase a y-o-y growth rate of 16.2% between 2020 and 2027. The robust expansion can be credited to increased pervasiveness of chronic conditions such as diabetes, heart-related diseases, and cancer across the globe.

The thesis further scrutinized the industry outlook with respect to product type and entails through details about regional markets. Information pertaining to key industry player framing the competitive spectrum, alongside their product portfolio, business profile and market stake is given. The document elucidates Porter’s Five Force analysis to enable robust decision-making during investment assessment.

According to WHO (World Health Organization), cardiovascular diseases are the leading cause of morbidity and high mortality rates, recording over 17.9 million deaths annually.

Likewise, the American Heart Association states that the annual mortality number owing to cardiovascular diseases is expected to surpass 23.6 million by the year 2030. Thus, rising prevalence of chronic conditions has impelled the demand for smart healthcare solutions across the globe, which in turn is facilitating the business scenario.

For those uninitiated, smart healthcare is the integration of advanced technologies in traditional healthcare services. Smart healthcare products such as EHR (electronic health records), smart pills, and smart syringes help in improving the quality of medical services as well as the overall patient experience.

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Smart healthcare products also aid while remotely monitoring a patient’s health condition and help in reducing the treatment cost. In fact, these products deliver accurate and reliable information concerning the patient, further allowing clinicians to offer improved care, which in turn is adding traction to worldwide smart healthcare market.

In addition to this, supportive government regulations which promote digitalization of healthcare sector coupled with inclination towards adopting mHealth solutions are augmenting the industry remuneration. However, high capital investment as well as maintenance costs associated with the product in tandem with lack of skilled medical professionals may act as restraining factors to the expansion of worldwide smart healthcare industry.

An overview of market segmentations

Elaborating on product spectrum, global smart healthcare market is segmented into smart syringes, smart pills, M-health, telemedicine, electronic health records, RFID smart cabinets, RFID KanBan systems.

A gist of the regional scope

Worldwide smart healthcare industry sphere is split into regions namely, North America, Asia-Pacific, Latin America, Europe, and rest of the world, with key focus on countries such as Canada, United States, Australia, Japan, China, India, South Korea, Mexico, Brazil, Italy, Spain, France, Germany, and the United Kingdom.

As per authentic estimates, North America presently accounts for the largest market share and is anticipated to display similar expansion trends in the forthcoming years. High concentration of major manufacturers along with supportive federal regulations which promote adoption of advanced healthcare technologies are augmenting the regional demand for smart healthcare solutions.

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Parallelly, Asia-Pacific smart healthcare market size is expected to record the highest growth rate during the analysis timeframe. Rapid digitalization of healthcare sector, especially in India and China, along with high occurrence of chronic disorders owing to growing geriatric population have allowed Asia-Pacific to emerge as a major revenue generator for global smart healthcare market.

Global Smart Healthcare Market by Product Type (Revenue, USD Billion, 2017-2027)

  • Smart Syringes

  • Smart Pills

  • RFID KanBan Systems

  • M-health

  • Telemedicine

  • Electronic Health Records

  • RFID Smart Cabinets

Global Smart Healthcare Market Regional Analysis (Revenue, USD Billion, 2017-2027)

North America

  • Canada

  • U.S.

Europe

  • Italy

  • Spain

  • France

  • Germany

  • U.K

  • Rest of Europe

Asia Pacific

  • Australia

  • Japan

  • South Korea

  • India

  • China

  • Rest of Asia-Pacific

Latin America

  • Brazil

  • Mexico

Rest of the World

Global Smart Healthcare Market Competitive Scenario (Revenue, USD Billion, 2017-2027)

  • Siemens Healthineers AG

  • Allscripts Healthcare Solutions Inc.

  • Solstice Medical LLC

  • GE Healthcare

  • Stanley InnerSpace

  • Brooks Automation

  • Olympus Corporation

  • Given Imaging Ltd.

  • Cisco Systems Inc.

  • IBM Corp.

Table of Content:

Chapter 1. Executive Summary

1.1. Market Snapshot

1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)

1.2.1. Smart Healthcare Market, by Region, 2018-2027 (USD Billion)

1.2.2. Smart Healthcare Market, by Product, 2018-2027 (USD Billion)

1.3. Key Trends

1.4. Estimation Methodology

1.5. Research Assumption

Chapter 2. Global Smart Healthcare Market Definition and Scope

2.1. Objective of the Study

2.2. Market Definition & Scope

2.2.1. Scope of the Study

2.2.2. Industry Evolution

2.3. Years Considered for the Study

2.4. Currency Conversion Rates

Chapter 3. Global Smart Healthcare Market Dynamics

3.1. Smart Healthcare Market Impact Analysis (2018-2027)

3.1.1. Market Drivers

3.1.2. Market Challenges

3.1.3. Market Opportunities

Chapter 4. Global Smart Healthcare Market Industry Analysis

4.1. Porter's 5 Force Model

4.2. PEST Analysis

4.2.1. Political

4.2.2. Economical

4.2.3. Social

4.2.4. Technological

4.3. Investment Adoption Model

4.4. Analyst Recommendation & Conclusion

Chapter 5. Global Smart Healthcare Market, by Product

5.1. Market Snapshot

5.2. Global Smart Healthcare Market by Product, Performance - Potential Analysis

5.3. Global Smart Healthcare Market Estimates & Forecasts by Product 2017-2027 (USD Billion)

5.4. Smart Healthcare Market, Sub Segment Analysis

5.4.1. RFID KanBan Systems

5.4.2. RFID Smart Cabinets

5.4.3. Electronic Health Records

5.4.4. Telemedicine

5.4.5. M-health

5.4.6. Smart Pills

5.4.7. Smart Syringes

Chapter 6. Global Smart Healthcare Market, Regional Analysis

Related Report:

Smart Home Healthcare Market Size, Application Potential, Competitive Market Share & Forecast, 2019 - 2025

Smart home healthcare market will exceed USD 30 billion by 2025, as per a new research report. Growing preferences of consumers on health monitoring and fitness is driving the demand for smart home healthcare market. Heart related diseases and obesity are increasing worldwide, the demand for wearable devices to monitor their health status and fitness level is growing. Smartwatches and fitness band are combined with numerous sensors to screen various health related issues such as blood pressure and heart rate among others. These wearables provide accurate health information allowing customers to monitor their health issues without any intervention. Such advantages accelerate smart home healthcare industry growth. Moreover, wide range of wearable systems are available for elderly people that monitor vital signs of patients.

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