Smart Healthcare Market Assessment Covering Growth Factors and Upcoming Trends & Forecast

Research report presented by UnivDatos, Emphasis on Type [Electronic Health Record (EHR), RFID Systems, Smart Pill, Smart Syringes, Others), Application (Health Data Storage and Exchange, Monitoring and Treatment, Inventory Management), End-User (Hospitals, Home Care Settings, Others) and Geographical analysis (key regions and countries).

As per the research report, Global Smart Healthcare Market is expected to reach the market valuation of US$ 78.8 Billion by 2027 expanding at a reasonable CAGR of 7.15% during the forecast period (2021-2027) from US$ 40.5 Billion in 2019. The current era is one of informatization, with technological advancement and scientific theories, conventional medicines with biotechnology as its core part have slowly transformed to digitize. And smart healthcare is featuring a new information technology generation. Smart healthcare is not just only a modest technological advancement, multi-level change, but are also all-round. This change is embodied in the following: informatization construction changes (from clinical in formalization to regional medical informatization), medical model changes (from disease-centered to patient-centered care), changes in medical management (from general management to personalized management), and alternation in the methods for disease diagnosis & prevention and treatment (from focusing on disease treatment to focusing on preventive healthcare). These modifications in healthcare technology with the increasing adoption of the smart healthcare technologies focus on meeting the patients’ needs of people while refining the ef?ciency of medical care services, which importantly improves the medical and health service experience, and represent the future development direction of modern medicine.

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Smart healthcare technologies are the integration of smart technology into all areas of healthcare, fundamentally changing how organizations operate and deliver value to stakeholders. It affects all sectors of society, in particular economies. These technologies are also empowering governments and stakeholders to improve healthcare standards by improvising patient privacy and secure network. The increasing prevalence of chronic diseases in developed as well as developing economies will further surge the smart healthcare technologies and product demand around the globe. According to World Health Organization (WHO), around 17.9 million people died from cardiovascular diseases (CVDs) in 2016; and according to American Diabetes Association, approximately 34.2 million people in American are suffering from Diabetes. Organizations today increasingly realize they can no longer focus on just providing treatment; they need to offer an experience. An increasing number of products today both consume and generate data, and many are interconnected through smart technologies. Smart technologies are the cause of large-scale and sweeping advancement across various phases of healthcare facilities, providing incomparable opportunities for value capture and creation, while also representing a major source of risk. The rapid advances in smart healthcare technology are redefining the healthcare infrastructure.

Insights Presented in the Report

“Electronic health record segment dominated the product segment of Smart Healthcare Technologies and Products Market”

Based on type, the market is fragmented into electronic health record, RFID systems, smart pill, smart syringes, and other. Electronic health record dominated the market with a share of 68.4% in 2019 and is expected to maintain its dominance during the forecast period owing to the increasing adoption of electronic health record that entails the need for patient records such as patient’s medical history, diagnosis, medications, treatment plans, immunization dates, allergies, radiology images, and laboratory and test results.

“Health Data Storage and Exchange application is expected to dominate the market during the analyzed period”

Based on Application, the market is segmented into Health data storage and exchange, Monitoring and Treatment, and Inventory Management. In 2019, Health data storage and exchange accounted for 70.5% of the market revenue share. Currently, health data storage and exchange dominated the smart healthcare technologies and products market and is expected to remain dominant during the analyzed period as it allows doctors, pharmacists, nurses, healthcare providers and patients to securely access and shares a patient’s vital medical information electronically - improving the speed, quality, safety and cost of patient care.

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“Amongst End User, Hospitals are expected to dominate the market during the analyzed period”

Based on the market segment by end-users, the market is fragmented into hospitals, home care settings, and others. In 2019, the Hospitals, accounted for the maximum market share with 73.8% and is expected to be the leading segment of the smart healthcare technologies and products market and is expected to remain dominant during the forecast period as it reduces the time patients have to spend in a facility that led to freeing up space and resources for hospitals to address more patients. The automation also decreases the number of doctors required per patient in a healthcare organization.

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“North America represents one of the largest markets of Smart Healthcare Market”

For a better understanding of the market dynamics of the smart healthcare technologies and products market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of World has been conducted. North America dominated the market and generated revenue of US$ 16.3 billion in 2019 owing to the increase in the adoption of Smart Healthcare Technologies and along with the increasing focus on advanced technologies in the order to strengthen healthcare infrastructure in the region.

Competitive analysis

IBM Corporation, Allscripts Healthcare Solutions, Inc., eClinicalWorks, Medtronic, Olympus Corporation, Terumo Corporation, Cerner Corporation, General Electric Company, Siemens Healthcare Private Limited, and Becton, Dickinson, and Company are some of the prominent players operating in the global smart healthcare technologies and products market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Customization Options:

The Smart Healthcare Technologies and Products Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.