Global Smart Healthcare Market Size & Share Expected to Grow to USD 245 Billion by 2026

02-Jun-2021 | Facts and Factors

According to a survey issued by Facts and Factors, the global smart healthcare market was estimated to be worth over USD 150 billion in 2020 and is predicted to be worth about USD 245 billion by the end of 2026, with a CAGR of roughly 8.5 percent between 2021 and 2026.

Smart healthcare goods are a sort of equipment that employs advanced technology to give patients with better treatment and improve their quality of life. They provide exact patient data to clinicians, allowing them to better treat their patients.

Top Market Players

Major players in the smart healthcare market are Stanley Innerspace, Cerner Corporation, Pepperl Fuchs, Hurst Green Plastics Ltd., Brooks Automation, Given Imaging Inc., Samsung Electronics Corporation, Solstice Medical LLC, Siemens Medical Solutions, Allscripts Healthcare Solutions, Bollhoff Group, Wurth Group, IBM, Cisco, GE Healthcare, Olympus Corporation, Philips, AirStrip Technologies Inc., Apple Inc., AT&T Inc., Logi-Tag, McKesson Corporation, Brooks Automation, and LogTag among others.

Rise in Prevalence of Internet of Things

During the projection period, the smart healthcare market would be driven by rising demand for Internet-of-Things (IoT) in home healthcare. IoT technology integrates a variety of systems and devices, such as sensors, actuators, computers, and smartphones, to create a highly distributed intelligent system so that, it can communicate with humans and other devices. IoT applications in-home healthcare will benefit from advancements in communication and processing technologies, as well as improved, low-cost actuators, sensors, and electrical components. IoT in healthcare, combined with integrated e-health and assisted living technologies, has the potential to revolutionize the healthcare system for the aged, boosting the growth of the smart healthcare market. Moreover, increasing engagement from industry players is aiding the market to grow. Citing an instance, Phillips had launched a new application for the eCareManager acuity-based scoring tools in April 2020 to analyze patient conditions for deterioration or any undesirable patterns associated with COVID-19 in April 2020. Teladoc Health, meanwhile, debuts Teladoc medical experts in October 2019 for patients with complex mental and physical health concerns. This is designed to seamlessly connect expert medical services and clinicians with their patients. During the projected period, such advances are projected to drive the market.

Again, the Quebec government, in partnership with the Canadian Medical Association (CMA), decided in March 2020 to increase the availability of telehealth services across Canada, including New Brunswick, Alberta, Manitoba, British Columbia, Newfoundland, Ontario, and Labrador, and others. Such efforts are projected to propel digital patient-centered healthcare services to the forefront around the world.

COVID-19 Impact on the Global Smart Healthcare Market

The outbreak of COVID-19 resulted in a boom in demand for smart healthcare solutions. During the pandemic, smart healthcare adoption surged, and this adoption rate is predicted to continue to rise in the post-COVID-19 scenario. As a result, many businesses are expanding their products and services; for example, Vera Smart Health invested around USD 20 billion in November 2020 to expand its services into remote health services, virtual care, home-based diagnostics, nutrition consultation services, and medication delivery. UK HealthCare introduced a new telemedicine program in the United Kingdom in March 2020 to assist individuals with acute-onset symptoms who would prefer to speak with a healthcare provider. Patients with acute-onset symptoms such as sore throats, fevers, coughs, congestion, and respiratory difficulties may be able to receive specialist care without leaving their homes via UK HealthCare Telecare, which is similar to an urgent care clinic. As a result of COVID-19's introduction, a considerable demand for smart healthcare goods is foreseen.

Report Scope

Asia Pacific Region Dominates the Global Smart Healthcare Market

North America dominated the smart healthcare market in 2020. Government actions that stimulate the deployment of digital health and infrastructure that is accessible to people with a high level of digital literacy are to thank for this. Additionally, the presence of key market participants, greater awareness of linked healthcare, high internet, and smartphone penetration, and the adoption of health-related apps are all contributing to the industry's growth. The Asia Pacific is expected to increase at a respectable rate over the projection period. Countries like Japan, Australia, and India have a lot of potential because of their functioning healthcare IT infrastructure and growing investments in smart healthcare.

Browse the full “Smart Healthcare Market by Product Type (Telemedicine, Electronic Health Records, M-Health, Smart Pills and Syringes, RFID Kanban Systems, RFID Smart Cabinets, Others), By Application (Storage and Inventory Management, Monitoring, Treatment, Others), By End User (Hospitals, Home Care Settings, Others): Global & Regional Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2021–2026”  report at https://www.fnfresearch.com/smart-healthcare-market.

The global smart healthcare market is segmented as follows:

By Product:

• Telemedicine
• Electronic Health Records
• M-Health
• Smart Pills and Syringes
• RFID Kanban Systems
• RFID Smart Cabinets
• Others

By Application:

• Storage and Inventory Management
• Monitoring
• Treatment
• Others

By End User:

• Hospitals
• Home Care Settings
• Others

By Region:

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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