Smart Healthcare Market Size, Share & Trends Analysis Report By Product (RFID KanBan Systems, RFID Smart Cabinets, Electronic Health Records, Telemedicine, mHealth, Smart Pills, Smart Syringes), And Segment Forecasts, 2020 - 2027

Report Overview

The global smart healthcare market size was valued at USD 143.6 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 16.2% from 2020 to 2027. 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 internet or mobile apps for consultations related to their health conditions.

Rising participation from the industry players is expected to further drive the market growth. For instance, in April 2020, Phillip had introduced a new application for the eCareManager 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 during the forecast period.

Supportive government programs are projected to bode well for market growth For instance, in March 2020, the Quebec government in collaboration with the Canadian Medical Association (CMA) had decided to expand the access of 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 for 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, U.K. records nearly 340 million files of annual medical consultation 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.

Product Insights

On the basis of product, mHealth dominated the smart healthcare market with around 47.0% revenue share in 2019. The dominance is attributed to high internet usage, smartphones, and the adoption of mHealth apps. Moreover, the introduction of wearable devices from Apple, Fitbit, and MI are influencing the market positively. In April 2020, Proxxi, a Canadian firm launched a wearable device, Halo. This device is designed to ensure compliance with social distancing at a workplace during the ongoing global COVID-19 pandemic. This device would constantly notify of separation to ensure proper social distancing.

RFID kanban system is the fastest-growing segment at a CAGR of 22.1% from 2020 to 2027. The key trends aiding in the adoption of RFID are supply chain management, automation, real-time intelligence, and asset tracking. RFID technology help to identify issues in the workflow of hospitals especially to move patients in and out quickly and more efficiently. Moreover, RFID in Real-Time Location Systems (RTLS) also helps to track newborn babies. Thus, owing to the aforementioned reasons the segment is likely to grow during the forecast period.

Telemedicine accounted for the second-fastest-growing segment in the market for smart healthcare. In the wake of the on-going COVID-19 outbreak, it is anticipated to boost the adoption and usage of telemedicine by healthcare professionals to connect effectively with their patients. Owing to social distancing globally, virtual care delivery is stepping up as an effective solution for secure and superior communication. Furthermore, companies are collaborating with hospitals to monitor COVID-19 patients. For instance, in March 2020, the All India Institute of Medical Sciences (AIIMS) launched a 24/7 Telemedicine Hub, CoNTeC. Itis a real-time telemedicine hub aimed to assist physicians to treat patients.

Region Insights

North America dominated the market with a revenue share of 34.81% in 2019. This is attributed to supportive government policies for the deployment of digital health and the accessibility of infrastructure with high digital literacy. Furthermore, the presence of key market participants, growing awareness about connected healthcare, high penetration of internet, and smartphones, along with the usage of health-related apps are a few of the key factors responsible for the growth of the market.

On March 10, 2020, the American Hospital Association (AMA) stated that nearly 76% of hospitals in the U.S. use telehealth to connect with consulting practitioners and patients owing to its affordability and elevated health care value. Moreover, the successful implementation of e-prescription systems and Electronic Health Records (EHR) in various healthcare centers drive regional market growth.

Asia Pacific is expected to exhibit lucrative growth over the forecast period. Countries such as Japan, Australia, and India exhibit significant potential owing to their developed healthcare IT infrastructure and growing investments in smart healthcare. Arise in the number of government digitalization programs in emerging nations such as China and India is expected to drive the adoption of digital healthcare solutions such as health services. With growing COVID-19 cases in the region, companies are increasingly investing in telemedicine services. On April 14, 2020, Huawei commended the provision of wireless networks, conferencing, and smartphones across Thailand, Bangladesh, and Malaysia. This is intended to increase the adoption of telemedicine practices to combat the COVID-19 pandemic in the region.

Key Companies & Market Share Insights

Players undertook various strategic initiatives such as mergers and acquisitions, product launches and partnerships and collaborations to gain more penetration. For instance, in April 2020, IBM released  AI-powered technologies to assist the research and health community to hasten the discovery of medical insights and treatments for COVID-19 by launching COVID-19 High-Performance Computing Consortium with the collaboration with the U.S. Department of Energy and White House Office of Science and Technology. Also, in March 2020, Siemens Healthineers launched Teamplay digital health platform. It is aimed to enable healthcare to offer digital transformation and eases quick access to clinical and operational solutions. Some of the key players operating 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 Innerspace

• Bollhoff Group

• Wurth Group

Smart Healthcare Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country-level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global smart healthcare market report on the basis of product and region:

• Product Outlook (Revenue, USD Million, 2016 - 2027)

  • RFID Kanban Systems

  • RFID Smart Cabinets

  • Electronic Health Records (EHR)

  • Telemedicine

  • mHealth

  • Smart Pills

  • Smart Syringes

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE