The global smart healthcare market is expected to witness lucrative growth opportunities over the forecast period owing to constant and rapid technological advancements in the field of healthcare IT such as the development of EHR, mHealth, and telemedicine. Furthermore, integration of intelligent inventory management systems such as RFID KanBan systems and RFID smart cabinets are expected to save on cost incurred due to improper handling and expiration of pharmaceuticals, which is one of the critical success factors attributing for the growth of smart healthcare market.
Global Smart Healthcare Market, by product, 2014 - 2022 (USD Billion)
Additionally, development and emergence of smart syringes, smart pills, & smart bandages, which are capable of remotely monitoring patients healing process, diagnosing gastrointestinal diseases and minimizing the risk of infection due to multiple usages of syringes are expected to positively reinforce market growth during the forecast period. However, budgetary constraints and poor awareness levels pertaining to the development of aforementioned products and services are amongst few restraining factors for smart healthcare market growth.
Key products analyzed in the smart healthcare market include RFID KanBan systems, RFID smart cabinets, Electronic Health Record (EHR), Telemedicine, mHealth, smart pills and smart syringes. In 2014, EHR emerged as one of the highest revenue generating products segment analyzed the study. Key factors attributing to its large share include favorable government initiatives such as the emergence of American Recovery and Reinvestment Act (ARRA) which was intended to achieve a goal of having all U.S. health care providers managing clinical information electronically by 2015. Moreover, technological advancements focusing on next gen EHR systems such as researchers and clinicians from Boston children’s hospital demonstrated four digital health tools namely Thermia, RNSafe, Advance seizures tracking & warning systems and AudioHub are expected to fuel the market growth of EHR and consequently smart healthcare over the forecast period.
mHealth market is expected to witness a CAGR of over 45% over the forecast period. Key factors attributing to its rapid growth include their ability to provide insights into the factors leading to a particular disease, as well as reduce overall health risks. Rising incidences of chronic diseases such as cancer, heart ailments, and diabetes is a key contributor to growing demand for mHealth systems. Moreover, rapid development and increasing purchasing power has resulted in propagation of smart phones, along with 3G and 4G networks, which is anticipated to be a critical success factor for the growth of global mHealth market and subsequently smart healthcare. 3G and 4G networks enable services such as video calling and high-speed data transfer which helps in the speedy delivery of telemedicine services.
North America, Europe, Asia-Pacific, Latin America, and MEA markets are analyzed in the smart healthcare market report. In 2014, North America was the largest regional market in 2014. Key factors attributing to its large share include favorable government initiatives such as the implementation of HITECH act which provide nearly USD 64,000 to each healthcare practitioner who has adopted EHR systems.
The mHealth market in North America was valued at USD 999.5 million in 2013, which is expected to grow at a lucrative CAGR from 2015 to 2022. The U.S. is responsible for the majority of the mobile health deployments, with solutions for patient monitoring and treatment expected to contribute largely to deployments. There a considerable number of live as well as pilot mobile health projects in the U.S. and Canada, which is expected to benefit the North American market. However, the market in Europe is expected to be the highest revenue generating regional market by the end of the forecast period. mHealth launches in the European market are targeted at chronic disease management as well as monitoring activities of the elderly population.
Growing number of health and wellness oriented apps as well as increasing smart phone adoption rates are expected to positively impact the regional market. Furthermore, the Asia Pacific smart healthcare market is anticipated to witness lucrative growth over the forecast period. Constantly developing healthcare and IT infrastructure, favorable government initiatives pertaining to the implementation of the smart technologies in the existing healthcare establishments and rapidly improving reimbursement policies are key factors attributing to the growth of the regional smart healthcare market.
Key players operating in the smart healthcare market include AirStrip Technologies Inc., Allscripts Healthcare Solutions Inc., Samsung Electronics Corporation, Apple Inc., AT&T Inc., GE Healthcare, Olympus Corporation, Given Imaging Inc., Logi-Tag, Solstice Medical LLC, Cerner Corporation, Siemens Medical Solutions, Pepperl+Fuchs, Hurst Green Plastics Ltd., Bollhoff Group, Wurth Group, Brooks Automation, LogTag, Stanley Innerspace, IBM, and Cisco.
Smart healthcare refers to the integration of healthcare IT, RFID technology, inventory and asset management tools, implementation of electronic health records (EHR) in healthcare establishments and video monitoring of patients. Furthermore, development of smart bandages, smart pills, and smart syringes is expected to positively reinforce market growth over the forecast period. Expanding information technology network is enabling healthcare establishments to incorporate and integrate web platforms to existing applications and systems which are further expected to boost market growth for the estimated period of six years. IBM and Cisco are amongst key companies offering smart healthcare solutions. Estimates suggest that the incorporation of video solutions rendered by these companies assist pharmaceutical manufacturers to achieve improved productivity & communications by curbing costs.
Key products included in the scope of this study include smart pills, smart bandages, smart syringes, and RFID smart tags. RFID smart tags are expected to be one of the most revenue generating product segments. RFID smart tags find application in various healthcare procedures such as asset tracking, inventory management, and patient monitoring. However, smart pills and smart bandages are expected to grow at a lucrative rate over the estimated period of six years. Smart pills are one of the smartest endoscopes available in the market and are used to obtain valuable information pertaining to drug delivery. Key applications analyzed in the scope of study includes inventory and asset management, patient monitoring, centralized access to patient critical patient data and remote doctor consultation via video conferencing.
North America, Europe, Asia-Pacific, Latin America and MEA are amongst key regional markets included in the study. North America on account of the presence of developed IT and healthcare infrastructure and high healthcare expenditure levels emerged as the most revenue generating regional market. However, Asia-Pacific is expected to grow at a lucrative rate over the forecast period. Rapidly developing healthcare and IT network, favorable government initiatives such as MAKE IN INDIA. Furthermore, in 2014, the government of India announced that it will build nearly 100 smart cities by 2030. Moreover, in January 2015, the United States Trade and Development Agency (USTDA) and Urban Development Ministry have set up multiple task forces to develop an action plan pertaining to smart cities within three months. Aforementioned factors are expected to be critical success factors attributing to the growth of smart healthcare in Asia Pacific over the forecast period. Key players operating in the global smart healthcare market include IBM, Cisco, MediSafe, Blueprint Health, Partners HealthCare and Ginger.io.
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