GVR Report cover Smart Healthcare Market Size, Share & Trends Report

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), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: 978-1-68038-407-9
  • Number of Pages: 110
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Healthcare

Report Overview

The global smart healthcare market size was estimated at USD 153.6 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 13.3% from 2022 to 2030. The 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 the internet or mobile apps for consultations related to their health conditions.

U.S. smart healthcare market size, by product, 2020 - 2030 (USD Billion)

With the COVID-19 advent, smart healthcare products noticed a sudden increased demand. Smart healthcare adoption has increased during the pandemic situation, and this adoption rate is further projected to grow in the post-COVID-19 scenario. Consequently, many businesses are expanding their products and services; for instance, in November 2020, Vera Smart Health invested around USD 20 billion to increase its services into home-based tests and diagnostics, remote health services, medication delivery, virtual care, and nutrition consultation services. Therefore, substantial demand for smart healthcare products is anticipated due to the COVID-19 emergency.

Rising participation from the industry players is expected to further drive the market for smart healthcare. For instance, in April 2020, Phillips introduced a new application for the care manager 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 for smart healthcare during the forecast period. 

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

Based on product, the mHealth segment dominated the market for smart healthcare and accounted for a revenue share of over 39.0% in 2021. 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 is 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 from 2022 to 2030. 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 ongoing 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. It is a real-time telemedicine hub aimed to assist physicians to treat patients. 

Regional Insights

North America dominated the smart healthcare market and accounted for a revenue share of over 33.0% in 2021. 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 the 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 for smart healthcare. 

In March 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.

Global smart healthcare market share, by region, 2021 (%)

In the Asia Pacific, the market for smart healthcare 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. A rise 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 September 2021, MSF introduced free telemedicine helpline for COVID-19 patients in India. In April 2020, IBM released AI-powered technologies to assist the research and health community in hastening the discovery of medical insights and treatments for COVID-19 by launching the COVID-19 High-Performance Computing Consortium in the collaboration with the U.S. Department of Energy and the 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 prominent players 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 Innerspac

  • Bollhoff Group

  • Wurth Group 

Smart Healthcare Market Report Scope 

Report Attribute

Details

Market size value in 2022

USD 178.5 billion

Revenue forecast in 2030

USD 483.4 billion

Growth rate

CAGR of 13.3% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MiddleEast and Africa

Country scope

U.S.; Canada; Germany; U.K.; France; Italy; Spain; Japan; India; China; Australia; South Korea; Brazil; Argentina; Mexico; South Africa; Saudi Arabia, UAE

Key companies profiled

IBM; Cisco; GE Healthcare; Olympus Corporation; Brooks Automation; Given Imaging, Inc.; Stanley Innerspace; Solstice Medical LLC; Siemens Medical Solutions; Allscripts Healthcare Solutions; Samsung Electronics Corporation; AirStrip Technologies Inc.; Apple Inc.; AT&T Inc.; Logi-Tag; Cerner Corporation; Pepperl+Fuchs; Hurst Green Plastics Ltd.; Bollhoff Group; Wurth Group; McKesson Corporation; Brooks Automation;  LogTag

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Segments Covered in the Report 

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global smart healthcare market report based on product and region:

  • Product Outlook (Revenue, USD Million, 2017 - 2030)

    • RFID Kanban Systems

    • RFID Smart Cabinets

    • Electronic Health Records (EHR)

    • Telemedicine

    • mHealth

    • Smart Pills

    • Smart Syringes

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

      • South Korea

      • Australia

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

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