Smart Healthcare Market 2021 to 2025 Analyzed by Business Growth Development Factors Applications and Future Prospects

REPORT HIGHLIGHT

The Smart Healthcare market is estimated to represent a global market of USD 73.8 billion by 2017 with growth rate of 19.8%.

Market Dynamics

Acceptance of advanced digital and mobile technologies has created the scope for smart solutions in the medical industry for effective diagnosis of various chronic disease conditions. Smart healthcare does not only cure the diseases but also confront it at the right time. Incorporation of the Internet of Things (IoT) and sensor technologies in medical products has opened up the way for patients to store the health data and analyzed by professionals for better disease diagnosis and outcome. For example, smart wearable devices are the equipment that patients can use them to assess their fitness regime and health status without any professional guidance.

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The industry is defined as the holistic approach in a medical field that can integrate, analyzed and share health information in real time. This unified healthcare system also enable patients to collect data for analysis and research practices. Medical technology plays a strategic role in fostering the change of healthcare delivery towards smart solutions. The market is also benefitting from the growing need for reducing operational cost among physicians and patient population. Other factors such as aging population, favorable reimbursement schemes, and rising number of companies investing in this industry, anticipating a better grip on the market. The global industry could be risked by the low penetration of it in developing regions such as the Middle East and Africa.

Product Takeaway

Product-wise, the market has been bifurcated into RFID Smart Cabinets, RFID Kanban Systems, Telemedicine, Electronic Health Records (EHR), mHealth, and others. Of these, EHR emerged as one of the highest revenue generating products segment in 2017 with over 30% revenue share. As per the statement released by the Office of the National Coordinator for Health Information Technology, EHR provides a secure and strong platform to the healthcare providers for sharing accurate and complete health information. Through this, physicians enable to provide best possible care to the patients, whether during a routine medical checkup or a medical emergency.

Global Smart Healthcare Market, by Products, 2017 (% Share)

Regional Takeaway

Geography-wise, North America is expected to generate a potent chunk of demand, which is a reflection of the high adoption rate of new medical technologies in the U.S. Asia Pacific countries such as China and India display substantial demand for smart healthcare mainly for disease diagnosis purpose. Due to this fact, several key players are partnering with government and private hospital facilities to reach out to the masses through affordable healthcare. For instance, in March 2018, Samsung launched the Smart Healthcare Citizenship Initiative in India (at King George Hospital in Visakhapatnam). The company is aimed to provide quality and affordable healthcare solutions through such initiatives.

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Key Vendor Takeaway

The industry demonstrates a fragmented and competitive nature due to the presence of various key players. Some of the leading companies present in this market include Olympus Corporation, Stanley Innerspace, GE, Siemens, and Samsung. By investing in the smart healthcare systems, these companies aim to create a competitive edge in the medical industry. The market is mainly controlled by well-established key players even though the share of small-scale players is noticeable too. It is noted that companies are concentrating on providing advanced and cost-effective solutions to the end-users to capture the untapped market.

The market size and forecast for each segment and sub-segments has been considered as below:

Historical Year – 2014 & 2016

Base Year – 2017

Estimated Year – 2018

Projected Year – 2025

TARGET AUDIENCE

Traders, Distributors, and Suppliers

Manufacturers

Hospitals

Government and Regional Agencies and Research Organizations

Consultants

Distributors

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

MARKET, BY PRODUCT

RFID Smart Cabinets

RFID Kanban Systems

Telemedicine

Electronic Health Records (EHR)

mHealth

Others

MARKET, BY REGION

North America

U.S.

Canada

Europe

Germany

France

Rest of Europe

Asia Pacific

India

China

Rest of APAC

Rest of the World

Middle East and Africa

Latin America

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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