Smart Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

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Smart Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

Status : November, 2021 | Healthcare IT

Report Digest


Global Smart Healthcare Market: Snapshot

The global smart healthcare market is foretold to see expansion on the back of increasing integration of IoT to provide better treatments at improved costs. The IoT integration has created a whole lot of demand for smart healthcare products for a wide range of services such as elderly care, fitness programs, chronic diseases, and remote health monitoring. North America is anticipated to witness larger growth in the market due to the steady entry of SMEs. The need to deliver high-quality patient care has increased the integration of IT with smart healthcare products.

In order to provide continuous patient care to people with chronic diseases, healthcare providers are significantly adopting remote health monitoring services. On the basis of consumption, Asia Pacific could rank higher in the global smart healthcare market. Using economic growth and government support, the emerging region is quickly heading toward digitalization of healthcare services. This could be another factor pushing the market growth of the region.

Inventory management is envisaged to emerge as a faster-growing application of smart healthcare. It could gain traction while riding on the rising use of advanced RFID smart cabinets and solutions in the healthcare industry. The need to exchange and record massive volumes of data is foreseen to propel the demand for smart healthcare products in inventory management. Beside electronic health records (EHR), smart pills could dominate the global smart healthcare market in the coming years. This could be due to their swelling demand in the healthcare industry.

Merger and acquisition, joint venture, and product innovation could be some of the top business strategies adopted by players in the global smart healthcare market. The presence of a large pool of companies in the market is predicted to extend the scope of the availability of new products in the industry.

Global Smart Healthcare Market – Overview

Of late, the global market for smart healthcare has been registering a significant rise, thanks to the increasing uptake of information technology in the medical and healthcare industry. The increasing awareness about the benefits of smart healthcare solutions, such as speedy recovery and shorter hospital stay, is likely to boost the growth of this market in the near future.

This market study is an analytical research of the performance of the global market for smart healthcare in past and during the period from 2017 to 2025. The research especially emphasize on the market boosters, growth barriers, challenges, opportunities, and the prominent trends in this market in order to determine its future status.

Global Smart Healthcare Market – Key Trends and Opportunities

The global market for smart healthcare is projected to observe an exponential growth over the period from 2017 to 2025, thanks to the rising demand for efficient and advanced healthcare products. The increasing integration of Internet of Things (IoT) with medical products and services is rewriting the definition of healthcare products utilized for advanced and effective treatments at lower costs. The support from a number of government initiatives is also aiding in increasing the overall growth of the market for smart healthcare across the world. However, factors, such as the high cost of smart healthcare products and services may hamper the growth of this market over the next few years. In addition to this, the requirement of large capital investment in the initial stage is also projected to act as a restraints in the growth of this market in the coming years.

Global Smart Healthcare Market - Market Potential

Among the products available in the global market for smart healthcare, the demand for smart pills is significantly high. Researchers at TMR Research expect this trend to remain so over the next few years. Electronic health records are also expected to witness a steady rise in their demand in the years to come. Smart healthcare solutions find extensive usage in inventory management and this scenario is likely to remain same over the forthcoming years.

Global Smart Healthcare Market – Regional Outlook

On the basis of the geography, the worldwide market for smart healthcare records its presence mainly across Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Latin America is led by Brazil, Mexico, and Argentina. The U.S. and Canada are the most prominent domestic markets in North America. In Asia Pacific, China, Japan, and India have acquired the leading positions and, in the Middle East and Africa market, North Africa, GCC, and Southern Africa have surfaced as the prime domestic markets for smart healthcare. Europe is dominated by France, the U.K., and Germany as its key domestic markets.

Global Smart Healthcare Market – Competitive Analysis

The global market for smart healthcare has been demonstrating a highly competitive vendor landscape. The presence of a large pool of players has intensified the degree of competition between them. Accenture is the global leader in this market. Other prominent vendors of smart healthcare across the world are CapsoVision Inc., Terumo Corp., Epic Systems Corp., Stanley Healthcare, Allscripts Healthcare Solutions Inc., TAGSYS, Becton Dickinson and Co., Medtronic, Olympus Corp., and eClinicalWorks. With new players continuously entering the market, the competition within the market is likely to intensify further in the near future.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?