Published Date : 24 Nov 2023
The global smart healthcare market size is anticipated to reach around USD 482.25 billion by 2027 up from USD 216.63 billion in 2022 with a CAGR of 19.7% between 2022 to 2027.
The term "smart healthcare" refers to a system of health services that actively manages and intelligently responds to the needs of the medical ecosystem. Smart healthcare uses technology like IoT, wearable devices, and mobile internet to access information and connect people, materials, and institutions related to healthcare. New technologies have impacted several aspects of our daily lives. The modern healthcare system has acknowledged the benefits of utilizing information and communication technology (ICT) to raise the standard of treatment and transform conventional healthcare into smart healthcare.
The smart healthcare market is driven by several factors including increasing investment in the healthcare sector, technological advancements, growing health concerns, rising product innovations, a rise in disposable income, rising mHealth adoption, increasing internet penetration, and favorable government initiatives for the digitalization of healthcare. Additionally, the growth of this market is significantly influenced by the rise in chronic disorders including diabetes, cancer, heart disease, and others. The healthcare sector has transformed due to rapid digitization.
North America is expected to dominate the smart healthcare market owing to the presence of prominent market players, supportive government policies for digital health deployment, and accessibility of highly digital literacy resources. Due to favorable government initiatives for the adoption of digital health and the availability of infrastructure with high levels of digital literacy, the market for smart healthcare products is anticipated to expand in North America.
A few of the main drivers behind the expansion of the regional market are the existence of important market players, rising awareness of linked healthcare, high internet and smartphone penetration, and substantial utilization of health-related apps. The rapid rise in the prevalence of chronic diseases in the United States is resulting in an increases demand for smart healthcare products and devices.
As per the Centers for Disease Control and Prevention, 6 in 10 adults in the US have a chronic disease and 4 in 10 adults in the US have two or more chronic diseases. In addition, prominent companies in the region are focusing on collaborations, acquisitions, and partnerships to enhance their presence in the smart healthcare market.
|Market Revenue in 2023
|USD 259.14 Billion
|Projected Forecast Revenue by 2027
|USD 482.25 Billion
|Growth Rate from 2022 to 2027
|CAGR of 19.7%
|2022 to 2027
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Growth in mHealth usage and government digitization efforts
In the upcoming period, it is anticipated that several factors, including the rapidly growing use of mobile health (mHealth) and the prevalence of chronic illnesses, will contribute to the growth of the global smart healthcare market. The increased demand for compact electronic devices to gather real-time information is also projected to play a vital role in the development of the worldwide smart healthcare market. This is a result of the growing significance of smart healthcare. The rising popularity of smartphone use is another element that is projected to support the growth of the market for smart healthcare products.
AI-based virtual assistant
The emergence of AI-based virtual assistants is projected to boost the market growth during the forecast period. For instance, In Feb 2023, AXA Global Healthcare launched an AI-based virtual assistant called Remi, to help customers. Remi provides around-the-clock assistance to customers from anywhere, using any device, guiding the right health information and support tailored to their needs. In March 2023, Alodokter, a digital health platform based in Indonesia launched Alni, an AI-powered virtual assistant for doctors. Alni uses conversational Artificial Intelligence to prescreen patients through a series of questions and provide prediagnosis recommendations to Alodokter’s telemedicine doctors. Thereby, driving the market growth.
The smart healthcare market would face significant challenges due to the high cost of smart healthcare. The high costs involved directly influence end users, preventing them from concentrating on the adoption and deployment of new technology to improve healthcare services; in addition, the high costs also have an impact on the general effectiveness of healthcare industry actors. The amount of integration, the level of data accuracy necessary, and the functionalities required all affect how long it takes to establish an EHR.
Challenges in digital healthcare adoption
Patients and providers from various healthcare systems should be connected seamlessly through digital healthcare systems that make use of EHRs and big data and IoT technology. Also, these systems are increasingly being linked to various medical wearable technology used for in-person real-time healthcare monitoring via the Internet. Lack of connectivity, knowledge and shortage of skilled professionals may cause challenges in the adoption of digital healthcare products or devices, this factor is observed to create a restraint for the market.
The global smart healthcare market is expected to benefit from the IoT's lucrative commercial potential. Innovative sensor and computer networking technologies have enabled the Internet of Things (IoT) revolution to keep pace with the world's expanding need for intelligent medical equipment. It oversees creating the enormous variety of apps that are sold on the market. Manufacturers of medical hardware and equipment are now able to produce and store medical documentation at rates that are far faster than in the past as a result of the introduction of the new internet of things.
Rising investment in wearable technology
The rising investment in wearable technology is expected to create a lucrative opportunity for market growth. For instance, In June 2023, Endefo, a Dubai-based electronics brand under the Ashtel Group of Companies, announced its investment plan worth Rs 200 crore in the Indian wearable technology market by the end of 2024. The company aimed to launch six premium verticals in India, including sound bars, TWS (true wireless stereo), portable speakers, boomboxes, smartwatches, and party speakers. Endefo aims to capture a 10% market share in the Indian Weartech segment within three years.
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