Smart Healthcare Market

Smart Healthcare Market Size Survey Report – In a Glance

As per the survey report on global Smart Healthcare Market, the market is projected to foresee a CAGR of 14.8% between 2024-2033, and further generate a market size of USD 701.7 revenue billion by the end of 2033. In the year 2024, the market size was valued at USD 233.3 revenue billion.

• The global Smart Healthcare Market is projected to grow on account of the spread of internet.
• In Japan, the Smart Healthcare market growth can be attributed to the technological advancements.
• KDMI analyst’s growth analysis foresees high-cost smart healthcare devices to challenge the market growth.
• North America, having the highest market share in the Smart Healthcare market, is projected to dominate the global market.

Smart Healthcare Market Analysis

The smart healthcare market experienced a noticeable rise in the post-pandemic scenario that includes products or services like home-based kits or tests, health services for secluded areas, virtual diagnostics or care, and online medical consultation services. Simply, smart healthcare items and services are like having a team of medical devices and assistants around you to monitor your health and well-being. The propagation of the internet is the prime factor in driving the smart healthcare market across the world, helping patients to progress medically with a better supply of therapy, medication, and quality of life.

As per recent reports, approximately 67% of the world’s population remains online at a time, representing a growth of 4.7% since 2022 and scaling up the internet market share to 93% which is on the verge of touching universality. Medtronic Inc., Becton, Dickinson & Company, and Stanley Healthcare are some of the significant parties in the global market for Smart Healthcare.

Analyst’s Observation on Japan Smart Healthcare Market Survey

In Japan, the market growth for Smart Healthcare can be attributed to the growing technological advancements. Innovations like cardiac monitors, ECG devices or other cardiac therapy devices pushed the smart healthcare market upwards by incorporating technical advancements like user-friendly designs, smooth workflows, enhanced mobility, and other significant advancements. The Japanese medical device industry was holding a global market share of $517.6 billion approximately in 2023 and is expected to grow to approximately $654.3 billion by 2027 with a compound annual growth rate (CAGR) of 5.9% in the 2018–2027 period. Baxter International Inc., Cyfuse Biomedical K.K., OLYMPUS CORPORATION (Japan), Terumo Corporation (Japan), and PerkinElmer Inc are some of the significant parties in the market for Smart Healthcare in Japan.

Smart Healthcare Market Growth Drivers and Challenges Growth Drivers

Govt. initiatives for digitalization of healthcare

The rise in government attempts to empower health with the help of advanced technological innovation is playing a pivotal role in shaping the healthcare system and driving the smart healthcare revolution rapidly. Digitalization of healthcare includes various smart biomedical materials and digital medical devices or services like electronic health records (EHR), wearable devices, telemedicine, therapeutic devices, diagnostic devices, and other mobile health applications or digital health technologies. In the Europe region about half the countries adopted policies to increase digital health literacy and executed a digital inclusion plan and only 19 countries framed guidelines on how to assess digital health interventions.

Increasing mHealth adoption

Adopting mobile health (mHealth) is a progressive approach in moving towards advanced, developed and patient-centered healthcare with the help of mobile devices, smart phones, apps, websites and wireless technologies. Many countries in Europe region have a dedicated unit responsible for controlling of mobile health (mHealth) apps having assessment capability of government-sponsored mHealth programmes. As per the International Telecommunication Union (ITU) reports, currently there are about 5 billion wireless subscribers out of which 70% of them come from low- and middle income countries.

Restraints Factor

High cost of smart healthcare devices

Although smart healthcare devices are transforming the healthcare system for accessing better healthcare, their high cost may become the most significant obstacle to a smarter and healthier future, hindering the growth of the market. Due to their high prices, advanced devices are not reachable to a wider range of consumers, especially in low-income sectors, due to financial barrier limits.

Shortage of qualified and educated professionals

Smart healthcare will be the future of medicine only if the medical workforce is filled with professionalism, the right talent, and training. The lack of skilled and capable medical professionals not only blocks the door to the effective execution and operation of a smart healthcare system but also limits the improvement in patient outcomes and healthcare efficiency on a substantial scale.

Smart Healthcare Market Segmentation

Our experts at KD Market Insights have segmented the global Smart Healthcare market research report as:

Smart Healthcare Market Regional Synopsis

The North America Smart Healthcare market is the largest market holder and is majorly driven by its advanced infrastructure along with its high digital literacy rate. As per reports, 20% of the US GDP is allocated to health expenses, improving the healthcare services like quality patient-care and safety. The health expenditures in the U.S. post-pandemic period increased by 4.1% in 2022 to $4.5 trillion or $13,493 per capita, almost attaining the pre-pandemic rate of 4.1% in 2019. Healthcare costs were estimated to be 17.3% of GDP in 2022, similar to the pre-pandemic share of 17.5% in 2019.

According to Organization for Economic Cooperation and Development (OECD) data, many countries have appropriately invested in the transformation of healthcare with the help of digital health technology, rising from 3% of the overall healthcare expenditures in 2018 to a predicted 8% by 2030. For example, Australia has devoted AUS $537 billion to the healthcare field over the next 4 years, Europe has launched €5.3 billion EU4Health Programme and the UK has undertaken a £2 billion initiative for a successful digital transformation of healthcare.

Asia Pacific Smart Healthcare market is majorly driven by advanced healthcare IT infrastructure and elevated investment in smart healthcare. According to reports, Asia has experienced a tremendous transformation in the digital health sector with almost 100% population living within mobile signal proximity. It is also estimated that the digital health market growth can go up to USD 100 billion in value by 2025, up from USD 37 billion in 2020.

Digital innovation is booming in the Middle East and is transforming its healthcare scenario with advanced technologies, increased accessibility, efficiency, and improved patient care. From genomics to robotics, smart healthcare systems are blossoming with numerous innovations and technologies, offering improved patient care. In the Gulf Cooperation Council (GCC) which consists of Saudi Arabia, Kuwait, the United Arab Emirates (UAE), Qatar, Bahrain, and Oman, healthcare expenses are expected to reach $135.5 billion by 2027.

As per our analysts at KD Market Insights, the following five players lead the North America Smart Healthcare market growth:

• GE Healthcare
• Optum Health
• NextGen Healthcare Inc.
• Dell Technologies Inc.
• 3M Company

Smart Healthcare Market Competitive Landscape

Some of the key players who top the global Smart Healthcare market share:

• Allscripts Healthcare, LLC (U.S.)
• Cerner Corporation (U.S.)
• Cisco Systems Inc. (U.S.)
• GENERAL ELECTRIC (U.S.)
• IBM (U.S.)
• LogiTag Medical Solutions (U.S.)
• OLYMPUS CORPORATION (Japan)
• SAMSUNG (South Korea)
• Siemens (Germany)
• BD (U.S.)
• AirStrip Technologies, Inc. (U.S.)
• Terumo Corporation (Japan)
• Resideo Technologies, Inc. (U.S.)
• eClinicalWorks (U.S.)
• STANLEY Healthcare (Canada)
• Medtronic (Ireland)
• 3M (U.S.)
• Apple Inc. (U.S.)

Smart Healthcare Market Recent Developments

• Recently in September 2022, Apple introduced the Apple Watch Series 8 that offers outstanding health features which consist of an advanced temperature sensor that provides exceptional functionality for women’s health and car crash detection abilities with complete privacy protection of the health data.

• Biospectal, in partnership with the Swiss Centre for Electronics and Microtechnology (CSEM), released a blood pressure monitoring app with the help of a smartphone, OptiBP in January 2021. It’s an extraordinary medical device that allows immediate blood pressure measurement and monitoring irrespective of the device's location.

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Smart Healthcare Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Product type
      2. By Distribution Channel
      3. By Application
      4. By Region
5. Market Segmentation by Product Type
   1. ECG wearable devices
   2. Wearable activity trackers
   3. Wearable biosensors
   4. Smart beds
   5. Medical robots
   6. Others
6. Market Segmentation by Distribution Channel
   1. Pharmacy Stores
   2. E-commerce
   3. Others
7. Market Segmentation by Application
   1. Electronic Health Records (EHR)
   2. Medical Connected Imaging
   3. Remote medicine management
   4. Telemedicine
   5. Other applications
8. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
         4.  
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
         4.  
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
         4.  
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
         4.  
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
         4.  
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
         4.  
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
         4.  
      5. South Korea
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
      6. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
         4.  
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3.               Market Analysis by Product Type, Distribution Channel, and Application
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
         4.  
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Product Type, Distribution Channel, and Application
9. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
   3. Medtronic (Ireland)
   4. IBM
   5. Apple Inc.
   6. Siemens Medical Solutions
   7. Pepperl+Fuchs
   8. Cisco
   9. GE Healthcare
10. Strategic Recommendations
11. Appendix
    1. List of Tables
    2. List of Figures
12. References