The Smart Healthcare market is estimated to represent a global market of USD 140.7 billion by 2019 with growth rate of 19.8%.
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.
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.
COVID-19 Impact & Recovery Analysis
The proposed report, Smart Healthcare market from AnalystView Market Insights suggests three possible forecast scenarios (probable, optimistic, and pessimistic) considering the COVID-19 Impact. Our ongoing research analysis amplifies our framework to ensure the inclusion of underlying COVID-19 crisis impact and potential paths forward. The designed report is delivering detailed insights on COVID-19 considering the changes in consumer demand, purchasing patterns, re-routing of the supply chain, and the significant interventions of governments. The updated study provides insights, and forecast, considering the COVID-19 Impact on the market.
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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 2019 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.
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 has been provided for the period 2016 to 2027, considering 2019 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2021 to 2027 for every reported segment.
The years considered for the study are:
Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027
The proposed reports analyse and evaluates the COVID-19 Impact, and anticipated change on the future market scenario on this industry, by taking into the account the economic, political, technological, and social, parameters.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
SMART HEALTHCARE MARKET, BY PRODUCT
RFID Smart Cabinets
RFID Kanban Systems
Electronic Health Records (EHR)
SMART HEALTHCARE MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa