Smart Healthcare Market to Reach USD 409.8 Billion by 2032, Fueled by Rising Need for Better Outcomes and Technological Advancements

The global Smart Healthcare Market is projected to experience a revenue CAGR of 25%, increasing from USD 55 billion in 2022 to USD 409.8 billion in 2032. The market is being propelled by the need for improved healthcare outcomes and patient experiences, and the increasing use of electronic health records and technological advancements in healthcare services. The deployment of smart healthcare systems, which enables proactive care management and remote patient monitoring, contributes to lower healthcare costs and better patient outcomes.

The market revenue growth is also being driven by the growing popularity of wearable technology, mobile health applications, and the Internet of Things (IoT) in healthcare. Wearable technology, such as smartwatches and fitness trackers, and mHealth apps for smartphones and tablets give patients access to health information and enable them to take control of their health. The integration of IoT in healthcare services allows for real-time monitoring and analysis of patient data, contributing to improved patient outcomes.

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Key players in the Smart Healthcare Market -

• Philips Healthcare
• GE Healthcare
• Siemens Healthineers
• Abbott Laboratories
• Cerner Corporation
• Medtronic
• Honeywell International Inc.
• IBM Corporation
• Allscripts Healthcare Solutions
• Cisco Systems, Inc.

Moreover, the increasing prevalence of chronic diseases and an aging population are driving the demand for intelligent healthcare systems. Smart healthcare systems offer continuous monitoring and management of chronic diseases, which reduces healthcare costs and improves patient outcomes. Government initiatives to promote the use of technology in healthcare services, such as India's National Health Stack, are also contributing to market revenue growth.

However, the high cost of smart healthcare systems and a shortage of qualified healthcare workers to operate them may impede market revenue growth. The prohibitive cost of these technologies limits their widespread implementation, particularly in underdeveloped countries. Additionally, the scarcity of qualified healthcare workers poses a significant challenge for healthcare providers seeking to adopt smart healthcare systems.

Segments Covered in the Report

The global healthcare industry is witnessing a rapid evolution in healthcare technology, leading to the development of innovative solutions for better healthcare outcomes. The smart healthcare market is growing at an exponential rate, with increasing demand for smart healthcare systems that contribute to better patient outcomes and lower healthcare costs. According to market research, the global smart healthcare market size was valued at USD 55 billion in 2022 and is expected to reach USD 409.8 billion in 2032, with a revenue CAGR of 25% during the forecast period.

The market is segmented by product type into mHealth, EHR/EMR, telemedicine, smart pills, and others. Among these segments, mHealth is expected to hold the largest market share in terms of revenue during the forecast period. The increasing use of smartphones and tablets, coupled with the rising demand for mobile health applications, is driving the growth of the mHealth segment. The EHR/EMR segment is also expected to witness significant growth due to the need for digitization and automation of healthcare records. Telemedicine, which includes remote patient monitoring and video conferencing, is expected to experience significant growth due to the need for remote healthcare services and the increasing prevalence of chronic diseases.

The smart pills segment, which includes ingestible sensors that transmit data to healthcare providers, is expected to grow at a substantial rate due to their potential to improve medication adherence and patient outcomes. The other segment includes various smart healthcare devices such as smart beds, wearable devices, and health monitoring gadgets.

The market is also segmented by end-use into hospitals, home care settings, and others. Among these segments, hospitals are expected to hold the largest market share in terms of revenue during the forecast period. The increasing need for hospital infrastructure and rising investments in healthcare technology by governments are driving the growth of this segment. The home care settings segment is also expected to witness significant growth due to the increasing demand for remote patient monitoring and telemedicine services. The other segment includes various healthcare settings such as clinics, diagnostic centers, and ambulatory surgical centers.

In conclusion, the global smart healthcare market is expected to witness significant growth during the forecast period, driven by technological advancements in healthcare services and the increasing need for better healthcare outcomes and patient experiences. With the increasing prevalence of chronic diseases and the aging population, the demand for smart healthcare systems is expected to continue to rise, leading to better patient outcomes and lower healthcare costs.

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Strategic development:

Several major healthcare companies have made significant moves to improve patient care and outcomes through technological advancements. For instance, in 2021, Philips Healthcare acquired Capsule Technologies, which specializes in medical device integration and data technologies, for $635 million. The acquisition was aimed at expanding Philips' patient monitoring and hospital workflow solutions to offer a seamless flow of patient data across hospital systems and devices.

Similarly, GE Healthcare partnered with Viz.ai, an artificial intelligence (AI) solutions developer for stroke detection, in 2020 to integrate Viz.ai's technology into GE's mobile stroke units. This partnership aimed to improve the efficiency of stroke diagnosis and treatment. In the same year, Siemens Healthineers acquired Varian Medical Systems, a leading provider of radiation oncology treatments and software, to expand its cancer care portfolio and offer personalized cancer care solutions.

Additionally, Medtronic, a leading medical technology company, acquired Digital Surgery in 2020 to improve surgical training and enhance patient outcomes through innovative digital solutions. Cisco Systems also made a move to improve patient experience by acquiring ThousandEyes, an internet and cloud intelligence solutions developer, to enhance its network and application performance monitoring capabilities.

Furthermore, several healthcare companies launched new innovative products and solutions in 2020 and 2021. For instance, Philips launched the Azurion Lung Edition, a new imaging and navigation platform for the minimally invasive treatment of lung cancer. The platform includes advanced imaging and navigation technologies that enable precise targeting of tumors, thereby improving patient outcomes.

Abbott launched the FreeStyle Libre 2 in 2020, a continuous glucose monitoring system designed for people with diabetes. The system includes a small wearable sensor that measures glucose levels in real-time, allowing patients to manage their condition more effectively. Similarly, Medtronic launched the Hugo Surgical Robot, a new robotic surgical system for minimally invasive procedures that includes advanced imaging and navigation technologies, improving surgical interventions and patient outcomes.

Cerner Corporation launched the Cerner Learning Health Network in 2020, which allows healthcare organizations to securely share de-identified patient data for research purposes. The platform aims to facilitate more efficient and effective clinical research, leading to improved patient outcomes. Finally, Honeywell launched the ThermoRebellion temperature monitoring solution in 2020, a new system that uses advanced infrared imaging technology and AI algorithms to provide quick and accurate temperature readings for large groups of people in public settings.

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