smart healthcare market accounted for US$ 151 billion in 2019 and is estimated to be US$ 717.9 billion by 2029 and is anticipated to register a CAGR of 17.0%
Ongoing trend observed in the global market is the rising adoption of electronic records and smart pills, owing to its benefits such as continuous health monitoring and record keeping. This trend is projected to continue over the forecast period.
The report "Global Smart Healthcare Market, By Product Type (Smart Syringes, Smart Pills, Smart RFID Cabinets, Electronic Health Care, Telemedicine, and Others), By Industrial Vertical (Health Data Storage and Exchange, Monitoring and Treatment, and Inventory Management), By End-user (Hospitals, Home Care Settings, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
· In February 2020, Allscripts Healthcare Solutions announced Allscripts Touchworks EHR 20.0, the company’s scalable, powerful, and flexible platform designed by clinical and industry experts for large ambulatory practices, is now commonly available. With this new version, TouchWorks EHR runs on Chrome, without the need to install any additional software. TouchWorks 20.0 expands upon Allscripts existing open architecture to support interoperability standards SMART on FHIR and CDS Hooks. This provides clinicians another way to securely embed relevant applications into their core EHR and inject clinical decision support at the point of care.
· In November 2019, GE Healthcare developed the Edison Developer Program to speed up the adoption and impact of intelligent applications and developer services across health systems. The program is based on Edison, GE Healthcare’s secure intelligence platform, and helps healthcare providers gain easier access to market-ready algorithms and applications by directly integrating these technologies into existing workflows.
Analyst View:
Growing participation from the industry players is projected to boost the target market growth. For instance, in April 2020, Phillip launched a new application for the care manager acuity-based scoring tools to monitor patient conditions to detect any adverse trends or deteriorations related to COVID-19. Likewise, in March 2020, Siemens Healthineers introduced Teamplay digital health platform. It is aimed to help healthcare by offering digital transformation and eases quick access to operational and clinical solutions. Further, in April 2020, Proxxi, a Canadian firm introduced a wearable device, Halo. This device is manufactured to safeguard compliance with social distancing at a workplace during the ongoing global COVID-19 pandemic. This device would continually guide separation to ensure proper social distancing.
Supportive government programs are expected to propel the growth in the global market. For instance, in March 2020, the Quebec government in collaboration with the Canadian Medical Association (CMA) had planned to enlarge the access of telehealth services across different provinces of Canada such as Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Newfoundland and, and others. Such challenges are projected to lead the forefront of digital patient-oriented healthcare services worldwide. Additionally, in March 2020, the NHS U.K. fortified first-tier medical institutions to utilize telemedicine to decrease the spread of COVID-19. Furthermore, the NHS is forecasting to implement telemedicine services by decreasing face-to-face consultation.
Key Market Insights from the report:
The global smart healthcare market accounted for US$ 151 billion in 2019 and is estimated to be US$ 717.9 billion by 2029 and is anticipated to register a CAGR of 17.0%. The market report has been segmented on the basis of product type, industrial vertical, end-user, and region.
· By product type, telemedicine estimates for the fastest-growing segment in the market for smart healthcare. The on-going COVID-19 outbreak is projected to drive the usage and adoption of telemedicine by healthcare professionals to connect effectively with their patients. Due to social distancing worldwide, virtual care delivery is treading up as an effective solution for superior and secure communication.
· By industrial vertical, the target market is segmented into health data storage and exchange, monitoring and treatment, and inventory management
· By end-user, home healthcare led the segment in 2019, due to increasing geriatric population stimulating prevalence of target diseases along with the increasing need to curb healthcare expenditure as a financially viable initiative
· By region, the market in North America is projected to lead the global smart healthcare market in terms of revenue in the coming years, due to technological advancements and the growing adoption of smart devices in the healthcare industry throughout various countries in this region.
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Competitive Landscape:
The prominent player operating in the global smart healthcare market includes AirStrip Technologies, Inc., McKesson Corporation, Apple Inc., AT&T, Inc., Brooks Automation, Cerner Corporation, Cisco, Allscripts Healthcare Solutions, GE Healthcare, and Hurst Green Plastics, Ltd.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
