Global Smart Healthcare Market Size study, by Product Outlook (RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records (EHR), Telemedicine, mHealth, Smart Pills, Smart Syringes), by End-use Outlook (Hospitals, Homecare Settings, Others) and Re

Global Smart Healthcare Market Size study, by Product Outlook (RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records (EHR), Telemedicine, mHealth, Smart Pills, Smart Syringes), by End-use Outlook (Hospitals, Homecare Settings, Others) and Regional Forecasts 2022-2032

The global smart healthcare market was valued at approximately USD 163.45 billion in 2023 and is anticipated to grow with a remarkable compound annual growth rate (CAGR) of 12.8% during the forecast period from 2024 to 2032. Smart healthcare products integrate cutting-edge technologies such as the Internet of Things (IoT), big data, cloud computing, and artificial intelligence to enhance patient care and overall quality of life. These advancements transform traditional medical systems into more efficient, convenient, and personalized healthcare solutions.

The market's growth is driven by various public and private initiatives, including product launches and approvals. For instance, in January 2021, Apple Inc. collaborated with Biogen, a biotechnology company, to detect cognitive impairment early through wearable devices. Similarly, Honeywell's Real-Time Health Monitoring System (RTHMS) launched in November 2021, exemplifies the integration of hardware and software to improve care delivery and productivity. The increasing adoption of IoT in healthcare is a significant market driver, benefiting patients, families, physicians, hospitals, and insurance companies. IoT applications enhance medical record-keeping, device integration, and illness tracking, significantly minimizing surgery risks in complex cases. Despite the high cost of smart healthcare products potentially restraining market growth, the advantages of IoT technology continue to raise demand. Moreover, the spread of the Internet of Things, rapid mHealth adoption, government initiatives to digitize healthcare, and the rising prevalence of chronic diseases contribute to market expansion. The population's aging, lifestyle changes, and demand for real-time information through electronic devices are further propelling market growth.

North America dominated the smart healthcare market in 2023, accounting for over 35% revenue share, driven by supportive government policies, high digital literacy, and infrastructure. The presence of key market participants and increasing awareness about connected healthcare also boost market growth in this region. Conversely, Asia-Pacific is expected to witness significant growth from 2024 to 2032 due to its developed healthcare IT infrastructure and rising investments in smart healthcare.

Major market player included in this report are:

AirStrip Technologies Inc.

Allscripts Healthcare Solutions

Apple Inc.

AT&T Inc.

Brooks Automation

Cerner Corporation

Cisco

GE Healthcare

Given Imaging, Inc.

Hurst Green Plastics Ltd.

IBM

McKesson Corporation

Olympus Corporation

Samsung Electronics Corporation

Siemens Medical Solutions

The detailed segments and sub-segment of the market are explained below:

By Product Outlook:
• RFID Kanban Systems
• RFID Smart Cabinets
• Electronic Health Records (EHR)
• Telemedicine
• mHealth
• Smart Pills
• Smart Syringes

By End-use Outlook:
• Hospitals
• Homecare Settings
• Others

By Region:

North America
• U.S.
• Canada

Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC

Latin America
• Brazil
• Mexico
• RoLA

Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows: Historical year – 2022 Base year – 2023 Forecast period – 2024 to 2032

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

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