The smart healthcare market size is expected to grow by USD 115.39 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 9.26% during the forecast period, according to Technavio Research. The market is segmented by Distribution channels (Offline and Online), Solutions (Telemedicine, mHealth, EHR, Smart pills, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)). 43% of the global market’s growth will originate from North America during the forecast period. The US is one of the key markets for smart healthcare in North America. Market growth in this region will be slower than the growth of the market in the other regions. The growing awareness, expanding mobile coverage, and rising chronic diseases will facilitate the smart healthcare market growth in North America over the forecast period.
Abbott Laboratories, Alphabet Inc., Altera Digital Health Inc, Apple Inc., AT and T Inc., athenahealth Inc., Cisco Systems Inc., F. Hoffmann La Roche Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., International Business Machines Corp., Johnson and Johnson Services Inc., Koninklijke Philips N.V., Medtronic Plc, Microsoft Corp., Olympus Corp., Samsung Electronics Co. Ltd., Zebra Technologies Corp., Oracle Corp.
Smart healthcare market: Segmentation analysis
By Segment – The telemedicine segment will be significant during the forecast period. Telemedicine services have proven to be extremely beneficial during the Covid-19 outbreak, by reducing the exposure of healthcare staff to infected persons Such instances are driving the adoption of telemedicine globally. However, given the advent of mHealth services, this service will likely lose ground in the global smart healthcare market.
Growing focus on patient engagement drives the smart healthcare market. Patient engagement is the interaction between patients and healthcare professionals. This becomes more relevant now as it is critical for improving healthcare results, improving patient care, and attaining lower costs through the regular interaction between healthcare providers and patients and keeping patients engaged in care management. Thus, the integration and utilization of high-end technology platforms help in patient engagement by expanding patient access to care at any time and place. Hence, such factors drive the growth of the smart healthcare market during the forecast period. Technavio