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.
Table of Contents
Chapter 1. Global Smart Healthcare Market Executive Summary
- 1.1. Global Smart Healthcare Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By Product Outlook
- 1.3.2. By End-use Outlook
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendation & Conclusion
Chapter 2. Global Smart Healthcare Market Definition and Research Assumptions
- 2.1. Research Objective
- 2.2. Market Definition
- 2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.3.1. Availability
- 2.3.3.2. Infrastructure
- 2.3.3.3. Regulatory Environment
- 2.3.3.4. Market Competition
- 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
- 2.3.4.1. Regulatory frameworks
- 2.3.4.2. Technological Advancements
- 2.3.4.3. Environmental Considerations
- 2.3.4.4. Consumer Awareness & Acceptance
- 2.4. Estimation Methodology
- 2.5. Years Considered for the Study
- 2.6. Currency Conversion Rates
Chapter 3. Global Smart Healthcare Market Dynamics
- 3.1. Market Drivers
- 3.1.1. Spread of the Internet of Things
- 3.1.2. Government initiatives for the digitalization of healthcare
- 3.1.3. Increasing mHealth adoption
- 3.2. Market Challenges
- 3.2.1. High cost of smart healthcare products
- 3.2.2. Complexity in integration and interoperability
- 3.3. Market Opportunities
- 3.3.1. Fast-growing use of smartphones
- 3.3.2. High R&D expenditure on smart healthcare devices
- 3.3.3. Increasing investment in healthcare IT infrastructure
Chapter 4. Global Smart Healthcare Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top investment opportunity
- 4.4. Top winning strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Smart Healthcare Market Size & Forecasts by Product Outlook 2022-2032
- 5.1. Segment Dashboard
- 5.2. Global Smart Healthcare Market: Product Outlook Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. RFID Kanban Systems
- 5.2.2. RFID Smart Cabinets
- 5.2.3. Electronic Health Records (EHR)
- 5.2.4. Telemedicine
- 5.2.5. mHealth
- 5.2.6. Smart Pills
- 5.2.7. Smart Syringes
Chapter 6. Global Smart Healthcare Market Size & Forecasts by End-use Outlook 2022-2032
- 6.1. Segment Dashboard
- 6.2. Global Smart Healthcare Market: End-use Outlook Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Hospitals
- 6.2.2. Homecare Settings
- 6.2.3. Others
Chapter 7. Global Smart Healthcare Market Size & Forecasts by Region 2022-2032
- 7.1. North America Smart Healthcare Market
- 7.1.1. U.S. Smart Healthcare Market
- 7.1.1.1. Product Outlook breakdown size & forecasts, 2022-2032
- 7.1.1.2. End-use Outlook breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Smart Healthcare Market
- 7.2. Europe Smart Healthcare Market
- 7.2.1. U.K. Smart Healthcare Market
- 7.2.2. Germany Smart Healthcare Market
- 7.2.3. France Smart Healthcare Market
- 7.2.4. Spain Smart Healthcare Market
- 7.2.5. Italy Smart Healthcare Market
- 7.2.6. Rest of Europe Smart Healthcare Market
- 7.3. Asia-Pacific Smart Healthcare Market
- 7.3.1. China Smart Healthcare Market
- 7.3.2. India Smart Healthcare Market
- 7.3.3. Japan Smart Healthcare Market
- 7.3.4. Australia Smart Healthcare Market
- 7.3.5. South Korea Smart Healthcare Market
- 7.3.6. Rest of Asia Pacific Smart Healthcare Market
- 7.4. Latin America Smart Healthcare Market
- 7.4.1. Brazil Smart Healthcare Market
- 7.4.2. Mexico Smart Healthcare Market
- 7.4.3. Rest of Latin America Smart Healthcare Market
- 7.5. Middle East & Africa Smart Healthcare Market
- 7.5.1. Saudi Arabia Smart Healthcare Market
- 7.5.2. South Africa Smart Healthcare Market
- 7.5.3. Rest of Middle East & Africa Smart Healthcare Market
Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. AirStrip Technologies Inc.
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Market Strategies
- 8.3.2. Allscripts Healthcare Solutions
- 8.3.3. Apple Inc.
- 8.3.4. AT&T Inc.
- 8.3.5. Brooks Automation
- 8.3.6. Cerner Corporation
- 8.3.7. Cisco
- 8.3.8. GE Healthcare
- 8.3.9. Given Imaging, Inc.
- 8.3.10. Hurst Green Plastics Ltd.
- 8.3.11. IBM
- 8.3.12. McKesson Corporation
- 8.3.13. Olympus Corporation
- 8.3.14. Samsung Electronics Corporation
- 8.3.15. Siemens Medical Solutions
Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes