The global smart healthcare marketsize is anticipated to reach USD 528.9 billion by 2027, registering a CAGR of 16.2%, as per the new report by Grand View Research, Inc. The COVID-19(coronavirus) pandemic is likely to boost the market growth as these solutions help healthcare professionals to connect effectively with their patients and offer quality treatment. Owing to social distancing, remote patient monitoring, and virtual healthcare delivery is gaining momentum. For instance, U.K. has introduced free virtual consultation during the coronavirus crisis. In April 2020, doctorinthehouse.net, a not-for-profit online healthcare service in U.K.launched a platform in collaboration with volunteers amongst doctors, pharmacists, specialist nurses aiming to schedule 25,000 online appointments and supply 100,000 online assessments over 200 at-home clinicians. Such initiatives are expected to drive the market ahead.
Operating costs are mainly governed by production costs, inventory storage costs, manufacturing overhead costs, wages, energy costs, and logistical costs. Poor inventory control is a major issue faced by companies that leads to substantial operating losses. There is an increasing demand for RFID kanban systems to control their inventory costs. RFID kanban systems owing to associated benefits such as reduction in manpower, higher efficiency, and cost effectiveness is anticipated drive traction over the forecast period.
Technological advancements are rapidly transforming the market for smart healthcare. Some of the major market players such as IBM, Cisco, Given Imaging, Inc., Olympus Corporation, Logi-Tag, Brooks Automation, Stanley Innerspace, GE Healthcare, and others account for a substantial market share, owing to their extensive product offerings.Key players are focusing on expanding their current portfolio such as in March 2020, Siemens Healthineers launched Teamplay digital health platform. It is aimed to enable digital healthcare transformation and eases quick access to clinical and operational solutions. Also, in June 2019, Intel introduced Network And Custom Logic Group it is a broad portfolio of products for Artificial Intelligence (AI) and 5G cloud. This is aimed to broaden the horizons of healthcare application.
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Smart Healthcare Market Report Highlights
• mHealth held the dominant share due to the growing usage of internet, penetration of smartphones, and the increased adoption of mHealth technologies by healthcare professionals and patients
• Telemedicine is expected to be the second fastest-growing segment from 2020 to 2027. Growing prevalence of chronic conditions, rising demand for self healthcare, and outbreak of COVID 19 pandemic are the key factors driving the growth
• Smart Pills demonstrated promising growth during the forecast period owing to technological development including miniaturization of integrated circuits, an increase in focus on patient convenience, and high demand for minimally invasive procedures
• Siemens Medical Solutions; IBM; AT&T Inc.; Apple Inc.; GE Healthcare; and Cisco are some of the major market participants due to their regional presence and product offerings.
• Companies are adopting innovative strategies to attain a competitive advantage. Product development, partnerships, strategic collaborations, mergers and acquisitions, and regional expansion are a few of them.
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Smart Healthcare Market Segmentation
Grand View Research has segmented the global smart healthcare market on the basis of the product and region:
Smart Healthcare Product Outlook (Revenue, USD Million, 2016 – 2027)
• RFID Kanban Systems
• RFID Smart Cabinets
• Electronic Health Records (EHR)
• Smart Pills
• Smart Syringes
Smart Healthcare Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Central and South America
• Middle East & Africa
• Saudi Arabia
• South Africa
List of Key Players of Smart Healthcare Market
• Given Imaging, Inc.
• Olympus Corporation
• Brooks Automation
• Stanley Innerspace
• Solstice Medical LLC
• GE Healthcare
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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