Global Smart Healthcare Market - Segmented by Solution (EHR, Telemedicine, mHealth, Smart Pills) and Region - Growth, Trends, and Forecast (2018 - 2023)
The global smart healthcare market is projected to grow at a CAGR of 9.2% over the forecast period (2018 - 2023). This report provides information about the leading players in the market and a corresponding detailed analysis of the top vendors in the smart healthcare market. In addition, the report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.
The smart healthcare market is poised to grow at an exponential rate owing to the rapid technological advancements in the healthcare IT, such as development of EHR, mhealth, and telemedicine. Also, wearable healthcare devices that are used in tracking and monitoring of health conditions, body temperature, remote cardiac, calories burnt, and sleep statistics are witnessing huge growth. Introduction of technologies such as big data analytics within this sector will drive the prospects for the growth of the healthcare market.
Rapid Technological Advancements are Driving Market Growth
The key factors driving the global smart healthcare market are the rapid technological advancements in the healthcare industry. The development of smart healthcare devices such as smart syringes, smart pills, and smart bandages that are capable of monitoring patient’s healing procedure remotely and minimize the risks involved during the usage of syringes are expected to drive the market growth over the forecast period. However, lack of awareness and constraints related to budget are the factors restraining the growth of the market.
mHealth is Expected to Grow Exponentially over the Forecast Period
The mHealth segment is expected to witness a high growth rate owing to key elements that are leading to its fast development, such as its ability to provide information about the factors that are leading to a disease and reduce overall health risks, rising frequencies of unending infections, for example, tumor, heart diseases, and diabetes. Also, swift advancement and expanding buying power of consumers has brought about proliferation of PDAs, alongside 3G and 4G systems, which is expected to be an essential achievement factor for the development of the worldwide mHealth market.
North America is the Major Contributor for the Market
The North American market is the highest contributor to smart healthcare owing to the presence of developed IT and healthcare infrastructure and high expenditure on healthcare. The US is the major contributor to the North American market, because of early adoption and huge investment. The Asia-Pacific market is the fastest growing smart healthcare market and is expected to grow at a faster pace during the forecast period as compared to other regions.
Key Developments in the Market
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