Smart Healthcare Market Rewriting Long Term Growth Story: Abbott, Cerner, Olympus
Updated · Jul 05, 2023
What is Smart Healthcare?
The treatment of patients and their quality of life are improved by the incorporation of cutting-edge technologies into smart healthcare products. Some of the most popular categories of smart healthcare goods are smart medicines, smart syringes, electronic health care, etc. By giving precise patient-related data, they support doctors’ efforts to provide patients with care. Smart healthcare solutions improve not only patient care but also diagnostic results and the quality of life for patients. Smart health devices have a variety of features, including embedded communication, sensor technologies, and data analytics. People are physically monitored using these tools in order to diagnose diseases and provide ongoing treatment. For instance, electronic health records assist in bettering clinical services and managing patients well. The development of smart drugs and smart syringes for remote patient monitoring is also expected to have a significant impact on the industry. Increasing mHealth adoption, governmental attempts to digitize healthcare, and the prevalence of chronic diseases are all expected to contribute to the rise of smart healthcare systems. Digitalization has had a significant impact on the healthcare industry. The rising use of smartphones and digitization have both contributed significantly to the huge rise in mHealth’s adoption in recent years.
|Largest Market||North America|
|Unit||Value (USD Million)|
|Key Companies Profiled||Abbott Laboratories (United States), Allscripts Healthcare Solutions (United States), Cerner (United States), Cisco Systems Inc. (United States), IBM Corporation (United States), Logi-Tag Systems (Netanya), McKesson Corp. (United States), Olympus Corporation (Japan), Samsung Electronics Corporation (South Korea), Siemens Medical Solutions (Germany), GENERAL ELECTRIC (United States), Koninklijke Philips (Netherland)|
Key Developments in the Market:
The membership-based primary care company One Medical, which makes use of technology to provide virtual care services, was purchased by Amazon, the e-commerce platform, for $3.9 billion on February 22, 2023. One Medical will now have access to Amazon’s resources and knowledge, which is likely to aid Amazon in developing its healthcare offers and capabilities. Capsule Technology, a provider of data technology and medical device integration, was purchased by Philips for $635 million in January 2021. As a result of the acquisition, Philips will be able to collect and analyze data from a variety of medical devices, giving physicians access to real-time insights and useful information. This will improve Philips’ patient care management capabilities.
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Smart Healthcare Market Key Business Segments
- Smart Syringes
- Smart Pills
- Smart RFID Cabinets
- Electronic Health Record
- RFID Kanban Systems
- RFID Smart Cabinets
- Electronic Health Records (EHR)
- With its many uses, including the analysis of patient data and other pertinent information, the creation of novel pharmaceuticals, and the improvement of diagnostic techniques, artificial intelligence (AI) is gaining popularity in the field of smart healthcare.
- AI is thought to help patients perform better and expedite healthcare delivery. Emerging developments in smart healthcare, such as organ care technology (OCT) and bioprinting, have the potential to completely transform organ transplantation and care.
- While Bioprinting uses 3D printing to manufacture complex living tissues and organs, OCT uses cutting-edge medical devices to maintain organ viability throughout transportation and before transplantation.
- Exciting topics for research and development in smart healthcare, these technologies may be able to address the organ scarcity and enhance patient outcomes. The use of augmented and virtual reality (AR/VR) in healthcare has the potential to improve patient care and medical education.
- Using AR, surgical processes can be improved while also receiving real-time information for proper diagnosis and treatment. Patients can use VR to control their pain and anxiety during medical operations, as well as to develop immersive training settings.
Market Growth Drivers:
- The growth in the global smart healthcare market is being driven by several factors, including the increasing use of smartphones and wearables, advances in healthcare technology, and a growing demand for personalized healthcare.
- Patients can now use their smartphones and wearables to monitor their health in real-time, leading to an increased demand for smart healthcare solutions.
- Healthcare providers have also benefited from advances in technology such as AI, ML, and IoT, which have helped to improve patient outcomes and reduce costs. There is a growing trend towards personalized healthcare solutions that cater to individual needs and preferences, leading to the development of innovative smart healthcare solutions.
- The growth of the worldwide smart healthcare industry is being constrained by a number of technological hurdles, including worries about privacy and security, moral quandaries surrounding data governance, and problems with the caliber of data that is being gathered.
- The market is also dealing with issues with end users, who are reluctant to adopt smart health solutions because they lack computer skills and are generally resistant to change. The market’s potential for expansion is being constrained by these issues.
- The growing need for remote patient monitoring and virtual care, as well as increased awareness of mental health, are likely to create profitable growth possibilities for the worldwide smart healthcare industry.
- More people are seeking treatment as a result of the emphasis on mental health, while wearables and mobile apps for healthcare are making it easier to monitor and manage mental health.
- A significant demand for telemedicine and remote monitoring systems is being created by the COVID-19 pandemic, which has also propelled the trend toward virtual treatment and remote patient monitoring.
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Frequently Asked Question
Q1: What is the current market size for the smart healthcare Market?
A: According to HTF MI, the smart healthcare Market is expected to register a CAGR of 18.3% during the forecast period to 2029
Q2: What are the key segments of the smart healthcare Market?
A: The smart healthcare Market can be segmented based on Offering by Application (RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records (EHR), Telemedicine, mHealth, Other) by Type (Smart Syringes, Smart Pills, Smart RFID Cabinets, Electronic Health Record) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
Q3: Who are the key players in the smart healthcare Market?
A: Some of the key players in the smart healthcare Market include Abbott Laboratories (United States), Allscripts Healthcare Solutions (United States), Cerner (United States), Cisco Systems Inc. (United States), IBM Corporation (United States), Logi-Tag Systems (Netanya), McKesson Corp. (United States), Olympus Corporation (Japan), Samsung Electronics Corporation (South Korea), Siemens Medical Solutions (Germany), GENERAL ELECTRIC (United States), Koninklijke Philips (Netherland)
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
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