Smart Healthcare Market Likely To Touch At $528.9 Billion By 2027: Grand View Research Inc.

 

The global smart healthcare market size 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 2020, 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.

Rising adoption of mHealth, government initiatives to digitize healthcare, and the prevalence of chronic disorders are likely to accentuate the demand for smart healthcare systems. Digitalization has transformed the healthcare industry. The adoption of mHealth has increased substantially in the past few years, majorly owing to the rising usage of smartphones and digitization. As per a United Healthcare Consumer Sentiment Survey,  in 2020, approximately 37.0% of Americans rely on internet or mobile apps for consultations related to their health conditions.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/smart-healthcare-market/request/rs1

Rising participation from the industry players is expected to further drive the market growth. For instance, in April 2020, Phillip had introduced a new application for the eCareManager acuity-based scoring tools to scrutinize patient conditions to detect deterioration or any adverse trends related to COVID-19. Similarly, in October 2020, Teladoc Health launched Teladoc medical professionals for patients suffering from complicated mental and physical health conditions. This is intended to integrate expert medical services and physicians with their patients effortlessly. Such advancements are expected to drive the market during the forecast period.

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

Players undertook various strategic initiatives such as mergers and acquisitions, product launches and partnerships and collaborations to gain more penetration. For instance, in April 2020, IBM released  AI-powered technologies to assist the research and health community to hasten the discovery of medical insights and treatments for COVID-19 by launching COVID-19 High-Performance Computing Consortium with the collaboration with the U.S. Department of Energy and White House Office of Science and Technology. Also, in March 2020, Siemens Healthineers launched Teamplay digital health platform. It is aimed to enable healthcare to offer digital transformation and eases quick access to clinical and operational solutions. Some of the key players operating in the smart healthcare market include:

  • 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

 

Comments

Post a Comment

Popular posts from this blog

Vertical Farming Market Growth On The Basis Of Type, Application, Region & Forecast To 2030: Grand View Research Inc.

Image
  The vertical farming market is witnessing significant advancements, marked by the adoption of innovative technologies, including sensors and cameras, to increase yields and enhance resource efficiency. Vertical farming efficiently addresses the challenges of limited space and environmental constraints. It offers a reliable solution by ensuring stable crop production, even during unfavorable weather conditions. Compared to traditional farming methods, vertical farming provides numerous advantages, including reduced water usage, decreased reliance on agrochemicals, and decreased dependency on agricultural labor. As a result, vertical farming is emerging as a promising alternative to meet the growing needs of urban populations. The ABCs of Vertical Farming: Key Components ·          Hardware: Vertical farming relies on various hardware components and systems to create the ideal environment for plants to grow optimally. The hardware components include: o    Lighting: Lighting in
Read more

Clinical Diagnostics Market Segment Analysis By Size, Share & Trends Analysis Report By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025

Image
  San Francisco, 12 June 2024:  The Report Clinical Diagnostics Market Size, Share & Trends Analysis Report By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025 The clinical diagnostics market, like many other businesses, is entering the Industry 4.0 revolution. The advent of digitalization, automation, and robotization has helped develop highly flexible smart laboratories. These labs can manage both high-volume/routine analyses and highly customized analyses at reasonable prices. Clinical laboratories are required to have exceptional flexibility to adapt quickly to persistent shifts and unpredictable new environments. Mentioned below are the 5 key trends that are helping the clinical diagnostics industry survive in a dynamic environment: Integration of Automation Technologies in Genomics Over the years, the accuracy of genome sequencing has radically improved. Furthermore, sequencing and library preparation platforms are n
Read more

Satellite Payload Market Growth On The Basis Of Type, Application, Region & Forecast To 2025: Grand View Research Inc.

  San Francisco, 10 June 2024:  The Report Satellite Payloads Market Size, Share & Trends Analysis Report By Orbit (LEO, MEO, GEO), By Application (Communication & Navigation, Remote Sensing, Surveillance), By End Use, By Region, And Segment Forecasts, 2018 - 2025 The global satellite payloads market size is expected to reach USD 21.8 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 7.9% over the forecast period, owing to Increased government spending in space exploration activities is expected to boost the market growth over the forecast period. The growing popularity of communication and broadcasting services including pay TV and Over-The-Top (OTT) have led providers to develop advanced payload systems. Moreover, the increased penetration of payloads in the commercial sector is expected to propel the market demand. The market is expected to witness significant growth as there has been a great rise in t
Read more