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The last two years have resulted in the accelerated development of smart healthcare products and services. Based on a study published by Towards Healthcare, the global smart healthcare market size is expected to grow from USD 201.83 billion in 2022 and is estimated to be worth USD 1,097.27 billion by 2032, growing at a CAGR of 18.5% between 2023 and 2032.
The study states that the growing demand for telemedicine solutions and remote patient monitoring (RPM), both an outcome of the COVID-19 global pandemic, are the primary factors driving the growth of this market. Furthermore, the ongoing development and progress of app-based personal emergency response systems (PERS) will provide the necessary growth opportunities for the industry in the future.
Since the spread of the COVID-19 global pandemic, social distancing and isolation/quarantine has become a new normal. Frequent hospital visits have been discouraged due to the attempts made by governments across the world to contain the spread of the virus. Non-emergency hospital visits were pushed to the background and only emergency cases were handled in hospitals. However, the physiological vital needs of some patients still necessitated routine monitoring so that they could continue to live a normal healthy lifestyle and reduce any emergency visits to hospitals. Contact-based hospital visits can now be considered non-obligatory owing to the emergence and adoption of various solutions within the Internet of Things (IoT) space. Smart home automation and healthcare systems are some of the outcomes due to the breakthroughs in IoT. The increasing use of smartwatches and the growing adoption of AI, IoT, and telemedicine are expected to open new opportunities within the global smart healthcare market in the near future.
Some of the product categories in smart healthcare include RFID Smart Cabinets, RFID Kanban Systems, Electronic Health Records (EHR), mHealth, Telemedicine, Smart Syringes, and Smart Pills. Due to its wide range of applications in various facets of the global healthcare system, telemedicine currently commands the highest revenue share and will likely continue to do so. It will also experience the fastest growth during the projection period, with a CAGR of 25.42 percent. Global demand for telemedicine technologies has significantly increased as a result of the current pandemic. Recently, hospitals and clinics have boosted their spending in telemedicine services, and numerous insurance companies have included similar options in their policies.
In the global market for smart healthcare, the RFID Kanban systems category is also predicted to experience moderate growth. The operating cost of healthcare organizations is frequently significantly increased by inadequate and improper inventory control. RFID Kanban systems are becoming more widely used in hospitals and other healthcare facilities throughout the world because to their successful reduction in the amount of staff needed for inventory control, outstanding log-keeping results, and overall cost-effectiveness. Additionally, lowering the price of RFID tracking systems is encouraging an increase in their use.
The global smart healthcare industry is led by North America and Europe. The quick commercialization of cutting-edge technologies is the key characteristic of the European market. A crucial aspect of the European healthcare sector is the swift mainstream adoption of the most recent medical technologies. The EU's favorable reimbursement policies also facilitate the quick adoption of cutting-edge treatments and medical technologies there. High healthcare costs, better reimbursements, and increased knowledge are the main factors driving the North American market, which closely follows the example set by Europe.
The main characteristic of the smart healthcare industry in North America is the presence of a strong healthcare infrastructure. The rapid adoption of linked healthcare in North America has been made possible by a supportive healthcare infrastructure that can accommodate the newest medical technologies, more robust economic conditions, and improved awareness. The widespread use of cellphones and internet access in the area is another factor contributing to North America's leading position. Due to this, there has been a substantial uptake of fitness apps in the area, and it is predicted that over the course of the projection period, there will be a progressive change in the usage toward medical applications used for health monitoring, treatment, and adherence. With the addition of cutting-edge technology that enable real-time communication, monitoring, and better treatment outcomes, telemedicine and mHealth will continue to expand in the North American market.
The European smart healthcare market is anticipated to increase as a result of rising demand for high-quality healthcare, increasing healthcare spending, and the growing need to rein in rising healthcare prices. With the help of a supportive legislative environment that allows for the quick and effective commercialization of cutting-edge technologies, Europe has historically been the region that adopts the newest medical innovations first.
Applications for remote healthcare have been recognized by European governments as affordable alternatives to traditional healthcare. Governments and private organisations have worked to raise awareness of telemedicine's advantages in the area. With more nations providing reimbursements and benevolent rules, the European market has been developing. Additionally, the European Commission has been working to increase the region's use of high-speed internet. However, due to infrastructure and safety considerations, healthcare IT solutions have historically found poor deployment in Eastern Europe. While Eastern Europe is increasingly catching up to regional trends, Western Europe now dominates the European market for smart healthcare.
The region with the fastest rate of growth for smart healthcare is Asia Pacific. Improvements in healthcare infrastructure and expanding healthcare infrastructure in developing economies are credited with driving the rapid expansion of the Asia Pacific industry. Due to the region's enormous population, it is constantly looking for new technologies to handle the high patient volumes, which is why intelligent healthcare solutions are a good fit. Due to the country's quick development and infrastructure's gradual growth, China dominates the region. Other important markets in the Asia-Pacific region include Japan, which has already reached the stage of maturity, India, where the healthcare infrastructure is developing quickly, Australia, where initiatives are moving forward quickly, and other nations that are still in the early stages of developing their healthcare systems.
The smart healthcare ecosystem is broad in nature and includes a number of players who cater to various areas, including RFID, mHealth, telemedicine, and EHR, among others. Several big and small companies with a local and/or regional reach often dominate the market sector. For instance, after receiving regulatory permission, mHealth apps are offered on the Apple Store and Google Play. However, there are specific regulatory regulations for data protection that must be met by mHealth apps that support patient and hospital engagement. The regulatory approvals for telemedicine systems are also diverse. The businesses operating in each of these segments of the smart healthcare industry could vary since they serve various ecosystem vendors. Thus, the global smart healthcare market is highly fragmented.
Some of the companies with a notable footprint in the global smart healthcare industry include Allscripts Healthcare Solutions Inc., LogiTag Systems, Cerner Corporation, Samsung, Cisco Systems, GE Healthcare, Siemens Healthineers, IBM Corporation, Becton, Dickinson and Company (BD), Terumo Corporation, eClinicalWorks, Stanley Healthcare, and Medtronic. These companies have been focusing on various strategies to increase their footprint in this market space. For instance,
Deepa has certified the degree of Master’s in Pharmacy in the Pharmaceutical Quality Assurance department from Dr D.Y.Patil College of Pharmacy. Her research is focused on the healthcare industry. She is the author or co-author of four Review Articles, which include Solid dispersion a strategic method for poorly soluble drugs and solubility improvement techniques for poorly soluble drugs, Herbal Drugs Used In Treatment Of Cataracts, Nano sponges And Their Application in Cancer Prevention and Ayurvedic Remedies of Peptic ulcer. She has also published a Research Article on the Formulation and Evaluation of Mucoadhesive Tablets of Miconazole cocrystal which was published in GIS Science Journal Volume 9 Issue 8. Her passion for secondary research and desire to take on the challenge of solving unresolved issues is making her flourish is the in the research sector.