Smart Healthcare Market Progress Forecast 2027

Posted by Mrudula Anil Karmarkar on January 12th, 2022

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.

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.

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

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

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