The global smart healthcare market accounted for USD 162.5 million in 2023 and is expected to reach at USD 613.4 million by 2034 with a CAGR of 12.83% during the forecast period 2024-2034. Increasing adoption of mHealth, surge in governmental efforts to digitize healthcare, rise in chronic conditions, growing smartphone usage & digitization, increased investments by key industry players, heightened demand for remote health services, supportive government initiatives, surge in technological advancements, and rise in launch of innovative smart healthcare platforms are some of the key factors boosting the market growth.
Rise in launch of innovative smart healthcare platforms is predicted to boost the market growth during the forecast period. Smart healthcare products utilize advanced technology to enhance patient care and enhance overall well-being. They assist healthcare professionals in delivering more effective treatment by offering precise patient-related information. For instance, in April 2023, Microsoft unveiled its latest Azure for Healthcare platform, offering healthcare institutions a cloud-based solution to store and analyze healthcare data.
By product, mHealth segment was the highest revenue-grossing segment in the global smart healthcare market in 2023 owing to the increased utilization of the internet, smartphones, & mHealth applications, expanding presence of wearable devices, rising popularity of digital health services for remote patient monitoring, and surge in the release of advanced applications. For instance, in October 2023, Cedars-Sinai introduced the Cedars-Sinai Connect app, a mobile health application that utilizes artificial intelligence technology to deliver virtual care solutions across various clinical areas. With this app, patients can conveniently schedule same-day primary care visits and access medical specialists for urgent treatment round-the-clock. Additionally, telemedicine is predicted to grow at the fastest CAGR during the forecast period owing to the rising trend among healthcare professionals to adopt and utilize telemedicine to connect more efficiently with their patients, increasing collaborations among industry stakeholders. Virtual care delivery is emerging as a secure and superior communication solution.
By application, storage and inventory management was the highest revenue-grossing segment in the global smart healthcare market in 2023. Smart healthcare technologies offer effective means to oversee medical supplies, inventory, and equipment. RFID (Radio Frequency Identification technology) is one such example, enabling hospitals to monitor their medical supplies and equipment. Additionally, monitoring was the highest revenue-grossing segment in the global smart healthcare market in 2023 owing to the increasing incidence of chronic diseases, growing aging population, heightened demand for personalized care, surge in the adoption of smart healthcare technologies aimed at monitoring patients' health & well-being, and rise in regulatory approvals for new devices. For instance, in August 2022, Baxter, a healthcare company, obtained FDA 510(k) clearance for its latest innovation in infusion therapy: the Novum IQ syringe infusion pump (SYR) featuring Dose IQ Safety Software. This advancement showcases Baxter's commitment to enhancing infusion therapy. The Novum IQ SYR is capable of seamless integration with hospital electronic medical records (EMRs) using Baxter's IQ Enterprise Connectivity Suite.
By end-user, hospitals & clinics was the highest revenue-grossing segment in the global smart healthcare market in 2023 owing to the growing uptake of advanced healthcare technologies such as remote patient monitoring & telemedicine among hospitals & clinics, rise in the introduction of innovative systems. These solutions enable healthcare providers to enhance patient care and optimize operational efficiency. For instance, in March 2022, Intuitive MB introduced its medical building operating system, employing Internet of Things (IoT), artificial intelligence (AI), and machine learning technologies to establish smart hospitals and medical office buildings. Additionally, home care settings is predcited to grow at the fastest CAGR during the forecast period owing to the growing need for wearable devices, mobile applications, & other technologies, which enable individuals to monitor their medication adherence and interact with healthcare professionals from remote locations.
North America region is anticipated for the highest revenue share during the forecast period owing to the supportive governmental regulations for the implementation of digital health, increased recognition of connected healthcare, widespread access to the internet & smartphones, escalating utilization of health-oriented applications, effective integration of e-prescription systems & Electronic Health Records (EHR) across diverse healthcare facilities, and growing introduction of novel platforms. For instance, in January 2023, HARMAN, a subsidiary of Samsung Electronics Co., Ltd., specializing in connected technologies for automotive, consumer, and enterprise markets, introduced the Intelligent Healthcare Platform. This innovative digital health platform aims to support healthcare and life sciences companies in delivering personalized customer-centric services. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the establishment of robust healthcare IT infrastructure, escalating investments in smart healthcare initiatives, rise in governmental digitalization initiatives, increasing uptake of digital healthcare solutions including health services, surge in funding for telemedicine services, and increasing introduction of advanced platforms. For instance, in March 2022, Commonwealth Bank introduced a new intelligent terminal, Smart Health, aimed at enhancing payment processes and claim experiences for major Australian private health insurers.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Rise in launch of innovative smart healthcare platforms is predicted to boost the market growth during the forecast period. Smart healthcare products utilize advanced technology to enhance patient care and enhance overall well-being. They assist healthcare professionals in delivering more effective treatment by offering precise patient-related information. For instance, in April 2023, Microsoft unveiled its latest Azure for Healthcare platform, offering healthcare institutions a cloud-based solution to store and analyze healthcare data.
By product, mHealth segment was the highest revenue-grossing segment in the global smart healthcare market in 2023 owing to the increased utilization of the internet, smartphones, & mHealth applications, expanding presence of wearable devices, rising popularity of digital health services for remote patient monitoring, and surge in the release of advanced applications. For instance, in October 2023, Cedars-Sinai introduced the Cedars-Sinai Connect app, a mobile health application that utilizes artificial intelligence technology to deliver virtual care solutions across various clinical areas. With this app, patients can conveniently schedule same-day primary care visits and access medical specialists for urgent treatment round-the-clock. Additionally, telemedicine is predicted to grow at the fastest CAGR during the forecast period owing to the rising trend among healthcare professionals to adopt and utilize telemedicine to connect more efficiently with their patients, increasing collaborations among industry stakeholders. Virtual care delivery is emerging as a secure and superior communication solution.
By application, storage and inventory management was the highest revenue-grossing segment in the global smart healthcare market in 2023. Smart healthcare technologies offer effective means to oversee medical supplies, inventory, and equipment. RFID (Radio Frequency Identification technology) is one such example, enabling hospitals to monitor their medical supplies and equipment. Additionally, monitoring was the highest revenue-grossing segment in the global smart healthcare market in 2023 owing to the increasing incidence of chronic diseases, growing aging population, heightened demand for personalized care, surge in the adoption of smart healthcare technologies aimed at monitoring patients' health & well-being, and rise in regulatory approvals for new devices. For instance, in August 2022, Baxter, a healthcare company, obtained FDA 510(k) clearance for its latest innovation in infusion therapy: the Novum IQ syringe infusion pump (SYR) featuring Dose IQ Safety Software. This advancement showcases Baxter's commitment to enhancing infusion therapy. The Novum IQ SYR is capable of seamless integration with hospital electronic medical records (EMRs) using Baxter's IQ Enterprise Connectivity Suite.
By end-user, hospitals & clinics was the highest revenue-grossing segment in the global smart healthcare market in 2023 owing to the growing uptake of advanced healthcare technologies such as remote patient monitoring & telemedicine among hospitals & clinics, rise in the introduction of innovative systems. These solutions enable healthcare providers to enhance patient care and optimize operational efficiency. For instance, in March 2022, Intuitive MB introduced its medical building operating system, employing Internet of Things (IoT), artificial intelligence (AI), and machine learning technologies to establish smart hospitals and medical office buildings. Additionally, home care settings is predcited to grow at the fastest CAGR during the forecast period owing to the growing need for wearable devices, mobile applications, & other technologies, which enable individuals to monitor their medication adherence and interact with healthcare professionals from remote locations.
North America region is anticipated for the highest revenue share during the forecast period owing to the supportive governmental regulations for the implementation of digital health, increased recognition of connected healthcare, widespread access to the internet & smartphones, escalating utilization of health-oriented applications, effective integration of e-prescription systems & Electronic Health Records (EHR) across diverse healthcare facilities, and growing introduction of novel platforms. For instance, in January 2023, HARMAN, a subsidiary of Samsung Electronics Co., Ltd., specializing in connected technologies for automotive, consumer, and enterprise markets, introduced the Intelligent Healthcare Platform. This innovative digital health platform aims to support healthcare and life sciences companies in delivering personalized customer-centric services. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the establishment of robust healthcare IT infrastructure, escalating investments in smart healthcare initiatives, rise in governmental digitalization initiatives, increasing uptake of digital healthcare solutions including health services, surge in funding for telemedicine services, and increasing introduction of advanced platforms. For instance, in March 2022, Commonwealth Bank introduced a new intelligent terminal, Smart Health, aimed at enhancing payment processes and claim experiences for major Australian private health insurers.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Product, Application and End-user
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
Segmentation: Smart Healthcare Market Report 2023 - 2034
Smart Healthcare Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Mn)
- Smart Pills
- Smart Syringes
- RFID Smart Cabinets
- RFID Kanban Systems
- mHealth
- Diagnosis Services
- Monitoring Services
- Healthcare Systems Strengthening
- Others
- Telemedicine
- Software
- Hardware
- Others
- Electronic Health Records (EHR)
- Web-based EHR
- Client-server Based EHR
Smart Healthcare Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Mn)
- Treatment
- Monitoring
- Storage and Inventory Management
- Other
Smart Healthcare Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Mn)
- Hospitals & Clinics
- Home Care Settings
Smart Healthcare Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Mn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Smart Healthcare Market: Product Estimates & Trend Analysis
8. Smart Healthcare Market: Application Estimates & Trend Analysis
9. Smart Healthcare Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Smart Healthcare Market
12. Europe Global Smart Healthcare Market
13. Asia Pacific Global Smart Healthcare Market
14. Latin America Global Smart Healthcare Market
15. MEA Global Smart Healthcare Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Samsung Electronics Corporation
- Allscripts Healthcare Solutions
- Siemens Medical Solutions
- AirStrip Technologies Inc.
- Hurst Green Plastics Ltd.
- McKesson Corporation
- Solstice Medical LLC
- Olympus Corporation
- Given Imaging Inc.
- Brooks Automation
- Cerner Corporation
- Stanley Innerspac
- GE Healthcare
- Pepperl+Fuchs
- Apple Inc.
- AT&T Inc.
- IBM
