USD 163.45 Billion
Smart Healthcare Market Size, Share, and Growth Analysis
Smart Healthcare Market By Product Type (RFID Kanban Systems, RFID Smart Cabinets), By End User (Hospitals, Homecare Settings), By Application (Storage and Inventory Management, Monitoring), By Region -Industry Forecast 2024-2032
Report ID:
SQMIG35A2428 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
69
|Figures:
75
Format -
Smart Healthcare Market Insights
Smart Healthcare Market size was valued at USD 163.45 Billion in 2023 and is poised to grow from USD 184.37 Billion in 2024 to USD 483.24 Billion by 2032, growing at a CAGR of 12.8% during the forecast period (2025-2032).
Smart healthcare products rely on a new generation of information technologies, such as the Internet of Things (loT), big data, cloud computing, and artificial intelligence, to transform traditional medical systems and enable healthcare delivery well, simplified and personalized. Various initiatives by the public and private players, such as product launches and approvals, are also driving the growth of the market.
The market is expected to grow with the increasing use of IoT in healthcare. IoT applications in healthcare benefit patients, families, physicians, hospitals and insurance companies. According to a study published in Oral Biology and Craniofacial Research in April 2022, IoT is a growing technology that enables improvements and advanced solutions in the medical field, such as accurate medical records, monitoring, devices a combined with pathology.
The primary goal is to help users become knowledgeable about current medical conditions and to keep users up to date on current health information. There are many smart medical technologies readily available on the market today. Examples of this technology include smart wearables, smart syringes, smart medications, and smart RFID molds. The remote monitoring of patients’ health problems enabled by these devices also helps in reducing the overall cost of treatment for the individual customers.
US Smart Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
RFID Kanban Systems
Fastest Growth
RFID Smart Cabinets
Growth Rate
12.8% CAGR
Global Smart Healthcare Market ($ Bn)
Country Share for North America Region (%)
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Smart Healthcare Market Segments Analysis
Global Smart Healthcare Market is segmented on the product type, end user, and region. By product type, market is segmented into RFID Kanban Systems, RFID Smart Cabinets, Electronic Health Records (EHR), Telemedicine, mHealth, Smart Pills, and Smart Syringes. By end user, market is segmented into Hospitals, Homecare Settings, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product Type
As per smart healthcare market outlook, RFID Kanban systems play an important role by enabling real-time inventory tracking and management. In healthcare, conventional supply chain Kanban systems are enhanced with Radio Frequency Identification (RFID) technology to create efficient, automated workflow. RFID Kanban systems use tags and readers to track the status of medical supplies, equipment and medicines delivered to hospitals, hospitals, and other healthcare facilities. This provides accurate inventory tracking and reduces waste by triggering automatic reordering. By streamlining supply chain operations and providing real-time visibility, the RFID Kanban system helps healthcare providers increase operational efficiency, reduce human error, and improve patient safety.
RFID smart cabinets is the fastest growing segment which is an important innovation in the smart healthcare market, especially in the management of medicines, surgical instruments, and other critical healthcare products. RFID smart cabinets also make the healthcare system more efficient by automating the replenishment process and providing real-time data on supply levels. This enables better management of expensive or delicate products, such as controlled drugs and expensive medical devices, ensures compliance, improves patient care. As the demand for automation and security increases in healthcare settings, RFID smart cabinets are becoming increasingly popular, driving growth in this segment of the market.
Analysis by End User
As per smart healthcare market analysis, the hospitals segment is dominating. Hospitals represent the largest share of healthcare services globally and are leading the adoption of smart healthcare technologies due to their complex business needs and the large number of patients and systems using RFID capabilities for inventory management. Hospitals are challenged to manage big data, ensuring that medical resources are available, to improve patient safety. Technologies such as electronic health records (EHRs), artificial intelligence (AI), and medical devices powered by the Internet of Things (IoT) enable hospitals to improve clinical performance, reduce medical errors, more efficient use of resources, improving patient care.
The homecare settings segment is one of the fastest growing in the smart healthcare market. This segment includes healthcare services delivered in the home, such as remote disease management, home health devices, telemedicine, and wellness monitoring. Increasing prevalence of the chronic diseases and the shift towards managed care are driving the growth of home care settings. Smart health technologies in home care spaces allow patients to consume their health care from their homes, reducing the need for hospital visits. Home care systems benefit from technologies such as wearables, smart home devices, health monitoring applications and virtual consultations. These tools allow patients to track their health in real-time, allowing healthcare providers to remotely monitor patient progress when needed, and adjust the treatment plans.
Global Smart Healthcare Market By Product Type (%)
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Smart Healthcare Market Regional Insights
North America is the dominant region in the smart healthcare market because of its superior healthcare infrastructure, excessive adoption costs of generation, and extensive investments in healthcare innovation. The United States, specially, is a key participant, taking advantage of its properly set up healthcare system, strong healthcare spending, and the presence of main era companies. North America has to adopt digital fitness solutions, consisting of telemedicine, wearable health devices, and AI-powered healthcare programs. The region additionally boasts high stages of healthcare expenditure, which supports the improvement and implementation of smart healthcare technologies. The strong presence of health insurance companies, technology firms, and government initiatives (such as the Affordable Care Act and initiatives to enhance the use of electronic health records) drives the adoption of smart healthcare solutions.
Asia-Pacific is one of the fastest growing regions in the smart healthcare market, coupled with the growing regional population, increasing middle class, increasing healthcare needs and increasing government investment in healthcare. Countries such as China, India, Japan and South Korea that are hubs of innovation in healthcare is leading the way in growth. Particularly in China and India, the digitization of the healthcare is rapid due to ambitious government initiatives aimed at improving access and quality of healthcare. The use of mobile devices, the rise in wearable healthcare technologies, and the integration of AI-powered healthcare solutions are rapidly transforming the smart healthcare market.
Global Smart Healthcare Market By Geography
- Largest
- Fastest
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Smart Healthcare Market Dynamics
Smart Healthcare Market Drivers
Increasing Adoption of Digital Health Solutions
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With the increasing emphasis on the patient-centered approaches these technologies help to monitor chronic conditions, enable remote diagnosis and improve overall health care services especially in developed countries. The increasing use of digital technologies in healthcare is a major driver of the smart healthcare market. Tools such as telemedicine, wearable devices and mobile health applications have gained widespread recognition for their ability to provide more efficient, convenient and personalized care.
Advancement of IoT and AI in Healthcare
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AI is driving innovation in diagnostics, drug development, and predictive research. The adoption of IoT (Internet of Things) and AI (Artificial Intelligence) technologies is transforming healthcare delivery. IoT-enabled devices facilitate real-time monitoring and data collection, improving patient outcomes and productivity. For example, AI algorithms can analyze large amounts of data to identify diseases at an early stage, aid in personalized treatment plans, and optimize resource management.
Smart Healthcare Market Restraints
Increased Implementation Costs
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Despite the benefits, the adoption of smart healthcare solutions is hampered by the high cost of implementing advanced technologies. Many healthcare providers face financial constraints, especially in emerging markets, which limit their ability to invest in IoT devices, AI-powered appliances, and other digital health solutions.
Data Privacy and Security Concerns
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The increasing reliance on virtual systems and linked devices in healthcare increases critical concerns about information privacy and safety. Health systems acquire sensitive patient data, making them an appealing target for cyberattacks. Regulatory compliance, such as complying with the GDPR and HIPAA requirements, similarly provides complexity to the implementation of those solutions, performing as a barrier to smart healthcare market growth.
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Smart Healthcare Market Competitive Landscape
The smart healthcare industry is highly competitive, characterized by a wide range of companies from various sectors such as medical devices, health IT, software development, and wearable technologies. The market is growing rapidly, driven by advancements in artificial intelligence (AI), Internet of Things (IoT), telemedicine, and personalized healthcare solutions. Companies in the market focus on providing smart, connected devices and services that improve healthcare efficiency, reduce costs, and enhance patient outcomes.
Top Players in Smart Healthcare Market
- AirStrip Technologies Inc. (US)
- Allscripts Healthcare Solutions (US)
- Apple Inc. (US)
- AT&T Inc. (US)
- Brooks Automation (US)
- Cerner Corporation (US)
- Cisco (US)
- GE Healthcare (US)
- Given Imaging, Inc. (Israel)
- Hurst Green Plastics Ltd. (UK)
- IBM (US)
- Logi-Tag (Israel)
- McKesson Corporation (US)
- Olympus Corporation (Japan)
- Pepperl+Fuchs (Germany)
- Samsung Electronics Corporation (South Korea)
- Siemens Medical Solutions (Germany)
- Solstice Medical LLC (US)
- Stanley Innerspac (US)
- Bollhoff Group (Germany)
- Wurth Group (Germany)
Smart Healthcare Market Recent Developments
- In March 2022, Intuitive MB launched its medical building business model that uses the Internet of Things (IoT), artificial intelligence (AI), and machine learning technologies to build "smart" hospital and medical office buildings.
- In March 2022, the Commonwealth Bank launched a new smart terminal, Smart Health, which has helped all major Australian private health insurers improve the payment and payment experience.
- In April 2021, the American Health Information Association (AHIMA), along with Moxe, launched AHIMA dHealth, an mHealth product and analytics tool for vendors.
Smart Healthcare Key Market Trends
- Growing Use of Wearable Devices for Remote Monitoring: Wearable devices such as smart watches, fitness trackers and biosensors are becoming an integral part of smart healthcare. While consumer interest in health and wellness is increasingly being integrated into the healthcare ecosystem with wearable technology to promote remote disease management and improve the outcomes.
- Expansion of Telehealth Services: Telehealth services have grown exponentially, because they provide patients with convenient access to health care providers without going to physical clinics. Improvements in high-speed internet, video conferencing tools, and mobile apps support the expansion of telehealth. These services not only improve access to healthcare in rural areas, but also reduce costs associated with individual counseling.
Smart Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the smart healthcare industry is growing rapidly, driven by the adoption of digital health solutions and advances in IoT and AI technologies. These innovations are transforming health care by enabling quality, effective and accessible care. However, challenges such as high processing costs and data security concerns hinder the growth of the market, especially in underserved regions. As the global healthcare system moves towards digitization, the smart healthcare market is driven by technological innovation and patient-centered care. Trends such as the wearable devices and the increasing adoption of the mobile health services are changing the landscape of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 163.45 Billion |
| Market size value in 2032 | USD 483.24 Billion |
| Growth Rate | 12.8% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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