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 2019, 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.
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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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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