LONDON–(BUSINESS WIRE)–The global smart healthcare market size is expected to grow by USD 224.86 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, the market is expected to decelerate at a CAGR of 24% during the forecast period. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on “Smart Healthcare Market Analysis Report by Solution (Telemedicine, mHealth, EHR, Smart pills, and Others) and Geography (North America, Europe, Asia, and ROW), and the Segment Forecasts, 2020-2024”.
The market is driven by the growing demand for remote health monitoring. In addition, the increasing adoption of wearables is anticipated to boost the growth of the smart healthcare market.
The rise in life expectancy over the past decade in developed regions such as North America and Western Europe has resulted in an increase in the aging population. The growth of the elderly population has led to a rise in chronic diseases, such as diabetes, cancer, arthritis, obesity, asthma, and heart diseases. This has resulted in the demand for live and effective monitoring of health conditions and the day-to-day activities of the geriatric population. A rise in demand for real-time healthcare monitoring among healthcare centers has driven the adoption of smart healthcare products. Smart healthcare solutions are offered with embedded communication and sensor technologies along with data analysis techniques to monitor an individual for diagnosis or progress of ongoing treatment of diseases. Thus, the growing demand for remote health monitoring will drive the smart healthcare market growth during the forecast period.
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Major Five Smart Healthcare Companies:
Abbott Laboratories has business operations under various segments such as established pharmaceutical products, nutritional products, diagnostic products, and medical devices. The company’s key offerings include SENSOR GLUCOSE MONITORING and CONFIRM RX ICM.
Alphabet Inc. operates its business through two segments: Google and other bets. The company offers cloud-based smart healthcare solutions that includes telehealth solutions, collaboration and productivity tools, healthcare API management solutions, healthcare data interoperability-based solutions, patient service and support solutions, healthcare analytics and remote working solutions among others.
Allscripts Healthcare Solutions Inc.
Allscripts Healthcare Solutions Inc. has business operations under two segments: Provider and Veradigm. The smart healthcare solutions offered by the company includes EMRs, population health management sysetms, and patient engagement systems.
Cisco Systems Inc.
Cisco Systems Inc. operates its business under two segments: product and service. The company’s key offerings include Telehealth and Collaboration Solutions, Patient Engagement Solutions, Clinical Workflow Solutions, Healthcare Security and Compliance Solutions, Healthcare Business and IT Operations Solutions, and Clinical Workflow Solutions.
General Electric Co.
General Electric Co. has its business operations under four segments: power, renewable energy, aviation, and healthcare. The company’s key offerings include Centricity Solutions, Edison, Workforce Management, Care Delivery Management, and Financial Management.
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Smart Healthcare Solution Outlook (Revenue, USD billion, 2020-2024)
- Telemedicine – size and forecast 2019-2024
- mHealth – size and forecast 2019-2024
- EHR – size and forecast 2019-2024
- Smart pills – size and forecast 2019-2024
- Others – size and forecast 2019-2024
Smart Healthcare Regional Outlook (Revenue, USD billion, 2020-2024)
- North America – size and forecast 2019-2024
- Europe – size and forecast 2019-2024
- Asia – size and forecast 2019-2024
- ROW – size and forecast 2019-2024
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