Smart Healthcare Market to grow at a CAGR of 8.46% from 2021 to 2026

The smart health market size is estimated to grow by USD 96.25 billion from 2021 to 2026. The market is estimated to accelerate at a CAGR of 8.46%, according to Technavio.The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services.

Key challenges - The high cost associated with smart healthcare can pose a significant challenge that can hinder the smart healthcare market during the forecast period. The high costs associated with smart healthcare will have a significant impact on end-users and result in a decline in the adoption and implementation of new technologies to enhance healthcare services. Furthermore, it can impact the overall efficiency of healthcare industry players. Factors such as the level of integration, the degree of data accuracy required, and the functionalities needed influence the time taken for EHR implementation. Additionally, the smooth functioning of EHR requires a high level of integration which will increase the cost further. Hence, such factors are expected to hinder the smart healthcare market growth during the forecast period.