Smart Healthcare Market size is set to grow by USD 115.39 billion from 2023-2027

The global smart healthcare market size is estimated to grow by USD 115.39 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  9.26%  during the forecast period.

The healthcare industry is experiencing a significant shift towards smart healthcare solutions, driven by the increasing use of Internet of Things (IoT) and connected medical devices. IoT infrastructure is bridging the gap between physical and digital data sources, enabling real-time patient monitoring and improving access to healthcare services. Key applications of IoT in healthcare include telemedicine, connected imaging, clinical workflow management, dosing management, and inpatient monitoring. Governments worldwide are promoting IT usage in healthcare, reducing costs, and the growing penetration of smartphones and the Internet are fueling the adoption of IoT in healthcare. The rise of wearable medical devices and technological innovations are enhancing the quality of healthcare. However, the increasing number of data sources and data generated necessitate improved network security. Hospitals and clinics are adopting Electronic Health Records (EHRs) to optimally collect and integrate data from external and wearable devices. This trend presents significant growth opportunities for vendors offering cloud-based solutions in the smart healthcare market, such as Cisco, Microsoft, and Alphabet. The demand for connected systems to optimize healthcare deployments is expected to drive the growth of the global smart healthcare market during the forecast period. IoT and connected applications are revolutionizing healthcare, offering improved patient care and operational efficiency.

Smart healthcare is a rapidly growing market that integrates digital technology into healthcare items for improved patient care and efficiency. Trends include pedometers, activity trackers, and smart wearables for monitoring health metrics like blood pressure, heart rate, oxygen level, and temperature. Smart syringes, RFID cabinets, and RFID Kanban systems streamline inventory management. Remote monitoring, mobile health, and telemedicine enable real-time patient care. Market restraints include data security concerns and high implementation costs. Leading companies like Vera Smart Health, Teladoc Health, and RFID Smart Cabinets leverage information technologies such as big data, cloud computing, artificial intelligence, and RFID for innovative solutions. Smart pills and mHealth apps offer personalized care. The market's future lies in seamless integration of digital technology with the traditional medical system.