As cited by the business intelligence report titled ‘Global Smart Healthcare Market Size study, by Product (RFID KanBan Systems, RFID Smart Cabinets, Electronic Health Records, Telemedicine, M-health, Smart Pills, Smart Syringes) and Regional Forecasts 2020-2027’, available with Market Study Report, global smart healthcare market was worth USD 144 billion in 2019 and is predicted to grow at a healthy CAGR of 16.2%, subsequently reaching a valuation of USD 479 billion by the end of the forecast period.
 

As per the report findings, growing prevalence of chronic disorders such as diabetes, cancer, and heart related ailments is fostering global smart healthcare market growth. In fact, WHO cites that cardiovascular diseases are leading cause of death in the world which claim lives of approx. 17.6 million each year. With continual rise in the chronic diseases, advanced healthcare solutions will continue to witness a sustained demand in the coming years.
 

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Besides, increasing utilization of mHealth solutions, and favorable government initiatives aimed at digitization of the healthcare vertical are augmenting global smart healthcare market size. Moreover, smart healthcare solutions are witnessing an increased demand as they offer precise and reliable patient data, and effectively assist in minimizing overall cost of treatment. Rising adoption of these solution in remote monitoring of patient’s health conditions is adding substantial traction to the industry growth.
 

For those unaware, smart healthcare refers to the integration of innovative technology in conventional healthcare practices. These solutions are widely incorporated across healthcare facilities for enhancing the quality of medical services as well as user experience. Smart syringes, electronic healthcare records, and smart pills are some the common smart health products in the market.
 

On the contrary, high initial investment, costly maintenance requirements, and lack of trained and skilled professionals will continue to impede the market expansion during the analysis timeframe.
 

Elaborating on regional outlook, North America holds a significant portion of global smart healthcare market share and is anticipated to grow tremendously through 2027. High concentration of prominent product manufacturers and favorable government initiatives towards boosting the adoption of smart healthcare products are supporting the regional market growth.
 

Meanwhile, Asia-Pacific smart healthcare market is estimated to experience rapid expansion over 2020-2027, on account of booming geriatric population, rising prevalence of chronic ailments, and rapid digitization in the healthcare vertical in developing countries like India and China.
 

Cisco Systems, Inc., Siemens Healthineers AG, IBM Corp., Given Imaging (acquired by Medtronic plc), Brooks Automation, Inc., Olympus Corp., Stanley InnerSpace, Solstice Medical, LLC, GE Healthcare, and Allscripts Healthcare Solutions, Inc. are the top organizations influencing worldwide smart healthcare market trends.