Smart Healthcare Market Trends and Key Players (2023 – 2032)
The global smart healthcare market, valued at USD 201.83 billion in 2022, is expected to reach USD 1,097.27 billion by 2032, growing at a CAGR of 18.5% from 2023 to 2032.
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Company Landscape in the Global Smart Healthcare Market
The smart healthcare market is vast and diverse, with many players involved across various areas, such as RFID, mHealth, telemedicine, and electronic health records (EHR). This sector is highly fragmented, with a mix of large and small companies, both local and regional, driving innovation. For example, mHealth apps, once approved by regulators, can be found on platforms like the Apple Store and Google Play. However, these apps must comply with strict data protection regulations to ensure patient and hospital confidentiality. Similarly, telemedicine solutions face varying approval processes depending on the region. Given the different types of services and technologies offered, the market remains divided among many different players.
Some of the key companies shaping the global smart healthcare landscape include Allscripts Healthcare Solutions, Cerner Corporation, LogiTag Systems, Samsung, Cisco Systems, GE Healthcare, Siemens Healthineers, IBM, Becton, Dickinson and Company (BD), Terumo Corporation, eClinicalWorks, Stanley Healthcare, and Medtronic. These companies are actively employing various strategies to expand their presence in the market.
For example:
- Allscripts Healthcare partnered with Revo Health in April 2021 to offer advanced solutions like Payerpath and Allscripts Practice Management across all Infinite Health Collaborative (i-Health) clinics, aiming to improve financial and operational outcomes.
- Cerner Corporation acquired Kantar Health in April 2021 for USD 375 million to strengthen its capabilities in healthcare data and analytics. Additionally, Cerner provided 12 behavioral health facilities in Virginia with access to its EHR systems starting January 2021.
- Samsung Electronics made headlines in April 2021 by launching a program to upcycle old smartphones to provide eye healthcare in underserved areas. Collaborating with the Yonsei University Health System and the International Agency for the Prevention of Blindness, Samsung used recycled Galaxy smartphones to create medical devices for diagnosing eye diseases, addressing the potential to prevent vision loss in over 1 billion cases globally.
- Cisco Systems joined forces with the government of Japan in February 2021 to accelerate digitization efforts as part of Japan’s “Society 5.0” initiative, which includes healthcare digitization.
- BD (Becton, Dickinson and Company) announced a EUR 165 million ($200 million) high-tech manufacturing facility in Spain, set to create up to 600 jobs by 2030.
- Terumo Corporation partnered with CSL Plasma in April 2021 to introduce new plasma collection technologies at CSL’s U.S. facilities.
- eClinicalWorks rolled out a Vaccine Administration Management Solution (VAMS) across 29 U.S. states in April 2021 to help healthcare providers manage COVID-19 vaccinations efficiently.
- Medtronic launched its SonarMed™ airway monitoring system in the U.S. in May 2021.
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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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