The healthcare industry is no longer an isolated zone untouched by technological innovations. Top healthcare technologies such as IoT, Big Data, advanced analytics, and many other technological innovations have turned the traditional healthcare into smart healthcare. The newest research conducted by our industry experts show how the market for smart healthcare solutions is growing at a tremendous pace. With an expected market value of close to USD 251 billion by 2022, stakeholders in the global smart healthcare market are looking for new opportunities in the APAC and EMEA region.
For more market intelligence about the global smart healthcare market size, top smart healthcare companies and future trends in this market, please see Technavio’s Global Smart Healthcare Market Report 2018-2022, or download you FREE Global Smart Healthcare Market Report Sample NOW!
What is Smart Healthcare?
Smart healthcare can be defined as using mobile and electronic technology for better diagnosis of the disease, improved treatment of the patients, and enhanced quality of lives. The European Union has extended this definition further by adding “inclusion of information and data sharing between patients and health service providers.” mHealth and eHealth are thus vital components of the smart healthcare system.
Top 5 Healthcare Technologies Changing the Global Smart Healthcare Market in 2018
IoT in Healthcare
IoT in healthcare technologies is also popularly known as IoMT (Internet of Medical Things) is one major technological innovation which has added the element of “smartness” in the healthcare industry. Along with identifying, monitoring, and informing caregivers about the patient’s vitals – it also provides the much-needed critical data to the health care providers so that issues can be identified at an early stage leading to better delivery of care services.
IoMT is particularly a boon for a burdened healthcare system. By 2025, the elderly population is expected to be close to 1.2 billion. High incidence of health issues makes healthcare solutions for the elderly a very costly affair. IoMT devices on the other hand not only help the elderly to keep a close track of their vitals like heart rate, glucose levels, and sleep patterns – but also reminds them of medications. The portable IoMT devices make it a lot easier for the aging population to conduct their routine blood and urine tests as well.
Big Data in Healthcare
As smart connected devices gain popularity, Big Data has made inroads in the smart healthcare system. According to our analysts, there has been a steady rise in the demand for M2M and M2H communications so as to categorize the large volumes of medical data. Major healthcare technologies companies like Oracle, IBM, and SAP, have already increased their big data spending on healthcare to widen their reach in nascent markets in the APAC region.
Read more: Huge Impact of Big Data on Healthcare Sector
Our industry analysis shows the Americas have benefitted the most by the early adoption of Big Data in their healthcare delivery services. By the year 2019, the market value of Big Data spending on healthcare is expected to be around USD 14.33 billion. It has been noticed that the governments across the globe are working towards building an effective healthcare paradigm – and technology, especially Big Data, is the very foundation on which this infrastructure can be built.
Machine Learning in Healthcare
With Google developing machine learning algorithm to identify cancerous tumors on mammograms, to the Stanford University using deep learning algorithm for diagnosing skin cancer – the application of machine learning in the healthcare systems has opened up new avenues in the smart healthcare market.
Personalized care has been the hallmark of smart healthcare solutions, which can be easily gained through machine learning. Especially in maintaining smart electronic health records, machine learning enables major stakeholders in the healthcare industry to gain advantage and speed up the care delivery curve.
After Big Data, if anything has made the healthcare technologies way smarter, then it is the cloud computing technology. As it is cloud computing encourages cost savings, scalability, and system flexibility; now with the increased use of cloud-assisted medical collaboration, the demand for cloud computed healthcare solutions has grown exponentially.
According to our newest market research report, major industry names like BioLert are employing edge computing to detect, monitor, and notify the occurrence of epilepsy episodes in a patient to its caregiver.
Cloud computing has made it easier for even small hospitals to gain access to information and store it in a cost-effective manner. With hardly any pressure on cutting down the costs, these hospitals can now deliver the best services to their patients.
Healthcare Technologies: Future of the Smart Healthcare Market
A highly fragmented market, smart wearables has had a positive impact on the smart healthcare market. in the advancement of smart healthcare technology. The Americas, in particular, has witnessed a high demand for the smart healthcare system to synchronize and regularize the healthcare delivery system. It has been noticed that as digitization seeps in the APAC region, the leaning towards mHealth solutions has also increased. This is a major reason why big names in the smart healthcare technology market are working on widening their market share in this region.
Most Frequent Questions Asked Regarding the Global Smart Healthcare Market:
What is the current global smart healthcare market size?
Which countries and regions have the highest smart healthcare revenues?
Who are the leading companies in the global Smart healthcare market?
What are the latest smart healthcare technologies in the market?
What the future trends of the global smart healthcare market?
All the detailed answers can be found in this following market report: