Smart care is an innovative technology that provides assistance to patients in the course of treatment. In today's world, increasing adoption of digitalization in the healthcare industry is one of the key strategy transformations in the industry. Adoption of digital technology has a profound impact on reshaping healthcare experiences. The rising adoption of smartphones and the increasing aging population are some of the key factors that drive the smart care platform spending market.
The increasing aging population is one of the major factors driving the growth of the smart care platform spending market. According to the Population Reference Bureau, in 2018, 9% of the global population was above 65 years old which is estimated to reach 16% by 2050. Hence, the aging population increases the complex health care needs requiring specialty care which makes it more difficult due to geographical location or health insurance status. The smart care platform has a feature to provide immediate access to specialty care which helps to reduce the patient outcomes and operations cost.
Based on region, the smart care platform spending market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America held a dominant position in the global smart care platform spending market in 2018. It is expected to maintain its dominance during the forecast period. The U.S. and Canada are major countries that drive the smart care platform spending market in the region. The significant presence of aging population in North America is a key factor that raises the demand for smart care solutions. According to the Population Reference Bureau, 15% of the population in countries of the North America region are above 65 years old (in 2018) and is estimated to reach 23% by 2050. In addition, the early technology adoption trend in the U.S. has also provided a dominating position to the smart care platform spending market in this region.
The market in Asia Pacific is expected to expand at the highest CAGR in the global smart care platform spending market during the forecast period. India, China, Japan, and Australia are the major countries that drive the smart care platform spending market in the region. Increasing adoption of smartphones and digitalization plays a key role in the growth of the market, as most companies are developing a SmartCare app that works on Apple iOS, Google Android, and Microsoft Windows phone.
Based on industry, the smart care platform spending market can be bifurcated into healthcare institutes, and individuals. In 2018, the healthcare institutes segment held a dominant position in the market and is anticipated to retain its dominance throughout the forecast period. Patients automatically receive alerts about medicine administration schedules and medical examination appointments with the adoption of smart care platforms.
Based on cmponent, the smart care platform spending market can be bifurcated into devices, solutions, and services. In 2018, the devices segment held dominant position and the segment is anticipated to retain its dominance throughout the forecast period.
Companies are adopting a partnership strategy to offer inovative solutions to the smart care platform spending market. For instance, in October 2019, Streamline Healthcare Solutions entered into a partnership agreement with Choices Inc to develop a new smart care solution. The smart care software platform was set up to meet the needs of MCO functionality and electronic health record.
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Figure: Global Smart Care Platform Spending Market, by Component
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Figure: Global Smart Care Platform Spending Market, by Region
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