Smart Care Platform Spending Market: Introduction
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.
Smart Care Platform Spending Market: Dynamics
Increasing aging population accelerating the demand for smart care products
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.
North America the largest market in 2018
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.
Healthcare Institutes segment to account for dominant share during the forecast period
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.
Key players operating in the global smart care platform spending market
- Key players in the global smart care platform spending market are listed below:
- Benefit Coordinators Company
- Streamline Healthcare Solutions, LLC
- MD Inc
- MNO Company
- Choices Inc
- Infosys Limited
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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Global Smart Care Platform Spending Market: Research Scope
Global Smart Care Platform Spending Market, by Component
Figure: Global Smart Care Platform Spending Market, by Component
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Global Smart Care Platform Spending Market, by End-user
- Healthcare Institutes
Global Smart Care Platform Spending Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Figure: Global Smart Care Platform Spending Market, by Region
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.