Driven by rapid technological advancements in healthcare IT, global smart healthcare market is expected to reach $225.54 billion by 2022, according to the latest report from Radiant Insights.

Development of smart syringes, smart pills and smart bandages which enable remote monitoring of patients, help in diagnosing gastrointestinal diseases and infection spread minimization and remote monitoring of healing processes is expected to strengthen the platform for future market growth. On the other hand, high capital investments and poor awareness levels among consumers are some challenges faced by manufacturers.

mHealth is expected to register the fastest growth of over 40% over the forecast period. Key factors likely to drive segment growth include rapidly increasing incidence rates of chronic diseases, increasing smartphone penetration rates and heightening need to ensure improved healthcare outcomes.

Electronic health record (EHR) emerged as the largest product segment in terms of revenue and was estimated at over $19.5 billion in 2014. Implementation of the American Recovery and Reinvestment Act (ARRA) and HITECH Act is expected to make significant contributions towards segment growth.

High capital investments and poor awareness levels among consumers are some challenges faced by manufacturers.North America was the largest smart healthcare regional market in 2014, again driven by the HITECH Act, as well as the presence of sophisticated IT infrastructure.

Asia Pacific is expected to grow at a considerable pace, propelled by the growing penetration of advanced healthcare facilities and rapidly evolving mobile & IT infrastructure. Also, increasing awareness among consumers pertaining to novel healthcare technologies such as telemedicine, mHealth and EHR is expected to further complement regional market growth.