Transparency Market Research (TMR) has published a new report titled, ‘Smart Healthcare Products Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global smart healthcare products market was valued at US$ 37.5 Bn in 2018 and is projected to expand at a CAGR of 8.8% from 2019 to 2027.
Overview
- Smart healthcare products enhance patient treatment and improve outcomes related to diagnostic tools along with improving their quality of life. These products come with embedded sensor technologies, communication, and data analytics techniques.
- Smart healthcare products are usually used for physical monitoring of an individual for the diagnosis and ongoing disease treatment.
- North America dominated the global smart healthcare products market in 2018 and the trend is anticipated to continue during the forecast period. Key factors attributing to its large share include favorable government initiatives, such as the implementation of the U.S. Health Information Technology for Economic and Clinical Health (HITECH) Act in 2009, which provided nearly US$ 64,000 to each healthcare practitioner who has adopted electronic health record systems.
- Asia Pacific is likely to be a highly lucrative market for smart healthcare products and it is expected to expand at a high CAGR during the forecast period
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Smart healthcare products with IoT applications and Greater role of government in developing smart healthcare ecosystem to Drive Market
- Advancements in sensors and the availability of IoT innovation are permitting medical equipment and healthcare hardware to gather, record and segment information that was not accessible in past.
- Nowadays, smart healthcare gadgets are remote powered and can be utilized to monitor and gather patient data who are suffering from various medicinal syndromes.
- Such critical data is also accessible to patients, and in addition medical groups can also gain access to it at any time and by using various platforms, such as smart phones or PCs.
- Additionally, governments’ significant and developing part as payer, controller, and market-shaper in the worldwide smart healthcare division cannot be downplayed.
- In many nations, governing authorities are major the funder and supplier of medicinal services for its population; this is an exceptionally costly obligation, as population is increasing.
- Globally, various governments are implementing expansive changes by cutting expenses and enhancing the nature of their medical services frameworks.
- These factors are expected to drive the smart healthcare products during the forecast period.
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Smart Pill Segment to Grow at a Faster Rate during the Forecast Period
- Based on product type, the global smart healthcare products market has been divided into smart syringe, smart pills, RFID smart cabinets, and electronic health record.
- The smart pill segment is expected to grow at a faster rate during the forecast period.
- Increased patient preference for minimally invasive surgeries is considered as a major factor that would serve as a gateway for the growth of smart pills segment during the forecast period.
North America to Dominate Global Market
- In terms of region, the global smart healthcare products market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global smart healthcare products market in 2018, followed by Europe.
- North America accounted for major share of the global smart healthcare products market in 2018. Its dominance can be attributed to increase in prevalence and incidence of chronic diseases such as diabetes and cancer are becoming more common in Canada, and healthcare providers are investing more heavily in IT to account for the impending growth in demand for healthcare
- The rise of the aging population is another reason to increase investments in healthcare IT, boosting the demand for smart healthcare products in North America
- The smart healthcare products market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027.
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Competitive Landscape
- The global smart healthcare products market is fragmented in terms of number of players. Key players in the global market include Epic System Corporation, Allscripts Healthcare Solutions, Inc., eClinicalWorks, CapsoVision, Medtronic, Olympus Corporation, Becton Dickinson and Company, Terumo Corporation, Stanley Healthcare, TAGSYS, among others.