Market Research Report
Global Smart Healthcare Products Market - 2019 -2026
|Published by||DataM Intelligence||Product code||803249|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Smart Healthcare Products Market - 2019 -2026|
|Published: February 1, 2019||Content info: 130-180 Pages||
The global smart healthcare products market is expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026.
Smart healthcare products are technology-based products that utilize multiplatform technologies such as mobile, digital, and cloud-based platforms to provide quality healthcare outcome to patients. They offer the benefit of IT and IT advancements while redefining medical care. They deliver better healthcare and can give better treatment outcomes at reduced costs. The adoption of smart healthcare products has a high degree of appeal for a spectrum of services which includes remote health monitoring, chronic diseases, and elderly care. They could save on the ever-rising cost of health care by imparting operational efficiency and possibly bring better clinical outcome with monitoring devices such as smart pill etc.
The growth of global smart healthcare products is driven by the increasing dependence of the healthcare industry on technological, developments in software and digital tools, and increasing GDP aiding the modernization of healthcare services. The usage of smart healthcare products simplifies health management among people, making it more efficient and give better healthcare quality. Thus, the growing aging population and high prevalence of chronic disease have amplified the demand for smart healthcare products as these devices can manage all the clinical information electronically which is especially helpful for the geriatric population. For instance, smart healthcare products are advantageous in treating critical care patients as patient data can be easily accessed by medical personnel across several platforms at any given time. According to the World Health Organization (WHO), 2017, chronic disease causes the death of approximately 40 million people annually. The significant advantages of smart healthcare products have resulted in governments of developed nations encouraging the use of smart healthcare products to raise the quality of healthcare services for the nation's population.
However, high costs associated with certain smart healthcare products is limiting their use. For instance, Smart syringe costs twice the price of a standard syringe. Furthermore, the lack of skilled technicians to handle smart healthcare products such as electronic health record may further hinder the growth of smart healthcare products market.
By Product, the smart healthcare products market is segmented into smart syringes, smart pills, smart RFID cabinets, electronic health record, and others. Electronic health records (EHR) share dominants the product segment. Owing it to the increase in adoption of EHR such as Electronic Medication Administration Record (EMAR) and Bar Code Medication Administration (BCMA) to prevent medication errors and increasing demand for point-of-care diagnostic technology is also a key growth driver. However, Smart pills are expected to show exponential growth in the smart healthcare products market. It can be attributed to technological advancements in smart pills technology that will enable remote monitoring of patients, assisting in diagnosing gastrointestinal diseases, and real-time monitoring of the progress of healing is expected to strengthen this market share in smart healthcare products further.
By Application, the smart healthcare products market segments include storage and inventory management, monitoring, treatment, and others. Storage and inventory management share hold the most significant segment of smart healthcare products owes it to the vast amount of data that is needed to be recorded and stored by organizations. With the increasing use of RFID solutions and RFID smart cabinets in the healthcare is another significant factor for the growth of this application segment.
North America accounts for the largest share in the global smart healthcare products market. It is a crucial contributor to the market as it is technologically advanced and developed region. It can be attributed to the broad base of the patient population and the presence of significant medical companies and major technology companies such as Medtronic, IBM Corporation, and GE Healthcare Limited. Moreover, there has been an increasing adoption of smart healthcare products in this region to deliver high-quality patient care. Other factors are the high spending of GDP in healthcare, especially in the US and Canada, and innovative next-gen technologies are likely to drive this region's market.
The Asia Pacific is expected to witness significant growth regarding consumption of smart healthcare products. The region is heading towards digitization of services including healthcare owing it to improving IT infrastructure, favorable government norms and support and its economic growth are other factors driving this region's market.Global Smart Healthcare Products Market - Competitive Analysis
Several companies have adopted merger and acquisitions policies and collaborations to help them to stand out as strong competitors in the market and also expand its sales in the global smart healthcare products market. Key players focusing on research and development activities to introduce innovative product lines and supporting accessories into the smart healthcare products market are other strategies used by companies to expand their market presence.
November 2017, FDA approves Abilify MyCite, a pill with a sensor that digitally tracks if patients have ingested their medication. The product was approved for the treatment of schizophrenia, acute treatment of manic and mixed episodes associated with bipolar disorder and for use as an add-on treatment for depression in adults.
February 2018, Enovate Medical, LLC introduced Envoy, Electronic health record (EHR) workstation which enhances patient management and important health data management. It is the first intelligent workstation designed to improve patient engagement, reduce nursing fatigue, endure the rigors of hospital settings, and perform without interruption throughout a clinician's shift.
March 2018, Allscripts Healthcare launched a new Electronic Health Record (EHR) system named Avenel. Avenel is a community-wide shared patient record, which uses machine learning to reduce the time of clinical documentation and is designed to work as an app instead of traditional software. It is built on Microsoft Azure and streamlines workflows by getting smarter with every use.
January 2019, Massachusetts Institute of Technology researchers developed blowfish inspired smart pill. It is a hydrogel-based pill which can rapidly swell from the size of a tablet to ping-pong ball size. It is an orally administrated pill that can be used in physiological monitoring and diagnostics.
Some major key market player includes Medtronic, Inc., Becton Dickinson & Company, Honeywell Life Care Solutions, Stanley Healthcare, Terumo Corporation, and Allscripts Healthcare Solutions.