The smart healthcare products market is expected to register a CAGR of about 12.5% during the forecast period . According to a survey by Scan Foundation, about 66% of the US adults are comfortable using telemedicine for medical consultation, while 63% for ongoing care for chronic illness and 53 % for the urgent remedial condition. The adoption for telemedicine is expected to boost the smart healthcare products market.
- According to the World Health Organization (WHO), about 40 million deaths were due to chronic ailments, i.e., 70% of deaths worldwide in 2017. Additionally, data numbers of the WHO show that cardiovascular diseases are accountable for over 17 million deaths annually. With the rise in the aging population, especially in the developed countries, the prevalence of chronic diseases has increased. It has necessitated the demand for active monitoring of health conditions in day-to-day activities of the population. Therefore, this is likely to increase the adoption of smart health products among the aged population.
- Moreover, applications of these products include early diagnosis of congestive heart failure, prevention of diabetes, enhanced clinical management, and facilitate timely response to emergencies. These benefits create a positive impact of smart healthcare products, thus, boosting its demand globally.
- Smart healthcare products, such as telemedicine, have become the growing component of the healthcare products in the developed countries, such as the United States. According to Chiron Health, there are around 200 telemedicine networks, with 3,500 service sites in the United States. Furthermore, in 2011, Veterans Health Administration delivered about 300,000 remote consultations leveraging telemedicine.
- Among various state-of-art technologies, including IoT, AI, 3D printing, nanotechnology, and AR/VR, among others that leverage the momentum of the medical sector, IoT stitches the technical aspects of healthcare by providing extended internet connectivity to everyday objects, including wearables. For instance, HearthGuide, a wristwatch equipped with an inflatable bracelet by OMRON Healthcare enables real-time monitoring of patients without being distorted by factors, such as emotional peaks and timeframe.
- Additionally, with the added convenience of smart healthcare products and their applications in critical operations, doctors prefer to consult the patient remotely. For instance, the image grade therapy system developed by Royal Philips allows doctors to remotely monitor the patient's condition through an app.
- However, on the flip, lack of awareness, coupled with the high cost of smart healthcare products, and the need for training to operate these devices are some of the factors that restrict the growth of this market globally.
Key Market Trends
The Growing Application of IoT in Healthcare Offers Potential Growth
- Internet of Things (IoT) technology attracted much attention in recent years for its potential to alleviate the strain on healthcare systems caused by an ageing population and a rise in chronic illness. The IoT-enabled healthcare systems monitor several medical parameters, such as blood pressure (BP) and glucose levels, as well as body temperature, using smart sensors, computer networks, and a remote server.
- Moreover, telecom companies are playing a crucial role in the mHealth domain by delivering connected solutions. mHealth provides facilities, like medication reminders, remote diagnostics, and telemedicine services. Several mobile operators are establishing sustainable mHealth business models by collaborating with governments and other regulatory stakeholders.
- IoT in the healthcare system helps in the constant monitoring of a patient through checking various parameters and also infers a good result from the history of such constant monitoring. Apart from that, medicines are barcode labelled so that they can be delivered more correctly to patients.
- Furthermore, IoT deployments in the healthcare industry would leverage the medical researchers' years of effort through the collection of data, which can be used against statistical analysis, enabling better medical research and treatment feasibility.
- With the increasing adoption of IoT active connections in healthcare in the European Union, it can be inferred that this technology is widely used, and thus, all other regions may adopt this technology at a faster rate during the forecasted period.
Asia-Pacific to Witness the Fastest Growth
- The smart healthcare products market in Asia-Pacific is expected to grow at the fastest rate. Japan, India, and China are likely to drive the region's smart healthcare products market. With the increasing incidences of chronic diseases, coupled with the high rate of smartphone penetration, it is expected that this market will have a tremendous opportunity.
- As countries around the world grapple with epidemic spread of COVID-19, front-line medical workers are deploying smart healthcare devices, such as telemedicine, robots, and other technologies, to help fight the pandemic. For instance, countries, such as Spain and China, have deployed drones to help disinfect high-alert areas, such as Daegu.
- The medical facilities around the world, including Washington University Hospital in Washington and Rush University Medical Center in Chicago, have started to use telemedicine to screen patients for possible coronavirus cases, but as with humongous demand for telemedicine around the world, vendors are struggling to meet the surging demand, and thereby, fostering the growth of the market.
- According to the Economist, JD Health, subsidiary of JD.com, an e-commerce giant, has been experiencing growth, in terms of monthly consultations, for its online health platform since the coronavirus epidemic began.
- Additionally, the stricter government policy in quality assurance in the healthcare sector may help the market to grow. For instance, the Government of India released the National Health Policy (NHP) 2017 to serve as a guiding document for the policymakers.
- All the factors are expected to help the smart healthcare products market to grow at the fastest rate in this region.
The market is gradually fragmenting, as some of the companies already exist in the market and stringent government policy in the healthcare sector indirectly assists the market and creates an opportunity for other players.
As with the recent outrage of COVID-19 and surge demand for smart healthcare products, such as telemedicine, and incompetence of vendors to meet the demand, the growth of the new entrants in the market is expected to increase.
Some of the key players are Honeywell Life Care Solutions, AirStrip Technologies, and Olympus Corporation, among others. Some of the recent developments are:
- April 2019 - Alien Technology announced the Higgs-9 IC, the first release of its next-generation of Higgs RFID semiconductor integrated circuits. It enables enterprise-critical applications to run faster, smarter, and quicker ROI in RFID deployments.
- January 2019 - Smartrac NV introduced Eagle, an all-new RAIN RFID product line whose top read range and state-of-the-art UCODE 8 chip by NXP make it a superior choice for global retail applications.
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