Zion Market Research has published a new report titled “Smart Healthcare Products Market by Product Type (Smart Syringe, Electronic Health Record, RFID System, Smart Pill, and Others) and by Application (Health Data Storage, Inventory Management, and Monitoring and Treatment): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global smart healthcare products market was valued at approximately USD 35.6 billion in 2017 and is expected to generate around USD 66.7 billion by 2024, at a CAGR of around 9.5% between 2018 and 2024.
Smart healthcare products improve outcomes related to diagnostic tools and enhance patient treatment along with improving their quality of life. Internet of Things (IoT) has enabled healthcare providers to attain improved healthcare for patients. According to the WHO, in 2017, about 40 million deaths were due to chronic ailments, i.e., 70% deaths worldwide. The World Health Organization (WHO) data numbers further show that cardiovascular diseases are accountable for over 17 million deaths annually.
Smart healthcare products, such as smart syringes, electronic health record, RFID system, and smart pills, are gaining popularity due to their multiple advantages. Electronic health record (EHR) is a digitized patient chart, which is patient-centered that shows real-time patient data. Smart syringes prevent the reuse of syringes to avoid infections caused by syringe reuse. Smart-pill is an ingestible capsule to monitor pH, temperature, and pressure, through the GI tract. Radiofrequency identification (RFID) employs electromagnetic fields for identifying and tracking tags fixed to objects automatically.
The rising incidence of chronic ailments, escalating geriatric population, rapid technological developments related to healthcare products for targeted treatment of patients, integration of smart technology within healthcare products, rising adoption of intelligent technologies, favorable government programs to advance the healthcare setup, and high penetration of smartphone are likely to drive the smart healthcare products market development across the globe in the future. However, the high cost of smart healthcare products, lack of awareness about smart healthcare products, the need for extensive training to operate these devices, poor internet connectivity in developing regions might restrict the smart healthcare products market globally in the future.
The global smart healthcare products market is segmented into product type, application, and region. By product type, the smart healthcare products market has been segmented into the smart syringe, electronic health record, RFID system, smart pill, and others. The electronic health record is likely to hold a major market share in the estimated timeframe due to the increasing adoption of EHR. The application segment is divided into health data storage, inventory management, and monitoring and treatment.
By region, this global market is classified into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. The North American smart healthcare products market is likely to emerge as the prominent region in the forecast time period. This can be attributed to the rapid technological development in healthcare products and the presence of key market players in the region. Europe is anticipated to be the second largest smart healthcare products market, due to the rising geriatric population and growing home healthcare monitoring trend.
Some key players of the smart healthcare products market include Medtronic, Inc., Allscripts Healthcare Solutions, Inc., Honeywell Life Care Solutions, Becton, Dickinson & Company, AirStrip Technologies, Inc., Terumo Corporation, Cerner Corporation, Olympus Corporation, eClinicalWorks, and Stanley Healthcare, among others.
This report segments the global smart healthcare products market into:
Global Smart Healthcare Products Market: By Product Type
Global Smart Healthcare Products Market: By Application
Global Smart Healthcare Products Market: By Region
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