As per the research report by the Transparency Market Research, the global smart healthcare products market is expected to grow at a significant rate of 8.8 % during the forecast period of 2019 to 2027. The global smart healthcare products market is expected to rise to reach the evaluation of US$ 80.3 billion at the end of the forecast period i.e. 2027. The research report also informs that the global smart healthcare products market was valued at US$ 37.5 billion at the beginning of the forecast period i.e. in 2018.
Rising Government Initiatives Aimed at Promoting Smart Healthcare Fuels Growth in Smart Healthcare Products Market
Key drivers for the expansion of the global smart healthcare products market include rising trend of digitalization in the healthcare industry as well as rise in the number of large and small and medium scaled enterprises operating within the global smart healthcare products market. Few other important drivers for the global smart healthcare products market are rising number of government initiatives aimed at promoting smart health care industry.
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Rising disposable income as well as rising expenditure on healthcare and medical sector is fueling the development in the global smart healthcare products market. However, the high cost as well as issues related to consumer data privacy can restrict the growth in the global smart healthcare products market.
Types of products offered by the players and stakeholders in the global smart healthcare products market include smart pills, electronic health records, smart syringes, and smart RFID cabinets. Applications for the products in the global smart healthcare products market include health data storage and exchange, inventory management, and treatment and monitoring.
Major regions covered in the research report on the global smart healthcare products market include Europe (including the United Kingdom, Italy, Germany, France, Spain, and rest of the Europe), Latin America (including Mexico, Brazil, and rest of the Latin America), North America (including Canada and the United States), Middle East and Africa (including South Africa, Gulf Cooperation council countries, and rest of the Middle East and Africa), and Asia Pacific (including Japan, Australia, China, India, New Zealand, and rest of the Asia Pacific).
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Various governments across the world are constantly working towards developing a holistic smart healthcare ecosystem with the help of new technologies. Certain governments are also implementing various expansive changes by reducing the expenses as well as enhancing the nature of their existing medical and healthcare services infrastructure. This trend is likely to augment the growth trajectory of the global smart healthcare products market. For example, India is considering implementing a new healthcare strategy that can really focus on minimizing the healthy sustenance dearth, expanding inoculation, and enhancing the usage of essential medications.
Players in Smart Healthcare Products Market Engaged in New Product Launches and Gaining Product Approvals
The global smart healthcare products market is considered to be highly fragmented owing to the strong presence of a large number of international as well as local players in the industry. Some of the major and incumbent players functional within the global smart healthcare products market include Epic system Corporation, eClinical Works, Medtronic, Becton, Dickinson, and Company, Stanley Healthcare, Allscripts Healthcare Solutions, Inc., Capso Vision, Olympus Corporation, Terumo Corporation, and TAGSYS, among others.
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Stakeholders and players in the global smart healthcare products market are engaged in various expansion and growth strategies such as gaining regulatory approvals, integrating new technologies, new product launches, mergers and acquisitions, and collaborative agreements, among others. For example, Elucid mHealth launched a new smart pill bottle that can effectively monitor the patient adherence in May of 2019. Alien technology launched their new Higgs RFID semiconductor integrated circuits in April of 2019.
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