The Global Smart Healthcare Products Market is fragmented due to presence of high number of players who offer differentiated products. This allows players to focus on specific product types thus increasing their market presence. For instance, in 2014, Becton Dickinson & Company and Medtronic again were among leading vendors in smart syringes, Medtronic and Olympus Corporation led the smart pills sales, and Epic Systems Corporation and Allscripts Healthcare Solutions were key contributor for the e-health records charts. Transparency Market Research (TMR) finds that the prominent players in this market are constantly focusing on innovation and are participating in various mergers and acquisitions to stay at the forefront of the market. Terumo Corporation, Olympus Corporation, Allscripts Healthcare Solutions Inc., Stanley Healthcare, Becton Dickinson & Company, Medtronic, and Epic Systems Corporation are among the prominent players operating in this market.
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Transparency Market Research has estimated that the global smart healthcare products market valued at US$31.71 bn in 2016 and is expected to reach US$57.85 bn by 2023, exhibiting a steady CAGR of 8.84% during the forecast period of 2015-2023.
Based on applications, the inventory management segment of the smart healthcare products market held a leading share in the overall market. This segment is expected to grow with a CAGR of 11.82% over the forecast period. Geographically, North America is expected to lead the market owing to the presence of numerous small and medium sized companies, developed IT infrastructure, and advanced healthcare facilities. This region is expected to contribute over US$21.09 bn to the global market by the end of 2023.
High Product Cost Could Limit Market Growth
Smart healthcare products are expensive than traditional products, which is restraining growth of the market. A study by U.S. ONC revealed that if small healthcare facilities adopt smart products, they will be able to carry their procedures while saving a significant amount of time and cost. However, due to large initial investment, smart healthcare products may damage their financial condition. Nevertheless, constant research and development of these products are expected to result into more cost-efficient availability of products. Big data analytics embedded in smart devices are expected to propel the market further due to its ability to collect large amount of data and processing it. Healthcare cost reduction, early detection, and improvement in health outcomes and patient care are few advantages of using big data in smart devices, which have resulted into more opportunities for the market to grow.
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Demand for Effective Health Products to Propel Market Growth
The global smart healthcare products market is expected to grow exponentially over the coming years due to the growing demand for advanced and effective healthcare products. Integration of IoT (Internet of Things) with medical care products is redefining healthcare products for enhanced treatments at reduced costs. Smart products are finding their applications for elderly care, fitness programs, chronic diseases, and remote health monitoring. Due to their ability of transferring data in real-time, the applications of smart devices have increased for treating critical care patients. Various governments are endorsing the usage of smart healthcare products to avail better healthcare facilities, which is driving the global market. Furthermore, the developing healthcare sectors of developing countries are fueling the market.
Adoption of healthcare wearable is increasing the momentum of the global smart healthcare products market growth. Increasing number of health issues and inclination towards technology are motivating consumers to use smart healthcare products for their health monitoring and control. Wearable health devices such as pedometer, digital tattoos, implantable devices, health monitors, bionic suit, smart diapers, heart rate monitors, glucose monitors, activity trackers, wristband, wearable hands-free, and smart watches, are being embraced by customers, offering a huge market for smart devices.
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