Global Smart Healthcare Products: Snapshot
Smart healthcare products combined with IoT is redefining medical care for better treatment outcomes at reduced costs. The inclusion of IoT in smart healthcare products has a high degree of appeal for a spectrum of services which includes remote health monitoring, chronic diseases, fitness programs, and elderly care. In particular, this has high significance for treating critical care patients as patient data is easily accessible to medical personnel across several platforms at any given time.
The high-value advantages of smart healthcare products are resulting in stepping up of efforts from several governments and healthcare agencies to provide support for their adoption for quality healthcare. In particular, governments of developed nations are endorsing smart healthcare products to raise the quality of healthcare services for the nation’s population. In developing economies, rising GDP aiding the modernization of healthcare services is fueling the growth of smart healthcare products.
However, high costs associated with smart healthcare products is limiting their use for select services. As revealed by studies carried out by U.S. ONC, smart healthcare products if adopted by small healthcare organizations not only defeats time and cost-saving benefits but also damages their financial condition. Thus, smart healthcare products are suitable for large healthcare organizations.
The global smart healthcare products market is expected to rise at a CAGR of 8.84% between 2015 and 2023. This will result in the market’s valuation to increase from US$31.71 bn in 2016 to US$57.85 bn by 2023.
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IT-enabled Healthcare to Ensure Lead of North America
Due to the steady entry of small and medium sized companies, North America smart healthcare products market is expected to lead among other regional markets. Furthermore, as IT is the backbone of healthcare services in the region, they are increasingly being integrated with smart healthcare products to deliver high-quality patient care. An increasing rate of patients suffering from chronic diseases is also necessitating the use of remote monitoring devices for uninterrupted patient care. The region is expected to register a revenue contribution of US$21.09 bn to the global market by the end of 2023.
On the other hand, Asia Pacific is expected to dominate in terms of consumption of smart healthcare products. The region is heading towards digitization of services, including healthcare by means of government support and economic growth.
Inventory Management to Dominate Thanks to Increasing Incorporation of RFID Technology
The inventory management application segment of the smart healthcare products market is expected to display a CAGR of 11.82% between 2015 and 2023. The increasing use of advanced RFID solutions and RFID smart cabinets in the healthcare industry is a major factor for the growth of this application segment. The inventory management application segment is expected to register substantial growth due to the enormous amount of data that needs to be recorded and stored by organizations. However, the application segment of health data storage and exchange is expected to be dominant in this market until 2023 due to a high volume demand worldwide.
Smart pills are displaying an exponential rise in demand and are expected to continue doing so until the end of the forecast period in 2023. Smart pills are expected to display a phenomenal 18.84% CAGR between 2015 and 2023. Meanwhile, the product segment of electronic health records is expected to dominant until 2023 registering a revenue contribution of US$39.61 bn over the period.
Some of the leading companies in the global smart healthcare products include Epic Systems Corporation, Medtronic, Becton Dickinson & Company, Stanley Healthcare, Allscripts Healthcare Solutions Inc., Olympus Corporation, and Terumo Corporation.
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