Smart Healthcare Products Market: Global Industry Analysis and Forecast (2023-2029)

Smart Healthcare Products Market was valued at US$ 233.67 Bn in 2022 and is expected to grow at US$ 663.60 Bn. in 2029. The Smart Healthcare Products Market size is expected to grow at a CAGR of 16.08 % through the forecast period.
Smart Healthcare Products Market Overview:
Smart healthcare is a health service system that uses technology such as wearable devices, IoT, and mobile internet to dynamically access information, connect people, materials and institutions related to healthcare, and then actively manages and responds to medical ecosystem needs in an intelligent manner. Using an electronic health record (EHR) system or data warehouse that supports the SMART standard, patients, doctors, and healthcare practitioners can draw on this library of apps to improve clinical care, research, and public health.To know about the Research Methodology :- Request Free Sample Report

Smart healthcare systems provide better care and support, enhance healthcare service experience, and provide better control for healthcare providers. It is an all-round development that has made all levels of healthcare facilities information-based. Smart healthcare systems focus on preventive healthcare rather than treating a disease after it occurs. This is made possible by having systems and technologies in place to ensure regular screening and counseling. Preventive healthcare enables people to have a better life and puts less strain on the healthcare system.

The report explores the Smart Healthcare Products Market segments (Product, Application, End User and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Smart Healthcare Products Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Smart Healthcare Products Market contemporary competitive scenario.

2022 is considered as a base year to forecast the market from 2022 to 2029. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis especially with the impact of lockdown by region.
Smart Healthcare Products Market Dynamics:
To revamp the treatment process and increase patients’ satisfaction, there must first be seamless link-up in the healthcare or administrative process, enabling fast and accurate patient experience. This leads to the growth of the Smart Healthcare Products Market. The healthcare system has also recognized the advantages of using Information and Communication Technology (ICT) to improve the quality of healthcare, turning traditional into smart healthcare. The healthcare industry is undergoing a digital transformation, which will lead to more connected devices and smarter healthcare products. Healthcare providers are increasingly adopting electronic health records (EHRs) to improve patient care and reduce costs, which will lead to more connected devices in hospitals and clinics.

Patients are increasingly using mobile apps for self-monitoring purposes such as blood pressure monitoring using an app on their smartphone. Furthermore, smart healthcare solutions are becoming more technologically advanced, such as cloud-based electronic records, which make overall health operations easier and more efficient by exchanging electronic records among all healthcare stakeholders. This element is predicted to boost the target market's growth in the
near future.

The migraines, eye irritations, mood changes, decreased appetite, nausea, sperm degradation, and sleep disorders are the restraining factors for the growth of the Smart Healthcare Products Market during the forecast period. The technology brings in concern as the patient’s details are available on the single click. This factor leads to restraining the growth of the smart healthcare product market, as this is problematic for the healthcare sector to retain the privacy without losing the productivity of smart technology. Clinicians spend more time struggling with technology rather than patient care this is the major factor which leads to hamper the growth of the Smart Healthcare Products Market during the forecast period.

COVID-19 Impact on Smart Healthcare Products Market:

The COVID-19 pandemic is a healthcare crisis that has led to unprecedented impact on healthcare services. At the heart of the unparalleled crisis, doctors face several challenges in treating patients with COVID-19. The adoption of smart healthcare has been increased during the pandemic situation and this adoption rate is further expected to grow in the post-COVID-19 scenario as well. The emergence of COVID-19 leads to the rise in the demand for the smart healthcare products market. As the government implied the rules and regulations, lockdown and the social-distancing, it leads to the increasing demand for the smart healthcare products so as to reduce the spread of the virus.
Smart Healthcare Products Market Segment Analysis:
Based on Product, On the basis of product, the segment is divided into electronic health records, smart pills, smart syringes, RFID Systems, mHealth, telemedicine. The mHealth segment dominated the market with the XX% share in year 2022. Due to various advantages linked with mHealth, it is projected to have substantial growth prospects in healthcare during a pandemic event. For collecting data and monitor COVID-19 patients with the moderate symptoms, the wearable mHealth devices are used. The high internet usage, smartphones, and the adoption of mHealth apps leads to the growth of mHealth segment in the Smart Healthcare Products Market. Furthermore, the introduction of wearable gadgets from Apple, Fitbit, and MI has a beneficial impact on the market.The RFID systems segment is also the fastest growing segment during the forecast period. The factors such as supply chain management, automation, real-time intelligence, and asset tracking are boosting the market. RFID technology is used to identify issues in hospitals’ workflow which helps significantly to move patients in and out quickly and more efficiently. For tracking newborn babies, RFID in Real-Time Location Systems is used. Due to all these factors, there rise for the growth of the Smart Healthcare Products Market.
Smart Healthcare Products Market Regional Insights:
The North America region dominated the market with XX % share in 2022. Due to the technological advancements, the rising adoption of smart devices in the healthcare industry across various countries, rise in many incoming small and medium-sized enterprises, and constant market consolidation efforts by prominent players leads to the to witness significant growth at a CAGR of XX% through the forecast period in North America region. The numerous factors such as increased research and development activities connected to healthcare goods and technological advancement in healthcare goods boost the market with the highest market share.

According to the American Hospital Association (AMA), because of its affordability and increased health care value, over 76% of hospitals in the United States employ telehealth are able to connect with consulting practitioners and patients. Furthermore, the existence of significant market participants, increased awareness about linked healthcare, high internet and smartphone penetration, as well as the use of health-related apps, are all contributing to the industry's growth.

Asia- Pacific is also expected to grow with the second largest market share during the forecast period. The developed healthcare IT infrastructure and growing investments in smart healthcare in countries such as Japan, Australia, and India lead to the rise in smart healthcare products market. A rise in the number of government digitalization programs in emerging nations such as China and India are expected to drive the adoption of digital healthcare solutions such as health services.

The objective of the report is to present a comprehensive analysis of the Smart Healthcare Products Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Smart Healthcare Products Market dynamic, structure by analyzing the market segments and projecting the Smart Healthcare Products Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Healthcare Products Market make the report investor’s guide.
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Global Smart Healthcare Products Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 233.67 Bn.


Forecast Period 2023 to 2029 CAGR:
16.08%
Market Size in 2029:
US$ 663.60 Bn.


 Segments Covered:
by Product
Electronic health records
Smart pills
Smart syringes
RFID Systems
mHealth
Telemedicine


by Application
Storage and Inventory Management
Monitoring
Treatment
Other Applications


by End User
Pharmacy stores
e-commerce
Others



Smart Healthcare Products Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Allscripts Healthcare Solutions, Inc.
2. eClinicalWorks
3. CapsoVision
4. Medtronic
5. Olympus Corporation
6. Becton Dickinson and Company
7. Terumo Corporation
8. Stanley Healthcare
9. TAGSYS
10.Cerner Corporation
11.AirStrip Technologies
12.Athenahealth, Inc.
13.Siemens Healthcare Private Limited
14.Resideo Technologies, Inc.
15.3M Company
16.LogiTag Medical Solutions
17.Epic System Corporation

Frequently Asked Questions:

1] What segments are covered in the Smart Healthcare Products Market report?
Ans. The segments covered in the Market report are based on product, application and end user.

2] Which region is expected to hold the highest share in the Market?
Ans. North America region is expected to hold the highest share in the Market.

3] What is the market size of the Smart Healthcare Products Market by 2029?
Ans. The market size of the Market by 2029 is expected to reach US$ 663.60 Bn.

4] What is the forecast period for the Smart Healthcare Products Market?
Ans. The forecast period for the Market is 2023-2029.

5] What was the market size of the Smart Healthcare Products Market in 2022?
Ans. The market size of the Market in 2022 was valued at US$ 233.67 Bn.