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Smart Healthcare Products Market to Expand at CAGR of 8.84%from 2015 to 2023

Extensive innovations in healthcare IT is considered as a key driver boosting the growth of smart healthcare market during the forecast period.

In current scenario, smart healthcare is a trending phenomenon that includes the usage of information and communication technologies to address the health issues and challenges confronted by patients. These advancements incorporate both equipment and programming arrangements and services. In general, smart healthcare is inclined towards development of interconnected healthcare ecosystems in order to improve the utilization of computational technologies, computational analysis practices, smart devices, and communication media to assist healthcare professionals and patients in managing illnesses and health risks, as well as promoting health and well being. Smart healthcare is a multi-disciplinary domain which involves many stakeholders, including clinicians, researchers and scientists with a wide range of expertise in healthcare, engineering, social sciences, public health, health economics and management.

The global smart healthcare product market was valued at US$ 29.38 Bn in 2015 and is forecast to grow at a CAGR of 8.84% from 2015 to 2023 reaching a value of US$ 57.85 Bn in 2023. 

Extensive innovations in healthcare IT is considered as a key driver boosting the growth of smart healthcare products market during the forecast period. Increased integration of inventory management solutions, such as Smart RFID cabinets aimed at decreasing inventory costs and guaranteeing apposite logistics management is expected to drive the growth of the smart healthcare product market. 

Advancement in smart syringes, and smart pills technology that enable remote monitoring of patients, providing assistance in diagnosing gastrointestinal diseases, minimizing infection spread, and real-time monitoring of healing processes is expected to strengthen the platform for future market growth. On the other hand, high capital investments and privacy issues are some notable restraints in smart healthcare product market.

The global smart healthcare product market has been segmented on the basis of product types, applications, and geography. On the basis of product types, the market segment includes, Smart Syringes, Smart Pills, Smart RFID Cabinets, and Electronic Health Record. On the basis of application, market segment includes, Health Data Storage & Exchange, Monitoring and Treatment, and Inventory Management. 

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Smart pills segment will register lucrative growth during the forecast period, increase cases of colon cancer and increased patient preference for minimally invasive surgeries are considered as major factors felicitating such growth. Considering application segment, inventory management application is expected to register higher growth during the forecast period. Increased implementation of smart cabinets in order to manage medicinal supplies will push the growth of inventory management segment during the forecast period.  

North America acquires largest share in global smart healthcare products market and it is expected that the region will dominate the global market during the forecast period. It is anticipated that APAC region will register higher growth in smart healthcare product market during the forecast period. Growing digitalization in healthcare industry, growth in number of SMEs and large enterprises dealing in smart healthcare products, and increasing government initiative to promote smart healthcare are some notable factors that will serve as a gateway for the growth of smart healthcare product market in APAC region.

Major smart healthcare product providers profiled in the report includes, Epic Systems Corporation, Allscripts Healthcare Solutions, Inc., eClinicalWorks, CapsoVision, Inc. Medtronic, Olympus Corporation, Becton Dickinson and Company, Terumo Corporation, Stanley HealthcarePsychology Articles, and TAGSYS.

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