Smart Healthcare Products Market Size, Share, Industry, Forecast and outlook (2023-2030)
Smart Healthcare Products Market is Segmented By Product (Smart Syringes, Smart Pills, Smart RFID Cabinets, Electronic Health Records, Others), By Application (Storage and Inventory Management, Monitoring, Treatment, Others), By End-Users (Hospitals, Home Healthcare, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Smart Healthcare Products Market Report Overview
The Smart Healthcare Products Market report provides an analysis of the market size, current trends, competitive landscape, and future market outlook. The demand for smart healthcare products is increasing due to the growing need for remote patient monitoring, and the adoption of wearable devices. The market is witnessing a surge in demand from developed regions in Europe. The competitive rivalry is intensifying with major players such as Medtronic, General Electric Company, Koninklijke Philips N.V., and others actively operating in the market.
Smart healthcare products are technology-based products that utilize multiplatform technologies such as mobile, digital, and cloud-based platforms to provide quality healthcare outcomes to patients. They offer the benefit of IT and IT advancements while redefining medical care. They deliver better healthcare and can give better treatment outcomes at reduced costs. The adoption of smart healthcare products has a high degree of appeal for a spectrum of services which includes remote health monitoring, chronic diseases, and elderly care.
Smart Healthcare Products Market Scope and Summary
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Metrics |
Details |
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Market CAGR |
10% |
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Segments Covered |
By Product, By Application, By End-Users, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Smart Healthcare Products Market Dynamics and Trends
The global smart healthcare products market growth is driven by the increasing dependence of the healthcare industry on technology, developments in software and digital tools, and increasing GDP aiding the modernization of healthcare services. The usage of smart healthcare products simplifies health management among people, making it more efficient and giving better healthcare quality.
The various initiatives by public and private players will drive the market growth
The various initiatives by public and private players for product launches and approval are other factors for the growth of the market. For instance, in January 2021, Apple Inc. signed a partnership with Biogen, a biotechnology company, for a study on detecting the signs of cognitive impairment early through its wearable devices. This would facilitate the caregivers to offer effective care management and remote monitoring programs. In August 2020, Emme launched "Smart Case", which is a birth control adherence device. It detects if the pill has been taken and sends reminders via its app. It has been approved by the Food & Drug Administration and costs about USD 99. The company is currently partnered with more than 100 companies manufacturing birth control pills.
According to the Digital 2019 report, globally, there were around 4.49 billion internet users in 2019. Moreover, according to the India Brand Equity Foundation 2020, the number of internet users is also estimated to rise in the forecast period. The increasing internet penetration will facilitate the growth of the overall market. Similarly, in May 2020, DrChrono introduced a fully integrated telemedicine application in the market, exclusively for its network providers. Additionally, it is planning to launch a "Physician Marketplace" that will help patients in finding physicians. Thus these factors are driving the growth of the market in the forecast period.
The growing prevalence of smart healthcare products resistance will hamper the growth of the market
However, the lack of awareness, coupled with the high cost of smart healthcare products, and the need for training to operate these devices are some of the factors that restrict the growth of this market globally.
COVID-19 Impact on Smart Healthcare Products Market Growth
With the emergence of COVID-19, smart healthcare products observed a sudden upsurged in demand. The adoption of smart healthcare has increased during the pandemic situation, and this adoption rate is further expected to grow in the post-COVID-19 scenario. As a result, many companies are expanding their products and services; for instance, in November 2020, Vera Smart Health invested about USD 20 billion to expand its services into remote health services, home-based tests, and diagnostics, virtual care medication delivery, and nutrition consultation services. In March 2020, United Kingdom HealthCare launched a new telemedicine program in the United Kingdom to help patients with acute-onset symptoms they may like to discuss with a healthcare provider. UK HealthCare Telecare may function similarly to an urgent care clinic, making it easy for patients with acute-onset symptoms, like sore throat, fever, cough, congestion, and respiratory problems, to get expert care without leaving their homes. Hence, a significant demand for smart healthcare products is expected due to the emergence of COVID-19.
Smart Healthcare Products Market Segment and Shares
The mHealth segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)
The mHealth (or m-Health) is short for mobile health, the practice of medicine and health care over mobile devices, tablets, PDAs, and computers. As an industry, the mHealth field has seen exponential growth in recent years thanks to widespread use in developing nations and increasingly accessible mobile technology. Many people are familiar with eHealth, the branch of healthcare that makes use of computers, emails, satellite communications, and monitors. mHealth technology performs similar functions, such as obtaining vital signs, delivering information to doctors, and allowing remote exams, on tablets, cell phones, and other portable devices.
mHealth focuses on obtaining information immediately to diagnose illnesses, track diseases, and provide timely information to the public in underserved countries. Mobile health (mHealth) is especially important in remote areas where doctors and nurses may not be present to provide treatment. Doctors and nurses working in these remote areas rely on mHealth for timely information on handling diseases, and can also obtain actionable health information to pass on to others near them. This mobile health technology also speeds up training and education relative to health issues for medical students and interns working in remote communities. Thus, these factors are driving growth in the forecast period.
Smart Healthcare Products Market Geographical Analysis
North America region holds the largest market share of the global smart healthcare products market
North America dominates the market for smart healthcare products and is expected to show a similar trend over the forecast period. With the increasing incidences of chronic diseases, coupled with the high rate of smartphone penetration, the market is likely to have a tremendous opportunity. The government is also taking various methods to encourage the adoption of smart healthcare products, which is expected to positively impact the market. For instance, in November 2017, FDA approves Abilify MyCite, a pill with a sensor that digitally tracks if patients have ingested their medication. The product was approved for the treatment of schizophrenia, acute treatment of manic and mixed episodes associated with bipolar disorder, and for use as an add-on treatment for depression in adults.
In January 2019, Massachusetts Institute of Technology researchers developed a blowfish-inspired smart pill. It is a hydrogel-based pill that can rapidly swell from the size of a tablet to a ping-pong ball size. It is an orally administrated pill that can be used in physiological monitoring and diagnostics. In March 2018, Allscripts Healthcare launched a new Electronic Health Record (EHR) system named Avenel. Avenel is a community-wide shared patient record, which uses machine learning to reduce the time of clinical documentation and is designed to work like an app instead of traditional software. It is built on Microsoft Azure and streamlines workflows by getting smarter with every use. Thus the companies in the region are extensively launching products in the region. This factor is driving the growth of the market in the forecast period.
Smart Healthcare Products Companies and Competitive Landscape
The smart healthcare products market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Olympus Corporation, Abbott Laboratories, GE Healthcare, Koninklijke Philips NV, Samsung Healthcare, Siemens Healthineers AG, Cerner Corporation, and McKesson Corporation, Meditech, and NextGen Healthcare among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Smart Healthcare Products Market globally. For instance, in March 2022, Commonwealth Bank launched new smart terminals, Smart Health has all major Australian private health insurers enabled to allow for improved payments and claim experience.
Abbott Laboratories
Overview:
Abbott Laboratories engages in the discovery, development, manufacture, and sale of a broad and diversified line of healthcare products. It operates through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices.
Product Portfolio:
Abbott's Confirm RxTM ICM: Abbott's Confirm RxTM ICM, is designed not only to detect arrhythmias but also to wirelessly transmit data via Bluetooth to your smartphone for data transmission to the Merlin.net Patient Care Network so the doctor has real-time access anywhere in the world to how your heart is performing.