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Smart Healthcare Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 120 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4745413
UP TO OFF until Sep 30th 2022
The smart healthcare products market will register a CAGR of 8.5% over the forecast period (2022 - 2027).

With the emergence of COVID-19, smart healthcare products observed a sudden upsurged 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.

Furthermore, various initatives by public and private players for products launches and approval are another factor 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 "Physician Marketplace" that will help patients in finding physicians.

However, on the flip side, 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.

Key Market Trends

The mHealth segment is Expected to Observe Good Growth in the Market

During the pandemic situation, mHealth is expected to observe potential growth opportunities in healthcare due to several advantages associated with it. For instance, wearable mHealth technologies support data collection and can also be used to monitor COVID-19 patients with mild symptoms. For instance, in November 2020, a research group from the Massachusetts Institute of Technology initiated work on the development of a mHealth-based tool that can detect the COVID-19 virus in a person's cough.

In August 2020, a research group from the University of Massachusetts conducted a research study to evaluate the usage of mHealth applications. The results revealed that mHealth applications are potential and viable tools for monitoring COVID-19 patients. Such instances are expected to augment the market growth.

According to the European Telecommunications Network Operators' Association, in 2019, about 2.79 million people in Europe were registered for the Internet of Things (IoT) active connection for healthcare, and this number is expected to rise to 10.34 by 2025. This increasing internet user base in healthcare may further boost the adoption of mHealth tools. Also, in October 2020, the American Telemedicine Association partnered with the Organization for the Review of Care and Health Apps (ORCHA), a UK-based digital health evaluator, to develop a tool for people, helping in evaluating mHealth applications. Thus, with the above-mentioned factors, the market is expected to thrive in this segment.

Asia-Pacific is Expected to Witness the Better Growth in the Market

The smart healthcare products market in Asia-Pacific is expected to grow at the fastest rate. Japan, India, and China are likely to drive the region's market.

As countries around the world grapple with the spread of COVID-19, front-line medical workers are deploying smart healthcare devices, such as telemedicine, robots, and other technologies, to fight the pandemic. In April 2020, the Public Health and Family Welfare Department, India, deployed the "COVID-19 Monitoring System App" designed by Vera Smart Healthcare across several states.

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 March 2020, the Japanese Ministry of Economy, Trade, and Industry introduced free remote health consultation services in Japan. Such instances are expected to help the smart healthcare products market grow at the fastest rate in this region.

Hospitals and other end users are readily adopting these smart healthcare products, which further boosts the market growth. For instance, in December 2019, Kitano Hospital, Osaka, Japan, deployed the Ultra High Frequency Radio-frequency identification (UHF RFID) system to enhance the processing and distribution of medical supplies. Therefore, owing to the above-mentioned factors, the market is expected to grow over the forecast period.

Competitive Landscape

The market is gradually fragmenting, as some of the companies already exist in the market, and stringent government policies in the healthcare sector indirectly assist the market and create an opportunity for other players. The recent outrage of COVID-19, surge in demand for smart healthcare products, such as telemedicine, and incompetence of vendors to meet the demand are expected to drive the growth of the new entrants in the market. Some of the key players are Honeywell Life Care Solutions, AirStrip Technologies, and Olympus Corporation, among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements in Smart Healthcare Products
4.2.2 Booming Internet of Things (IoT) in the Healthcare Industry
4.3 Market Restraints
4.3.1 High Cost of Smart Healthcare Products
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
5.1.1 Telemedicine
5.1.2 Electronic Health Records
5.1.3 mHealth
5.1.4 Smart Pills and Syringes
5.1.5 Smart RFID Cabinets
5.1.6 Other Product Types
5.2 By Application
5.2.1 Storage and Inventory Management
5.2.2 Monitoring
5.2.3 Treatment
5.2.4 Other Applications
5.3 By End User
5.3.1 Hospitals
5.3.2 Home Care Settings
5.3.3 Other End Users
5.4 Geography
5.4.1 North America United States Canada Mexico
5.4.2 Europe Germany United Kingdom France Spain Italy Rest of Europe
5.4.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.4.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.4.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Olympus Corporation
6.1.2 Abbott Laboratories
6.1.3 GE Healthcare
6.1.4 Koninklijke Philips NV
6.1.5 Samsung Healthcare
6.1.6 Siemens Healthineers AG
6.1.7 Cerner Corporation
6.1.8 McKesson Corporation
6.1.9 Meditech
6.1.10 Next Gen Healthcare
6.1.11 Medtronic (Given Imaging Inc.)
6.1.12 Element Science Inc.
6.1.13 Life Sense
6.1.14 Johnson & Johnson
6.1.15 Capsule Technologies Inc.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Olympus Corporation
  • Abbott Laboratories
  • GE Healthcare
  • Koninklijke Philips NV
  • Samsung Healthcare
  • Siemens Healthineers AG
  • Cerner Corporation
  • McKesson Corporation
  • Meditech
  • Next Gen Healthcare
  • Medtronic (Given Imaging Inc.)
  • Element Science Inc.
  • Life Sense
  • Johnson & Johnson
  • Capsule Technologies Inc.