The smart healthcare products market studied was valued at USD 98,953.27 million in 2018, and it is anticipated to grow with a CAGR of 18.87%, during the forecast period (2019-2024).
The major factors attributing to the growth of the smart healthcare products market are rising aging population, booming Internet-of-Things (IoT) in the healthcare industry, technological advancement in software and digital tools, and growing investments in healthcare. The global increase in the number of geriatrics and obese people is likely to lead to consequences, like greater incidences of diseases. The aged population is more likely to have arthritis, bone, and joint disorders, cancer, and other chronic disorders. Between 25% and 50% of the community-dwelling elderly have several chronic pain problems. Old age nursing home residents have even higher prevalence rates of chronic pain, which is estimated to be between 45% and 80%. Smart healthcare products, such as dose monitors, smart syringes, and telemedicine can significantly increase therapy adherence and quality of care by improving patient-practitioner interactions. The provisions of efficient and better healthcare to the geriatric population have been augmenting the demand for smart medical devices, which can manage the clinical information electronically. The usage of smart healthcare devices can simplify health management among people, especially aging ones.
Scope of the Report
Smart healthcare products refer to products that make use of technology, which leads to better diagnostic tools, better treatment for patients, and provides overall better quality of life. At the core, smart health products incorporate e-Health and m-Health technologies, electronic record management, devices with artificial intelligence, and connected medical devices.
Key Market Trends
mHealth is Expected to Grow with High CAGR in the Product Type Segment
mHealth is defined as the medical and public health practice supported by mobile devices, such as mobile phones, patient monitoring devices, personal digital assistances, and other wireless devices. The US Food and Drug Administration (FDA) estimates that roughly 500 million people globally are already using personal healthcare ‘apps’ (mobile software applications). The estimated number of users of mHealth for 2018, according to WHO was 1 billion.
The use of mobile devices, ranging from tablets to wearable devices, has been increasing globally. Every day, new technologies are emerging into the market with more advanced features and user-friendly applications. Mobile devices and apps provide many benefits for healthcare professionals, most significantly, the increased access to point-of-care tools, which have shown to support better clinical decision-making and improved patient outcomes. Overall, the market for mHealth is expected to show excellent growth, primarily due to the increasing adoption of mobile devices globally and also due to the fast-paced development of mHealth applications.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The presence of high per capita healthcare expenditure, coupled with the presence of leading global tech giants, is expected to propel the high growth of the smart healthcare products market in the North American region. In the North America region, the US holds the highest share.
The smart healthcare products market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising geriatric population and high prevalence of diseases, few other smaller players are expected to enter into the market in the coming years. Some of the major players of the market are Allscripts Healthcare Solutions, Cerner Corporation, Cisco Systems Inc., GE Healthcare Limited, and IBM Corporation are among others.
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- The market estimate (ME) sheet in Excel format.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Aging Population
4.2.2 Booming Internet-of-Things (IoT) in the Healthcare Industry
4.2.3 Technological Advancement in Software and Digital Tools
4.2.4 Growing Investments in Healthcare
4.3 Market Restraints
4.3.1 High Cost of Smart Healthcare Products
4.4 Porter's Five Force 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
5.1 By Product Type
5.1.2 Electronic Health Records
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
5.2.4 Other Applications
5.3 By End User
5.3.2 Home Care Settings
5.3.3 Other End Users
5.4.1 North America
18.104.22.168 Rest of Europe
5.4.3 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.4.5 South America
220.127.116.11 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Allscipts Healthcare Solutions
6.1.2 Cerner Corporation
6.1.3 GE Healthcare Limited
6.1.4 IBM Corporation
6.1.5 Logi-Tag Systems
6.1.6 McKesson Corporation
6.1.7 Olympus Corporation
6.1.8 Samsung Electronics Corporation
6.1.9 Siemens Medical Solutions
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Allscipts Healthcare Solutions
- Cerner Corporation
- GE Healthcare Limited
- IBM Corporation
- Logi-Tag Systems
- McKesson Corporation
- Olympus Corporation
- Samsung Electronics Corporation
- Siemens Medical Solutions