Overview and Scope
Smart healthcare products are healthcare products that operate on cutting edge technologies such as IoT and AI. These are used to remote monitoring and diagnosis of a patients’ health conditions and reduce the cost of the treatment for the user.
Sizing and Forecast
The smart healthcare products market size has grown rapidly in recent years. It will grow from $228.83 billion in 2023 to $260.67 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to healthcare digitization and telemedicine, patient monitoring and data integration, aging population and chronic disease management, demand for personalized and connected healthcare, regulatory standards and health it adoption..
The smart healthcare products market size is expected to see rapid growth in the next few years. It will grow to $439.68 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to ai and machine learning in healthcare decision-making, remote patient monitoring and telehealth adoption, expansion of mobile health apps and wearables, precision medicine and genomics integration, demand for point-of-care and home healthcare devices, healthcare iot and data security.. Major trends in the forecast period include digital twins for personalized healthcare, ai-powered diagnostic and treatment recommendations, wearables for mental health monitoring, remote surgery and robotic healthcare procedures, 3d-printed personalized medical devices, health data marketplaces and blockchain security..
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The smart healthcare products market covered in this report is segmented –
1) By Product Type: Telemedicine, Electronic Health Records, mHealth, Smart Pills And Syringes, Smart RFID Cabinets
2) By Application: Storage And Inventory Management, Monitoring, Treatment
3) By End User: Hospitals, Home Care Settings
North America was the largest region in the smart healthcare products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart healthcare products market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing healthcare spending is contributing to the growth of the smart healthcare products market. The need for healthcare facilities has immensely increased due to the COVID-19 pandemic. The government’s increased emphasis on providing universal healthcare, rising income levels, an aging population, improved healthcare knowledge, higher health insurance penetration, and the increasing burden of non-communicable diseases are the main drivers for healthcare spending growth. Smart healthcare products diagnose and treat an ailment anywhere and anytime. According to the US Centers for Medicare & Medicaid Services (CMS), National Health Expenditure Projections for 2021-2030, the national health spending growth is predicted to climb to 4.6% in 2022 from 4.2% in 2021. Thus, the increasing healthcare spending will drive the market for smart healthcare products.
Key Industry Players
Major companies operating in the smart healthcare products market include AirStrip Technologies, Samsung Healthcare, Siemens Healthineers AG, Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Apple Inc., AT&T Inc., Brooks Automation, Cisco Systems Inc., GE Healthcare, Given Imaging Inc., Hurst Green Plastics Ltd., International Business Machines Corporation, Olympus Corporation, Solstice Medical LLC, Abbott Laboratories, Agfa-Gevaert Group, Becton Dickinson and Company, Boston Scientific Corporation, Cardinal Health Inc., Cognizant Technology Solutions India Private Limited, Fujifilm Holdings Corporation, General Electric Company, Honeywell Life Care Solutions, Johnson & Johnson, Koninklijke Philips N.V., Medtronic Plc, Microsoft Corporation, Novartis AG, Omron Corporation, Oracle Corporation, ResMed Inc., Roche Holding AG, Stryker Corporation, Terumo Corporation, Zimmer Biomet Holdings Inc.
The smart healthcare products market report table of contents includes:
1. Executive Summary
2. Smart Healthcare Products Market Characteristics
3. Smart Healthcare Products Market Trends And Strategies
4. Smart Healthcare Products Market – Macro Economic Scenario
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31. Global Smart Healthcare Products Market Competitive Benchmarking
32. Global Smart Healthcare Products Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Smart Healthcare Products Market
34. Smart Healthcare Products Market Future Outlook and Potential Analysis
