Covina, Aug. 05, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global smart healthcare products market size and share is projected to grow from USD 172.1 Billion in 2024 and is forecasted to reach USD 486.6 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 12.1% during the forecast period (2022 - 2032).
Smart Healthcare Products Market Report Overview
Smart health products are technological solutions that enable improvement in patient outcomes, efficiency, and the delivery of healthcare. The accomplishment of the parameters mentioned above comes about due to the provision of the following: individual treatment and real-time information based on sensors, connection, and data analytics. Some of the major characteristics include being connected, data-driven, patient-centered, and technology-driven. Examples include wearable technology, smart medical devices, health apps, and remote patient monitoring. These smart solutions in healthcare would mean reduced healthcare expenditure, better patient outcomes, enhanced patient experience, and increased efficiency. It can provide better results through its improved illness management, tailored treatment regimens, and early disease detection. This also results in lowered costs through easy access to healthcare services, improved patient engagement, and reduced readmission rates.
Basically, the smart healthcare products market converges on advanced tools and systems that help in developing the outcome of patients, efficiency, and healthcare delivery. The key components would include wearable technology, medical imaging equipment, smart medical gadgets, remote patient monitoring, and health applications. An aging population, growing spending on healthcare, rising cases of chronic diseases, improvements in technology, and increased consumer awareness would be the foremost factors driving the growth of the market. The rising number of senior citizens needing care for chronic diseases, increasing healthcare expenditure, and the need for individual health and well-being toward a more connected, efficient, and patient-centered healthcare system drive the market growth.
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- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Smart Healthcare Products Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Allscripts Healthcare Solutions Inc.
- Medtronic Inc.
- Honeywell Life Care Solutions
- Becton Dickinson & Company
- AirStrip Technologies
- Cerner Corporation
- IBM Watson Health
- Stanley Healthcare
- Terumo Corporation
- Olympus Corporation
- eClinicalWorks
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Analyst View:
Such examples can be seen in the smart health good mediating superior outcomes for the patient and in the delivery of healthcare: medical imaging equipment, wearable technology, and remote patient monitoring. Market growth is driven by technological improvements, consumer awareness, and incidences of chronic diseases. Smart medical devices decrease the risk of hospitalization and produce real-time data on lifestyle factors, medication adherence, and vital signs. The market would be further supported by technological advancements in the forms of IoT, AI algorithms, and machine learning models. Smart RFID cabinets and EHR systems are just two of the areas where growth is expected to be strong, with significant income from North America, given that the region has adopted the most digital health products and linked health awareness on a large scale. The market is expected to expand revenue share at the highest CAGR in the Asia-Pacific region, owing to an increase in chronic diseases, investments in smart healthcare commodities, and an expansion of the healthcare IT infrastructure.
Market Dynamics:
Drivers:
Growing Rate of Chronic Illnesses
- The prevalence of chronic diseases, such as diabetes, heart disease, and respiratory disorders, is increasing very fast worldwide. The effective management of these disorders calls for patient participation, individualization of treatment plans, and follow-up. Smart medical devices provide some creative answers to these problems. These technologies facilitate timely interventions by allowing healthcare providers to empower their patients with active participation in their healthcare and providing real-time data on vital signs, medication adherence, and lifestyle factors. Moreover, remote patient monitoring capabilities provide an opportunity for the timely identification of exacerbations of illness, thereby reducing the risk of hospitalization and the improvement of overall patient outcomes.
Technological innovations
- The market for smart healthcare is boosted by the advances of technologies such as IoT, AI algorithms, and machine learning models. IoT provides real-time monitoring, remote patient care, and resource allocation. AI algorithms support predictive analytics, making intelligent decisions, and task automation. Machine learning models review huge amounts of actually very complex medial data for trends, predicting outbreaks of diseases, and working on better treatment strategies. AI-driven chatbots and virtual assistants enhance patient participation and adherence to treatment. Big data analytics provides key insights to healthcare companies.
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Market Trends:
Healthcare expenses
- The rising healthcare costs present to global governments, healthcare providers, and individuals. Intelligent healthcare solutions can offload administrative work, optimize resource utilization, and smoothen procedures. Wearable devices and remote monitoring allow the possibility for early detection and prevention of diseases, thereby reducing long-term costs. These products also lead to value-based models of care where the practice of fee-for-service payment is replaced by incentives for better patient outcomes. It will help diminish health costs, boost patient fulfillment, and enhance health outcomes by accomplishing more efficient resource allocation and monitoring patients' results.
Segmentation:
Smart Healthcare Products Market is segmented based on Type, Application, and Region.
Type Insights
- In healthcare settings, the installation of smart RFID cabinets is expected to provide fast growth to the market of RFID systems. RFID cabinets ensure the safe storage and control of the inventory of materials by providing automated systems, real-time intelligence, asset tracking, and supply chain management. Through EHR systems, patient medical records in digital form will be maintained and stored, thus enhancing access to and sharing of information. Smart syringes and tablets come with sensors to trace a pill's location upon ingestion, guaranteeing that medication adherence is high, and injections are delivered efficiently. There is a growing need for mobile devices and remotely accessed healthcare services; this growing demand will drive smart healthcare products—from telemedicine to mHealth.
Application Insights
- Inventory management involves the proper structuring, control, and strategic management of the dispensing of pharmaceuticals and medical supplies in a smart health setting. It employs state-of-the-art technologies to maximize availability, usage, and cost-effectiveness. Such technologies include computerized inventory control systems, barcode scanning, RFID tagging, and real-time tracking. This effective management reduces costs and minimizes errors, ensuring the continuity of care for the patients. The sweeping digital transformation in health means that it has to adopt the storing and interchanging of health data, which becomes crucial to the growth of the smart healthcare products market. Smart healthcare products are also essential in the continual assessment of patients and the administering of medical interventions tailored to improve and manage their condition.
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Recent Development:
- In April 2024, Withings makes India's debut, launching new smart scales, and watches for hospital-grade health tracking in homes. French health tech firm Withings has officially made its India debut and is launching a range of advanced health monitoring devices to the Indian market. Renowned as the maker of the first connected smart scale, Withings is a well-established player in the development of clinically validated, connected health solutions.
Regional Insights
- North America: Over the forecast period, the North American market is likely to secure significantly high revenue on the back of wide adoption of laws encouraging the development of digital health products, connected healthcare awareness, the widespread use of smartphones and the internet, and the use of apps related to health.
- Asia Pacific: The Asia Pacific region is likely to gain the fastest revenue share owing to growing chronic diseases, investment in smart healthcare products, and growth in healthcare IT infrastructure. A spike in government digitalization initiatives in developing countries such as China and India is likely to boost the adoption of digital healthcare solutions for health services.
Browse Detail Report on "Smart Healthcare Products Market, By Type (Smart RFID Cabinets, Electronic Health Records, Smart Syringes, Smart Pills, and Others), By Applications (Inventory Management, Health Data Storage and Exchange, Monitoring and Treatment, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Global-Smart-Healthcare-Products-Market-80
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