Covina, Sept. 02, 2024 (GLOBE NEWSWIRE) -- Prophecy Market Insights forecasts that the global smart healthcare products market share will increase from USD 172.1 Billion in 2024 to USD 486.6 Billion by 2034, with a compound annual growth rate (CAGR) of 12.1% expected over the next decade.
Smart Healthcare Products Market Report Overview
Smart Healthcare Products encompass a broad range of advanced technologies designed to enhance the delivery, management, and monitoring of healthcare. These products leverage innovations such as the Internet of Things (IoT), artificial intelligence (AI), wearable devices, and telemedicine to improve patient outcomes, streamline healthcare operations, and provide real-time health insights.
Examples of smart healthcare products include connected health devices, remote monitoring systems, smart medical implants, and AI-driven diagnostic tools.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of 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:
The target market is experiencing rapid growth, driven by the increasing demand for advanced healthcare solutions and the ongoing digital transformation of the healthcare sector.
Market Dynamics:
Drivers:
Rising Prevalence of Chronic Diseases
- The increasing prevalence of chronic diseases, such as diabetes, hypertension, and cardiovascular conditions, is a major driver for the target market. Patients with chronic conditions require continuous monitoring and management, which smart healthcare products can provide through real-time data collection and analysis.
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Market Trends:
Growth of Telemedicine and Remote Healthcare
- The expansion of telemedicine and remote healthcare services is significantly influencing the smart healthcare products market. The COVID-19 pandemic accelerated the adoption of telehealth demonstrating the importance of remote monitoring and virtual consultations.
Segmentation:
Smart Healthcare Products Market is segmented based on Type, Application, and Region.
Type Insights
- Electronic health record is anticipated to boost the growth for target market as governments and healthcare organizations around the world have implemented regulations and incentives to encourage the adoption of EHR systems.
Application Insights
- Monitoring and treatment is anticipated to boost the growth for target market as the primary reason for the dominance of the monitoring and treatment segment is its direct impact on patient management and health outcomes. Smart healthcare products in this segment allow for real-time monitoring of vital signs, chronic disease management, and timely intervention.
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Recent Development:
- In March 2024, Wipro GE Healthcare’s Indian unit, a prominent player in medical technology, aims to unveil 40 new products soon as it focuses on designing and manufacturing products in India for the local as well as global markets.
Regional Insights
- North America: The target market is well established and expanding quickly in North America. Due to their sophisticated healthcare systems, rapid rates of technology adoption, and large investments in healthcare innovation, the United States and Canada currently dominate the industry.
- Asia Pacific: An increasing number of wearable health gadgets, remote monitoring systems, and telehealth solutions are being adopted by the Asia-Pacific market. An increasing number of middle-class people who have access to technology and are more health conscious are fuelling this growth.
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