The global smart healthcare products market is expected to reach US$57.85 bn by the end of 2023. This market is progressing at a strong CAGR of 8.84% between 2015 and 2023, and was recorded at a much lower value in 2014, after which several positive factors have helped accelerate the growth rate, imparting the predicted market value. These findings are from Transparency Market Research’s report, titled “Smart Healthcare Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
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According to the report, the primary driver for the global smart healthcare products market is the constant and consistent rate of innovations that are capturing niche and high demand fields in the healthcare industry. Over the recent past, there have been major and successful efforts in integrating high end inventory management systems. These include cabinets that use smart RFID systems that can help reduce inventory expenses and create near perfect logistical management.
Other factors promoting the growth of the global smart healthcare products market include the advancements in technology, such as the developments on the smart syringe and the introduction of smart pills that let doctors monitor their patients remotely. This also include technology that can help reduce the overall area an infection occurs over, aiding the diagnostics in GI disorders, and a real-time and detailed monitoring of healing processes.
The global smart healthcare products market, however, is currently restricted by a few factors, the major one being the overall cost. This market requires a high initial investment, the lack of which can disrupt growth rates. Another restraint on the global smart healthcare products market is the introduction of privacy and data security issues as the introduction of networked devices can make them prone to hacking attempts.
The report utilizes a segmented method to completely analyze the global smart healthcare products market. For this, the report makes use of the categories of product types, industry verticals, and geography.
In terms of products, the global smart healthcare products market is segmented into smart syringes, electronic health record, smart RFID cabinets, and smart pills. In terms of industry verticals, the market is segmented into inventory management, monitoring and treatment, and health data storage and exchange.
Segmented by geography, the global smart healthcare products market was dominated by North America in 2014. The report estimates that this region will maintain leadership of the market, while the Asia Pacific region will show the fastest growth rate.
The report provides a highly descriptive analysis of the global smart healthcare products market on the basis of its competitive landscape. To do so, the report makes use of the profiles of the current key players in the market, their business strategies, and their estimated growth patterns for the forecast period. According to the report, the global smart healthcare products market contains the key players TAGSYS, Stanley Healthcare, Terumo Corporation, Becton Dickinson and Company, Olympus Corporation, Medtronic, CapsoVision, eClinicalWorks, Allscripts Healthcare Solutions, Inc., and Epic Systems Corporation.