The global smart healthcare products market size reached US$ 151.08 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 372.88 Billion by 2027, exhibiting a growth rate (CAGR) of 14.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Smart healthcare products include an integration of advanced tools and technologies that provide patients with enhanced treatment procedures and improve their quality of life. They are embedded with communication and sensor capabilities as well as data analytics techniques. Smart healthcare products assist in connected medical imaging, telemedicine, outpatient vigilance, etc. In addition to this, they also aid in minimizing the errors related to electronic medical records (EMR), laboratory information systems, computerized physician order entry, etc. Some of the common smart healthcare product include smart syringes, smart pills, smart RFID cabinets, smart wearables, etc.
Smart Healthcare Products Market Trends:
The growing consumer health consciousness, which has led to the emergence of smart medical devices, including diagnostic and monitoring equipment as well as injury prevention and rehabilitation instruments, is primarily driving the global smart healthcare products market. Furthermore, the rising awareness towards numerous benefits offered by smart healthcare products, such as virtual assistance, improved patient care, user-friendly systems, self-monitoring, etc., is also propelling the market growth. In addition to this, several government authorities are introducing various initiatives to promote the adoption of digital healthcare facilities and to provide accessible medical services across remote areas. For instance, the Indian government has launched the National Digital Health Mission to create a holistic and comprehensive digital health ecosystem that supports universal health coverage. Moreover, the emergence of innovative mHealth mobile apps that allow users to track their fitness levels by observing calorie count, water intake, heart rate, etc., is further augmenting the global market. Apart from this, the increasing inclination towards home care settings for disease management, monitoring, providing feedback, suggesting adequate treatment, etc., on account of the sudden outbreak of the COVID-19 pandemic, is also bolstering the market growth. Additionally, the escalating utilization of cloud-based EMR systems to enable patient's direct involvement throughout the documentation process and provide enhanced protection from data disruption is acting as a significant growth-inducing factor. Furthermore, several technological advancements, including the introduction of the Internet of Things (IoT), artificial intelligence (AI), Big Data, predictive analytics, etc., have improved patient access to services, reduced the operational strain on medical facilities, and provided support for the growth of digital ecosystems across healthcare organizations. This, in turn, is anticipated to propel the growth of the global smart healthcare products market in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart healthcare products market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product type, application and end user.
Breakup by Product Type:
- Electronic Health Records
- Smart Pills and Syringes
- Smart RFID Cabinets
Breakup by Application:
- Storage and Inventory Management
Breakup by End User:
- Home Care Settings
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Abbott Laboratories, Allscripts Healthcare Solutions Inc, Capsule Technologies Inc., Cerner Corporation, Epic Systems Corporation, GE Healthcare Inc, Medical Information Technology Inc., Medtronic plc, NextGen Healthcare Inc., Olympus Corporation, Samsung Healthcare and Terumo Corporation.
|Base Year of the Analysis
| Historical Period
||Product Type, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Abbott Laboratories, Allscripts Healthcare Solutions Inc, Capsule Technologies Inc., Cerner Corporation, Epic Systems Corporation, GE Healthcare Inc, Medical Information Technology Inc., Medtronic plc, NextGen Healthcare Inc., Olympus Corporation, Samsung Healthcare and Terumo Corporation.
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Key Questions Answered in This Report:
- How has the global smart healthcare products market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global smart healthcare products market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global smart healthcare products market and who are the key players?
- What is the degree of competition in the industry?