Smart Healthcare Products Market Briefing And Future Outlook 2018 To 2026

Posted by Rajkumar on March 18th, 2019

Smart healthcare product is a cluster of multiplatform technologies that involves use of new age information communication technologies that utilizes digital, mobile, and cloud-based platforms in order to provide quality healthcare to patients. Smart healthcare product platforms such as electronic health record help in the efficient patient management and better clinical outcome. Smart healthcare product platform brings the stakeholder in healthcare system close such as patients, health care practitioners, researchers, medical device industry firms thereby makes whole healthcare system efficient. Various advantages offered by smart healthcare products include reduction in inefficiencies, improved access to healthcare services, reduction in healthcare costs, increased quality aspect of healthcare, and making medicine more personalized and efficient for patients. Smart healthcare product platforms such as digital medicine allows close monitoring of the patient on medicine course, which improves medication adherence especially in case of chronic diseases.


The global smart healthcare products market size was valued at US$ 34,720 million in 2017, and is expected to witness a CAGR of 9.3% over the forecast period (2018 – 2026).


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Market Dynamics


Increasing number of people above age 60 worldwide leads to higher requirement of healthcare needs with more emphasis on long term care and chronic disease care, which is one the major drivers for growth of the market. Developed economies such as U.S. and Europe are witnessing high number of population ageing 65 and above. According to the U.S. Census Bureau’s report of 2017, around 47.8 million people were aged 65 and older in the U.S. in 2015 accounting for 14.9% of the total population, a 1.6 million increase from 2014. Europe is currently having highest 65 years and above age population, which is 25% of entire population, according to the Population Prospect Report of the United Nations published in 2017. Smart pill and smart syringe would prove to be important smart healthcare products platform for this population. Another important factor for growth of the smart healthcare products market would be high technological penetration in the smart healthcare products market domain. For instance, cloud-based electronic medical record, which could be shared amongst entire healthcare stakeholders would make entire health operation smooth and efficient.


Increasing number of geriatric population and high prevalence of chronic disease for various parameters is expected to propel growth of the smart healthcare products market


Population across globe is slowly observing growth in median age with higher number of people crossing age bracket of 60 and above. According to the Population Prospects Report of United Nations published in 2017, an estimated 962 million people were aged 60 or over in the world (13 per cent of the global population) in 2017. The population aged 60 or above is growing at a rate of around 3% annually and it is estimated to reach 1.4 billion by 2030. Such high number of aging population would be immensely benefitted with smart healthcare products.


Top Key Players


Key players operating in smart healthcare products market include Allscripts Healthcare Solutions Inc. Medtronic, Inc., Becton Dickinson & Company, Honeywell Life Care Solutions, AirStrip Technologies, Cerner Corporation, Stanley Healthcare, Terumo Corporation, Olympus Corporation, and eClinicalWorks.


Detailed Segmentation:


Global Smart Healthcare Products Market, By Product Type:

  • Electronic Health Record

  • Smart Pill

  • Smart Syringes

  • RFID Systems

  • Other


Global Smart Healthcare Products Market, By Applications:

  • Health Data Storage

  • Monitoring and Treatment

  • Inventory Management


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Joined: February 13th, 2019
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