New York, NY, Jan. 02, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Healthcare Products Market by Product Type (Smart Syringe, Electronic Health Record, RFID System, Smart Pill, and Others) and by Application (Health Data Storage, Inventory Management, and Monitoring and Treatment): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global smart healthcare products market was valued at approximately USD 35.6 billion in 2017 and is expected to generate around USD 66.7 billion by 2024, at a CAGR of around 9.5% between 2018 and 2024.
Smart healthcare products improve outcomes related to diagnostic tools and enhance patient treatment along with improving their quality of life. Internet of Things (IoT) has enabled healthcare providers to attain improved healthcare for patients. According to the WHO, in 2017, about 40 million deaths were due to chronic ailments, i.e., 70% deaths worldwide. The World Health Organization (WHO) data numbers further show that cardiovascular diseases are accountable for over 17 million deaths annually.
Browse through 62 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global Smart Healthcare Products Market: Industry Size, Share, Trends, Growth, Analysis and Forecast, 2017—2024”.
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Smart healthcare products, such as smart syringes, electronic health record, RFID system, and smart pills, are gaining popularity due to their multiple advantages. Electronic health record (EHR) is a digitized patient chart, which is patient-centered that shows real-time patient data. Smart syringes prevent the reuse of syringes to avoid infections caused by syringe reuse. Smart-pill is an ingestible capsule to monitor pH, temperature, and pressure, through the GI tract. Radiofrequency identification (RFID) employs electromagnetic fields for identifying and tracking tags fixed to objects automatically.
The rising incidence of chronic ailments, escalating geriatric population, rapid technological developments related to healthcare products for targeted treatment of patients, integration of smart technology within healthcare products, rising adoption of intelligent technologies, favorable government programs to advance the healthcare setup, and high penetration of smartphone are likely to drive the smart healthcare products market development across the globe in the future. However, the high cost of smart healthcare products, lack of awareness about smart healthcare products, the need for extensive training to operate these devices, poor internet connectivity in developing regions might restrict the smart healthcare products market globally in the future.
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The global smart healthcare products market is segmented into product type, application, and region. By product type, the smart healthcare products market has been segmented into the smart syringe, electronic health record, RFID system, smart pill, and others. The electronic health record is likely to hold a major market share in the estimated timeframe due to the increasing adoption of EHR. The application segment is divided into health data storage, inventory management, and monitoring and treatment.
North America represents an established regional market for smart healthcare products and is likely to grow considerably in the future. At the country level, the U.S. is the leading smart healthcare products market in North America. The U.S. is projected to register the CAGR during the anticipated timeframe. This growth can be attributed to rapid technological developments related to healthcare products, the rising adoption of intelligent technologies, and the presence of major market players in the region. Moreover, major improvements related to smart pills and smart syringes for remote patient monitoring are likely to further drive the region’s smart healthcare products market.
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The European market is likely to display substantial growth in the future, due to increasing geriatric population, need to decrease inventory costs, and growing home healthcare monitoring.
The Asia Pacific smart healthcare products market is expected to progress significantly in the estimated time period. Japan, India, and China are likely to drive the region’s smart healthcare products market. Development in the Asia Pacific region is projected to be driven by the increasing incidences of chronic diseases, the high rate of smartphone penetration and rapid improvements made related to healthcare IT.
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The Latin American smart healthcare products market is likely to record swift growth over the estimated time period, due to favorable government programs to advance the healthcare setup, the growing incidence of chronic diseases, and rising geriatric population. The Middle East and Africa region is anticipated to demonstrate restricted growth in this market, due to the scarcity of skilled manpower and the absence of latest health infrastructure.
Some key players of the smart healthcare products market include Medtronic, Inc., Allscripts Healthcare Solutions, Inc., Honeywell Life Care Solutions, Becton, Dickinson & Company, AirStrip Technologies, Inc., Terumo Corporation, Cerner Corporation, Olympus Corporation, eClinicalWorks, and Stanley Healthcare, among others.
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This report segments the global smart healthcare products market into:
Global Smart Healthcare Products Market: By Product Type
Global Smart Healthcare Products Market: By Application
Global Smart Healthcare Products Market: By Region
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