Global Smart Healthcare Products Market Size, Trends, Share, Industry Analysis, Demand & Growth Opportunities, & Regional Outlook With Forecast 2017-2025

Global Smart Healthcare Products Market 

Market Overview                            

Smart wearables like smart watches, smart fitness trackers, smart TVs, locks, baby monitors, fans, thermostats are in trend these days. It’s a “smart everything” frenzy among companies in the electronics world where wall street is keeping close eye on Internet of Things (IoT) as the futures of smart healthcare and Internet of Things are intertwined, for instance, Mio Slice for personalized health monitoring and  Aira smart glasses that help visually impaired people to see their surroundings. The smart healthcare area is growing at the rate of 25% annually from 2017 through 2025 and a sizable portion of the growth will be due to electronic health records as well as the use of big data solutions and analytics to make healthcare-related processes more nimble, efficient and accurate. Big-data analytics has also ushered the uptick in adoption of smart healthcare products, with the data gathered being used to understand patient behavior, as well as to monitor health conditions, specifically among the elderly population.

Goldstein Research analyst forecast the smart healthcare products market size is set to reach USD 62.45 billion by 2025, at a CAGR of 12.1% over the forecast years. Rapid development and increasing purchasing power has resulted in propagation of smart phones coupled with 3G and 4G networks, which is anticipated to be a critical success factor for the growth of global mHealth market and subsequently smart healthcare product.

Intended Audience

• Smart Healthcare Products Suppliers
• Smart Healthcare Products Manufacturers
• Research and Development (R&D) Companies
• Medical Research Laboratories
• Diagnostic Centers
• Rehabilitation Centers

Covered In This Global Smart Healthcare Products Market Report         

The report covers the present ground scenario and the future growth prospects of the smart healthcare products market for 2017-2025 along with the data of shipments and adoption rate of smart healthcare products worldwide. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe. The smart healthcare products market is forecasted on the basis of revenue analysis, product benchmarking and strategic developments of key market players. The report also includes micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

Global Smart Healthcare Products Market Segmentation

By Product Type

• RFID Kanban Systems
• RFID Smart Cabinets
• Electronic Health Records
• Telemedicine
• mHealth
• Smart Pills
• Smart Syringes

By Application

• Health Data Storage and Exchange
• Monitoring and Treatment
• Inventory Management

By End User

• Hospitals & Clinics
• Home Care Settings
• Diagnostics Lab
• Pharmacy Stores

Based on Geography

• North America (U.S. & Canada)  Smart Healthcare Products Market {Market Share (%), Market Size (USD Billion)}
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America)  Smart Healthcare Products Market {Market Share (%), Market Size (USD Billion)}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE)  Smart Healthcare Products Market {Market Share (%), Market Size (USD Billion)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia)  Smart Healthcare Products Market {Market Share (%), Market Size (USD Billion)}
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA)  Smart Healthcare Products Market {Market Share (%), Market Size (USD Billion)}

Based on product type, electronic health record held the largest market share in global smart healthcare products market in 2017 as this segment is envisaged to substantially increase the market share in forecast period owing to favorable government policies such as American Recovery and Reinvestment Act (ARRA). Telemedicine and mHealth is the fastest growing segment and projected to increase at the rate of 15.3% over the forecast period. Smart pills are showing a humongous increase in demand and are likely to continue doing so till 2025, which are projected to increase at a promising CAGR of 7.89% from 2017 to 2025. On the basis of application, health data storage and exchange is expected to produce a revenue total of USD 37.5 billion by 2025 for the global smart healthcare products market.

Smart Healthcare Products/Devices Industry Trends, Drivers, & Challenges

Global Smart Healthcare Products Market Outlook 2017-2025, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global Smart Healthcare Products market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global Smart Healthcare Products market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our global smart healthcare products market report comprises of the following companies as the key players: Invacare Corporation; Abbott, AirStrip Technologies, Agfa-Gevaert, Alcatel-Lucent, Apple, AT&T, AthenaHealth, Epic Systems, Evolent Health, F. Hoffmann-La Roche, Google, Honeywell Life Care Solutions, HP Enterprises Services, Huawei Technologies, IBM, Johnson and Johnson, Medtronic, Microsoft, Misfit, Olympus, OMRON, Proteus Digital Health, Qualcomm, Samsung Electronics, STANLEY Healthcare Solutions, Voxiva, Warby Parker, WellDoc, and Zebra Technologies.

According to our global market study on the basis of extensive primary and secondary research: “One trend is the broadening of application arena of technologies like IoT, big data, AI, etc in healthcare as they have the potential to cut out the healthcare costs by substantiating self-medication that could prove useful for getting real time data of the patient. For instance, digital pills could prove useful for tracking ingestion in clinical trials. Insurers, justice systems and, controversially, psychiatric hospitals may all have an interest in tracking drug adherence.”

According to the report, major driving factor is the growing potential of new care models like healthcare security, remote care and transforming healthcare with IoT to improve security, privacy, interoperability, and analytics for medical devices. For instance, Intel technology innovation combined with advocacy and real-world experience with IoT across multiple industries is making the promise of smart and connected care a reality. Intel’s ecosystem healthcare solution providers are creating data-smart solutions to fight disease, streamline provider decision-making, and personalize treatment.   

Further, the report states the biggest challenge is security issues continue to deter smart healthcare product users coupled with decreasing operational costs, eliminating system errors, diseases management and better management of drugs are the key challenges that can hamper the smart healthcare product market.  

Based on geography, North America demand for smart healthcare products expected to generate revenue of USD 22.56 billion by 2025 due to large number of incoming small and medium-sized enterprises, along with constant market consolidation efforts by the more prominent players. Epocrates, Medscape and MedCalc are used by doctors in US for being time-savers, speeding up the process of diagnosis, and limiting unnecessary doctor and hospital visits to cut down on taxing resources. Meanwhile, Asia Pacific is projected to show a robust CAGR of 12.56% from 2017 to 2025 owing to a quickly evolving healthcare industry on a digital scale. India launches world's biggest healthcare program, “Modicare” which is based on digitalized healthcare products like telemedicine and mHealth. Countries like India, China, Singapore, Indonesia, Luxemburg, Sweden, Malaysia, France and Russia are the opportunistic market owing to considerable number of live as well as pilot mobile health projects and mHealth launches in the European market are targeted at chronic disease management as well as monitoring activities of the elderly population.  

 The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Smart Healthcare Products Market Report

• What is the total market size by 2025 and what would be the expected growth rate of market?
• What is the revenue of total market in 2016-17 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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