Published: Nov, 2016
Allscripts Healthcare Solutions and Epic Systems Corporation led the global smart healthcare products market in 2014 in terms of providing e-health records charting products. Becton Dickinson & Company along with Medtronic have been spearheading the development of smart syringes. As for smart pills, Medtronic and Olympus Corporation have been dominant so far.
The competitive rivalry within the global smart healthcare products market, according to Transparency Market Research, is expected to remain medium to high over the coming years. Prominent players within this market have shown clear interests in consolidation and have formed positive partnerships with other players in the field.
The global smart healthcare products market is expected to expand at an optimistic CAGR of 8.84% within a forecast period from 2015 to 2023. This revenue is projected to reach US$57.85 bn by the end of 2023 and US$31.71 bn by the end of 2016. Electronic health records is expected to remain as the leading product segment in the global smart healthcare products market till 2023 with an aggregate expected revenue of US$39.61 bn. However, a large portion of the market interest is switching over to smart pills. This segment is showing a meteoric rise in development and popularity, and is expected to expand at a CAGR 18.94% from 2015 to 2023.
APAC Favorable for Future Growth in Smart Healthcare Products
Asia Pacific is expected to show a CAGR of 9.77% in the global smart healthcare products market from 2015 to 2023 and a large portion of this growth rate is attributed to the swiftly evolving healthcare sector. With nations such as China and India driving full speed ahead on their development plans of industrial infrastructure, players from both global popularity and regional hopefuls can participate to a greater extent. Asia Pacific is receiving a high rate of investments in its adoption of smart healthcare products by government as well as private investors. Meanwhile, North America is expected to continue dominating the global smart healthcare products market and is expected to reach US$21.09 bn in revenue by 2023.
Governments Assume Greater Role in Development of Smart Healthcare Products
“While government bodies have always played a pivotal role in the shaping of a nation’s healthcare industry, they have till now shown little interest in the development of the smart healthcare products market. This is changing fast, however, as recent developments have created quite a stir among several nations in the developed economies. This, added to the steady recovery rate of economies post the recession, the improving GDP, along with a growing global population and healthcare reach, is creating a massive demand for the global smart healthcare products market,” states a TMR analyst.
For instance, China is implementing a smart healthcare system that will be protective, successful, helpful, and reasonable for its citizens. This system is expected to be fully operational in urban and rural areas of the nation by 2020. India is also joining into the global smart healthcare products market’s development through a heavy implementation rate of smart healthcare infrastructure, along with conjoined practices such as boosting diet and nutrition awareness, enhancing the usage of critical treatments, and modernizing the existing infrastructure.
Global Smart Healthcare Products Market Hampered by Growing Security Concerns
A serious problem that the global smart healthcare products market needs to tackle currently is the growing concern among clients regarding the integrity of these products. With the added modes of connectivity within a healthcare organization through the use of smart healthcare products, comes an added risk of external users capturing or manipulating the data stream. While the risks of data security exist in both paper and electronic record management, the risk is significantly higher for electronic modes and needs to be safeguarded sooner.
“A key factor working in the favor of the global smart healthcare products market right now is the growing expenditure in the healthcare industry. Although it is not impervious to market fluctuations, growth rates are still maintained in the favorable range due to the massive upswing in demand by emerging economies,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Smart Healthcare Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key segments of the Global Smart Healthcare Products Market
By Product Type
- Smart Syringes
- Smart Pills
- Smart RFID Cabinets
- Electronic Health Record
By Industry Vertical
- Health Data Storage and Exchange
- Monitoring and Treatment
- Inventory Management
- North America
- Latin America
- Middle East and Africa
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