Smart Healthcare Products Market
Smart Healthcare Products Market (By Product Type - Smart Syringes, Smart Pills, Smart RFID Cabinets and Electronic Health Record; By Application - Health Data Storage and Exchange, Monitoring and Treatment, and Inventory Management - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027
- According to Transparency Market Research’s latest report on the global smart healthcare products market for the historical period 2017–2018 and forecast period 2019–2027, growing digitalization in healthcare industry, growth in number of SMEs and large enterprises dealing in smart healthcare products, and increasing government initiative to promote smart healthcare are projected to drive the global smart healthcare products market during the forecast period
- According to the report, the global smart healthcare products market was valued at US$ 37.5 Bn in 2018 and is anticipated to expand at a CAGR of 8.8% from 2019 to 2027
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Greater Role of Government in Developing Smart Healthcare Ecosystem: Key Drivers
- Governments' significant and developing part as payer, controller, and market-shaper in the worldwide smart healthcare division cannot be downplayed.
- In many nations, governing authorities are major the funder and supplier of medicinal services for its population; this is an exceptionally costly obligation, as population is increasing
- Globally, various governments are implementing expansive changes by cutting expenses and enhancing the nature of their medical services frameworks.
- India's newly formed government is implementing a healthcare strategy to concentrate on minimizing the lack of healthy sustenance, enhancing the utilization of crucial medications, expanding inoculation, and modernizing open doctors' facilities. The administration needs an all-encompassing medical services framework that is universally accessible.
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Increasing Healthcare Spending Boost Market Growth
- No industry appears to be more out-of-venture with the predominant macroeconomic account than the healthcare sector. As opposed to trepidation, common stagnation, slow development, healthcare experts will probably stress about extreme spending growth, rising costs, and in-satisfactory limit. In fact, the same factors narrowing development rates-societal maturing in developed economies and development in emerging market (EM) economies-are boosting medical services spending and the industry’s share of global GDP.
- The healthcare sector is not immune to continual ups and downs, yet rising expectations from emerging countries for the availability of everyday comforts and overall aging in developed economies are liable to guarantee that the healthcare business develops much faster than the worldwide economy.
- Faster development makes the healthcare sector a one-of-a-kind destination for capital generation in the current financial environment. It is believed that financial specialists ought to deploy capital deliberately in light of particular opportunities created by rapidly emerging markets healthcare foundation growth and a new era of development and cost cognizance in developed economies.
Cost and Privacy Issues to Hamper Market
- The steep cost of smart medical items and supplier vulnerability with respect to the rate of return impacts smart healthcare item appropriation
- In a project started by the Office of the National Coordinator for Health Information (ONC) (U.S.), researchers found that healthcare facility administrators and physicians who had embraced smart medical care noticed that any additions in proficiency were counterbalanced by decreased efficiency as the innovation was executed, and the need to expand skilled staff to keep up the framework.
- The U.S. Congressional Budget Office presumed that cost savings might happen in large integrated establishments, and not in small healthcare facilities. Office-based doctors specifically might see no advantage in buying such items and might even endure monetary damage.
- In Germany, the U.K., and the U.S., the idea of a national concentrated server model of healthcare information has been inadequately received. Issues of protection and security in such a model have been a major concern.
- Recent disclosures of "secure" information breaches at centralized information storehouses, in banking and other monetary establishments, in the retail business, and from government databases, have created worry about putting away electronic medical records in a central location. Records that are exchanged over the Internet are liable to the same security issues as other kinds of information exchanged over the Internet.
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Global Smart Healthcare Products Market: Competitive Landscape
- This report profiles major players in the global smart healthcare products market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global smart healthcare products market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global smart healthcare products market are
- Epic System Corporation
- Allscripts Healthcare Solutions, Inc.,
- Olympus Corporation
- Becton Dickinson and Company
- Terumo Corporation
- Stanley Healthcare
Global Smart Healthcare Products Market: Key Developments
Key players in the global smart healthcare products market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global smart healthcare products market. A few expansion strategies adopted by players operating in the global smart healthcare products market are:
- In February 2020, Velóce Corporation, a Denver startup announced that the company is developing the SmartTab drug delivery and monitoring system, a remote-controlled ingestible capsule that contains an electronic receiver, monitor, actuator and active ingredients.
- In May 2019, Elucid mHealth launched smart pill bottle to monitor patient adherence
- In April 2019, Alien Technology launched its next-generation of Higgs RFID semiconductor integrated circuits, Higgs-9 IC. The product enables enterprise critical applications to run smarter, faster and with quicker ROI in RFID deployments.
- In November 2017, Food and Drug Administration Approved Abilify MyCite of Otsuka America Pharmaceutical, Inc. It is the first digital pill that has been approved by FDA.
- The report on the global smart healthcare products market discussed individual strategies, followed by company profiles of manufacturers of smart healthcare products. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global smart healthcare products market.
TMR’s report on the global smart healthcare products market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global smart healthcare products market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global smart healthcare products market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global smart healthcare products market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global smart healthcare products market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global smart healthcare products market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global smart healthcare products market.
The report delves into the competitive landscape of the global smart healthcare products market. Key players operating in the global smart healthcare products market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global smart healthcare products market that have been profiled in this report.
Key Questions Answered in Global Smart Healthcare Products Market Report
- What is the scope of growth for product companies in the global smart healthcare products market?
- What will be the Y-o-Y growth of the global smart healthcare products market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global smart healthcare products market?
- Will North America continue to be the most profitable market for smart healthcare products providers?
- Which factors are anticipated to hamper the growth of the global smart healthcare products market during the forecast period?
- Which are the leading companies in the global smart healthcare products market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global smart healthcare products market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary research sources referred to by analysts during the production of the global smart healthcare products market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the smart healthcare products market as primary methods.
These primary research respondents have provided exclusive information during interviews, which serves as a validation from the smart healthcare products market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global smart healthcare products market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global smart healthcare products more reliably and accurately.
Regional Segmentation of Smart Healthcare Products Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Smart Healthcare Products Market – Segmentation
Smart RFID Cabinets
Electronic Health Records
Health Data Storage and Exchange
Monitoring and Treatment
Middle East & Africa