The scope of product differentiation in the global market for smart healthcare products is quite high and therefore allows multiple players to be in the lead across various product segments. For instance, in 2014, Epic Systems Corporation and Allscripts Healthcare Solutions were at the top of the e-health records charts, Medtronic and Olympus Corporation led the smart pills sales, while Becton Dickinson & Company and Medtronic again were at the forefront in smart syringes.
As per a recent release by Transparency Market Research on smart healthcare products, the key players of this global market – regardless of their priority products segment – have all shown great interest in consolidation efforts. They have focused on creating fruitful partnerships and acting on several mergers and acquisitions over the past few years.
The global market for smart healthcare products is expected to expand at a CAGR of 8.84% from 2015 to 2023 with respect to the revenue. It is expected to be valued at US$31.71 bn before the end of 2016 and US$57.85 bn by 2023.
Smart pills are showing a humongous increase in demand and are likely to continue doing so till 2023. Smart pills are projected at a very promising CAGR 18.84% from 2015 to 2023. Meanwhile, electronic health records are expected to remain the dominant smart healthcare product segment till 2023 when it is expected to accrue a revenue of US$39.61 bn. In terms of smart healthcare product applications, health data storage and exchange as a segment is expected to generate US$39.73 bn by 2023, thus remaining the dominant application segment till then.
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The sheer demand for smart healthcare products in North America is expected to keep this region at the top of the charts till 2023. By the end of 2023, North America is expected to gather US$21.09 bn in smart healthcare product revenue. This is attributed to the large number of incoming small and medium-sized enterprises, along with constant market consolidation efforts by the more prominent players.
Meanwhile, Asia Pacific is expected to show a robust CAGR of 9.77% from 2015 to 2023 owing to a quickly evolving healthcare industry on a digital scale. The digitization of the Asia Pacific healthcare industry is supported by both private and government organizations, allowing for a high scope of entry for local as well as globally prominent smart healthcare product manufacturers.
“The IoT revolution has already caught up with the global smart healthcare products market and is creating a vast scope of applications in the market through the use of advanced sensors and machine communication technologies. The implementation of the latest IoT technologies is allowing manufacturers of healthcare hardware and medical equipment to produce and store medical records at rates much faster than before,” states a TMR analyst.
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The scope of application of IoT in smart healthcare products is extremely high and can only be revealed through constant development efforts. A lot of top healthcare organizations are already using measuring and monitoring devices that are remotely controlled to provide astute critical care to patients. Medical personnel can access the recorded information at any time from relevant connected devices and across multiple device platforms, thus increasing the patient’s chances of recovery vastly.
Among the few restraints on the growth of smart healthcare products on a global scale, two key factors that lie in its path are cost and safety. A large number of smart healthcare products are very high in cost, making them inaccessible for patients from several developing economies. The cost of implementing smart healthcare products is also quite high for healthcare organizations as well, as the growing use of cutting-edge smart tools requires a greater number of skilled labor, which is currently short in supply on a global level. Several studies have also posited that the use of smart healthcare products by small healthcare organizations or individual medical practitioners can actually be detrimental to their financial situation rather than make things smoother and cost-effective. At the moment, most large-scale implementations are therefore restricted to large healthcare organizations.
“The healthcare sector is not completely immune to market volatility, but can still show a constant rate of improvement especially in developing economies. Manufacturers of smart healthcare products can look to these regions for better chances while the spending in their healthcare industries increases steadily,” adds the analyst.
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