Smart healthcare is a rising field in medicine and has picked up speed due to the benefits it imparts to the patients as well as the healthcare dispensers. Due to its quite literally vital nature, the healthcare industry has always stressed on improving the technological sophistication of the process and devices used in medical procedures, and smart healthcare products are the latest in a long line of progressively more advanced healthcare products. The innovation of smart healthcare products owes a lot to the intensive R&D into the Internet of Things carried out by various technology giants across the world, which has enabled the creation of several remotely operable and connected smart healthcare products.
According to Transparency Market Research, a leading market intelligence firm, the global smart healthcare products market is expected to reach an overall valuation of US$57.8 bn by 2023, exhibiting a robust 8.84% CAGR from 2015 to 2023. The market was valued at US$29.4 bn in 2015. The extensive focus put on R&D in the healthcare sector is expected to massively help the global smart healthcare products market in the coming years. Healthcare IT helps physicians and hospitals streamline their workflow and arrange patient information in an easily accessible and shareable manner. This allows doctors to not only get a complete picture of a patient’s medical history, but also to share medical information with other doctors.
Intel’s Entry in IoT Could Shake up Smart Healthcare Products Market
Recently, computing giant Intel announced its plans to change the trajectory of the company and enter the booming Internet of Things arena. Intel plans to operate as an end-to-end solutions provider in the IoT arena, utilizing its widespread technological database and information network to design a complete IoT ecosystem for clients.
Smart personal healthcare devices that can track, store, and share healthcare information are expected to be a major aspect of these operations. Using these smart healthcare products, a doctor would be able to remotely examine and diagnose a patient, helping in quick diagnosis. Smart healthcare products can further help in creating a digital prescription, negating the chances of prescription errors almost entirely and thus ensuring higher chances of patient safety.
Innovations in Smart Syringes and Pills to Drive Smart Healthcare Products Market
The global smart healthcare products market is divided on the basis of product type into smart syringes, smart pills, electronic health record (EHR) systems, and smart RFID cabinets. Among these, EHR systems are a rapidly growing sector, due to the convenience they bring about in the overall process of disease management. However, smart pills, which can be used to track an individual’s response to medicine, are expected to rapidly rise in demand over the coming years. R&D into smart pills and smart syringes is expected to be a major feature of the global smart healthcare products industry in the coming years.
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Geographically, North America led the global smart healthcare products market in 2015 due to its traditional role as a pioneer in technological advances and early incorporation of smart healthcare products into the region’s medical infrastructure. The presence of several major players in the smart healthcare products market, some of which are Medtronic, eClinicalWorks, Epic Systems Corporation, Olympus Corporation, Terumo Corporation, and Becton, Dickinson, and Company, has also helped the North America market for smart healthcare products grow by leaps and bounds. However, in the coming years, Asia Pacific will become a major player alongside the North America smart healthcare products market due to the rising preference of the manufacturing sector to operate from Asia Pacific and the increasing ease of incorporating advanced technology into the healthcare infrastructure of developing Asia Pacific countries.