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Smart Healthcare Products Market Size is Anticipated to Hit US$ 85.37 Billion by 2030

The global smart healthcare products market size is predicted to hit around US$ 85.37 billion by 2030, growing at a CAGR of 9.2% from 2021 to 2030.

In 2022, the smart healthcare products market study provides crucial information on market share, market size, growth rate analysis Y-O-Y, production, consumption, and sales analysis for the forecast period 2021 to 2030. The report contains 150+ pages with detailed analysis.

Smart healthcare can be described as the integration of innovative technology in conventional healthcare facilities that in turn renovates it into smart healthcare. It augments the quality of healthcare facilities and improves the experience of a user. The key objective is to support in educating the users regarding their medical condition and also keeping them alert and updated regarding their health situations. Smart healthcare devices assist in remotely auditing patient’s well-being and are also beneficial in decreasing the charge of the treatment for an individual. Smart healthcare devices offer technologically innovative IT software and hardware for better health care amenities. These devices use a new-age data communication expertise that operates on cloud-based, mobile, and digital platforms so as to offer effective health care to the patients. For instance, smart healthcare devices use platforms such as EHR (electronic health record) which provides effective patient supervision and better medical outcome. Smart system relies on network competences, energy efficacy, and closed loop regulator. Furthermore, smart healthcare devices guide to augment treatment, diagnostic apparatuses, and value of life for individuals.

Scope of the Smart Healthcare Products Market

Report Highlights Details
Market Size USD 85.37 Billion by 2030
Growth Rate CAGR of 9.2% From 2021 to 2030
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Product, Emd User, Distribution Channel
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

COVID-19 Impact:

The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The smart healthcare products report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.

Growth Factors:

Factors such as growing focus on continuous health monitoring, increasing focus on mHealth, advances in the domain of healthcare IT, growing awareness regarding use of healthcare data for early diagnosis of diseases, increasing requirement for remote health monitoring, rising geriatric population, advances in artificial intelligence and Internet of Things (IoT), high prevalence of chronic diseases are driving the growth of smart healthcare products market. Moreover, increasing digital healthcare expenditure across the globe is driving the smart healthcare products market growth across the world. Additional features that are expected to fuel this business are incorporation of modern technologies and rising investment by important companies.

As per the statistics released by the World Health Organization, around 40 million deaths occurred owing to chronic disorders, accounting 70% of demises globally in the year 2017. Moreover, statistics of the WHO display that cardiovascular ailments are accountable for more than 17 million demises yearly. With the increase in the aging populace, especially in the advanced countries, the incidence of chronic ailments has increased. It has necessitated the requirement for dynamic monitoring of wellbeing conditions in daily activities of the people. In order to help this need, governments in numerous regions are offering various assistance programs to support individual so as to help them retain a record of their health information, which aids them in addition to clinicians in the long run. Such helpful government initiatives are expected to bode well for industry growth.

Regional Analysis:

The report includes information for Asia Pacific, North America, Latin America, Europe, Middle East, and Africa. In 2020, the North America region dominated the worldwide market with a market share of higher than 43%. The U.S. indicated the highest slice in North America principally due to high incidence of chronic disorders, early adoption of latest healthcare technologies, and presence of leading manufacturers. Moreover, availability of skilled professionals also supported the high market portion of North America.

Europe was the subsequent significant market chiefly due to high geriatric population. Presence of latest healthcare infrastructure in the European region is also expected to lift the demand for smart healthcare products in the anticipated time-span. The Asia Pacific region is projected to grow at the highest CAGR of around 10.2% in the estimate period due to increasing focus on health data monitoring and high incidence of diabetes and cardiovascular disorders. Latin America and Middle East and African region will display noticeable growth.

Key Players:

The smart healthcare products market is consolidated with a major number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report. Primary research represents a bulk of research efforts, supplemented by extensive secondary research.

Some of the prominent players in the smart healthcare products market include:

  • Medtronic, Inc.
  • eClinicalWorks
  • Olympus Corporation
  • Terumo Corporation
  • Becton, Dickinson & Company
  • Cerner Corporation
  • Stanley Healthcare
  • Honeywell Life Care Solutions
  • Allscripts Healthcare Solutions, Inc.
  • AirStrip Technologies, Inc.

Market Segmentation

By Product

  • ECG Wearable Devices
  • Wearable Activity Trackers
  • Wearable Biosensor
  • Others

By Distribution Channel

  • Pharmacy Stores
  • E-commerce
  • Others

By End User

  • Diabetes Patient
  • Heart Disease Patients
  • Chronic Renal Failure Patients
  • Others

Regional Segmentation

  • North America (U.S. and Canada)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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