What Fueled The Previous Growth In The Smart Healthcare Products Market?
The smart healthcare products market has seen considerable growth due to a variety of factors.
• The market size for smart healthcare products has experienced significant expansion in the past few years. It is projected to rise from $262.27 billion in 2024 to $297.75 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 13.5%.
The expansion witnessed in the historic period can be accredited to factors such as the digital transformation of healthcare, telemedicine initiatives, the monitoring and integration of patient data, management of the aging population and chronic illnesses, a surge in demand for personalized and interconnected healthcare, and adherence to regulatory standards and health IT adoption.
What Is The Expected Growth In The Smart Healthcare Products Market Size?
The smart healthcare products market is expected to maintain its strong growth trajectory in upcoming years.
• Rapid expansion is forecasted for the smart healthcare products market size in the forthcoming years, with projections landing at $509.73 billion in 2029 and a compound annual growth rate (CAGR) of 14.4%.
The forthcoming growth can be ascribed to factors such as the implementation of AI and machine learning in healthcare decision-making, remote patient monitoring, and telehealth adoption, growth of mobile health applications and wearables, the inclusion of precision medicine and genomics, an increased demand for point-of-care and home healthcare devices, and emphasis on healthcare IoT and data security. Key trends for the period under review include personalized healthcare through digital twins, AI-driven diagnostic and treatment recommendations, mental health monitoring wearables, remote and robotic healthcare procedures, 3D-printed customized medical equipment, health data marketplaces, and blockchain security.
What Main Forces Are Fueling Expansion In The Smart Healthcare Products Market?
The smart healthcare products market is experiencing growth thanks to escalated healthcare expenditure. The demand for healthcare services has greatly surged in light of the COVID-19 pandemic. The government's heightened focus on universal healthcare provision, increases in income, an aging demographic, better understanding of healthcare, broader health insurance coverage, and the rising prevalence of non-communicable diseases are all propelling this growth in healthcare spending. Smart healthcare products allow for a disease to be diagnosed and treated from any location at any time. For example, data from the Office for National Statistics reveals that the healthcare spending in the UK for epilepsy in 2022 hit roughly $354.88 billion (£283 billion), a nominal rise of 0.7% relative to the expenditure in 2021. The US Centers for Medicare & Medicaid Services (CMS) in their National Health Expenditure Projections for 2021-2030 forecast the national health spending growth rate to rise from 4.2% in 2021 to 4.6% in 2022. Consequently, this upswing in healthcare spending is projected to fuel the smart healthcare products market.
What Are The Primary Segments In The Global Smart Healthcare Products Market?
The smart healthcare products market covered in this report is segmented –
1) By Product Type: Telemedicine, Electronic Health Records, mHealth, Smart Pills And Syringes, Smart RFID Cabinets
2) By Application: Storage And Inventory Management, Monitoring, Treatment
3) By End User: Hospitals, Home Care Settings
Subsegments:
1) By Telemedicine: Video Consultation Platforms, Remote Patient Monitoring Solutions, Telehealth Software Solutions
2) By Electronic Health Records: Cloud-Based EHR Systems, On-Premises EHR Solutions, EHR Interoperability Solutions
3) By mHealth: Mobile Health Applications, Wearable Health Devices, Mobile Health Monitoring Solutions
4) By Smart Pills and Syringes: Ingestible Sensors, Smart Insulin Pens, Connected Syringe Systems
5) By Smart RFID Cabinets: RFID Medication Management Systems, RFID Asset Tracking Cabinets, RFID-enabled Supply Chain Solutions
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Which Key Trends Are Driving Changes In The Smart Healthcare Products Market?
Top firms in the global smart healthcare products market, are concentrating on the creation of revolutionary technologies like FS-Sample technology, aimed at improving diagnostic accuracy, patient monitoring, and organisational healthcare procedures. This, in turn, improves patient outcomes and facilitates more efficient healthcare delivery. FS-Sample technology is a cutting-edge procedure used in the analysis of biological samples, which significantly improves the accuracy and effectiveness of diagnostics in healthcare environments. For example, Mindray, a medical device firm based in China, rolled out mid-volume laboratories in April 2024. These recent innovations by Mindray offer great advancement for mid-volume laboratories by equipping them with the necessary tools for improving their operational efficiency and reliability of their diagnostic services. With a compact design, state-of-the-art technology, and integration capabilities, these solutions are seen as invaluable resources in contemporary clinical environments.
Who Are the Key Players in the Smart Healthcare Products Market?
Major companies operating in the smart healthcare products market include:
• AirStrip Technologies
• Samsung Healthcare
• Siemens Healthineers AG
• Cerner Corporation
• McKesson Corporation
• Allscripts Healthcare Solutions
• Apple Inc.
• AT&T Inc.
• Brooks Automation
• Cisco Systems Inc.
• GE Healthcare
• Given Imaging Inc.
• Hurst Green Plastics Ltd.
• International Business Machines Corporation
• Olympus Corporation
• Solstice Medical LLC
• Abbott Laboratories
• Agfa-Gevaert Group
• Becton Dickinson and Company
• Boston Scientific Corporation
• Cardinal Health Inc.
• Cognizant Technology Solutions India Private Limited
• Fujifilm Holdings Corporation
• General Electric Company
• Honeywell Life Care Solutions
• Johnson & Johnson
• Koninklijke Philips N.V.
• Medtronic Plc
• Microsoft Corporation
• Novartis AG
• Omron Corporation
• Oracle Corporation
• ResMed Inc.
• Roche Holding AG
• Stryker Corporation
• Terumo Corporation
• Zimmer Biomet Holdings Inc.
What Is The Most Dominant Region In The Smart Healthcare Products Market?
North America was the largest region in the smart healthcare products market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart healthcare products market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
