5 Key Insights On The Smart Healthcare Products Market 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Smart Healthcare Products Global Market Report 2023, the smart healthcare products market is expected to show significant growth in the forecast period.
Key insights from the smart healthcare products market forecast include:
- Market Size
The global smart healthcare products market is expected to grow from $196.77 billion in 2022 to $222.48 billion in 2023 at a compound annual growth rate (CAGR) of 13.1%. The market size of smart healthcare products is expected to grow to $364.3 billion in 2027 at a CAGR of 13.1%.
- Major Driver
Increasing healthcare spending is driving the growth of the market for smart healthcare devices. The COVID-19 epidemic has greatly raised the need for healthcare facilities. The greater emphasis of the government on providing universal healthcare, rising income levels, an ageing population, improved healthcare knowledge, more health insurance penetration, and the growing burden of noncommunicable illnesses are the primary drivers of healthcare spending increases. Smart healthcare products can identify and cure illnesses at any time and from any location. According to the US Centres for Medicare & Medicaid Services (CMS), National Health Expenditure Projections for 2021-2030, national health spending growth would increase to 4.6% in 2022 from 4.2% in 2021. As a result, rising healthcare spending will propel the market for smart healthcare devices.
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- Key Trend
Technological advancement is a key trend in the market for smart healthcare devices. The efficiency of smart healthcare solutions is being improved through artificial intelligence (AI). AI is used in a variety of settings, including health plans, pharmacy benefit managers (PBM), and health system organisations. With more interoperable and secure data, it will be a critical engine driving analytics, insights, and decision-making. ICON.AI, a South Korean firm that intends to bring AI-enabled goods to every market globally, introduced the world’s first 2-in-1 smart healthcare gadget in January 2021. The smart healthcare device is made up of two main parts: a smart display speaker with Alexa built in and a detachable health tracker. The smart display speaker can provide the weather forecast, search YouTube, read Kindle books, and perform a range of other tasks. When the detachable health tracker senses a medical emergency, it immediately alerts the hospital and family members. The smart healthcare device’s key monitoring functions and built-in memory allow for the transfer of health information to smartphones and tablets for sharing with family and doctors for early diagnosis.
- Largest Region
North America was the largest region in the smart healthcare products market in 2022.
- Major Players
Major players in the food diagnostics market are AirStrip Technologies, Samsung Healthcare, Siemens Healthineers AG, Cerner Corporation, McKesson Corporation, Medtronic (Given Imaging Inc), Allscripts Healthcare Solutions, eClinicalWorks, Becton Dickinson and Company, Stanley Healthcare, Terumo Corporation, Next Gen Healthcare, GE Healthcare, Johnson & Johnson, Athenahealth Inc., IBM Corporation and Logi-Tag Systems.
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Key Smart Healthcare Products Market Segments
The global smart healthcare products market 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
The Smart Healthcare Products Global Market Report 2023 provides an in-depth analysis on the smart healthcare products market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the smart healthcare products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
View More Related Reports –
Healthcare Services Global Market Report 2023
Healthcare Nanotechnology Global Market Report 2023
Healthcare Interoprability Solutions Global Market Report 2023
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