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

The Business Research Company’s smart healthcare products market report forecasts the smart healthcare products market size to grow to $364.3 Billion by 2027, with a CAGR (compound annual growth rate) of more than 13%.

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Smart Healthcare Products Market Size Forecast
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart healthcare products market size is expected to grow to $364.3 billion in 2027 at a CAGR of 13.1%.

North America held the largest smart healthcare products market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Smart Healthcare Products Market Driver ­– Increase In Healthcare Spending
According to the US Centers for Medicare & Medicaid Services (CMS), National Health Expenditure Projections for 2021-2030, the national health spending growth is predicted to climb to 4.6% in 2022 from 4.2% in 2021. Thus, the increasing healthcare spending will drive the market for smart healthcare products.

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Key Smart Healthcare Products Market Trend – Technological Advancement
Artificial intelligence (AI) is improving the efficiency of smart healthcare products. AI has several applications in the health plan, pharmacy benefit managers (PBM), and health system organizations. It will be a crucial engine driving analytics, insights, and decision-making with increasingly interoperable and secure data. In January 2021, ICON.AI, a South Korea-based company that aims to deliver AI-enabled products to every market worldwide, launched the world’s first 2-in-one smart healthcare device. The smart healthcare device comprises two primary components: a smart display speaker with built-in Alexa and a detachable health tracker. The smart display speaker can give the weather report, search YouTube, read kindle books, and do a variety of other things. The detachable health tracker detects a medical emergency and promptly notifies the hospital and family members. The critical monitoring features and built-in memory of the smart healthcare device allow transferring health information to smartphones and tablets to share with family and doctors for early diagnosis.

Smart Healthcare Products Market Segment
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

Smart Healthcare Products Market Major Players and Strategies
Major players in the smart healthcare products 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.

In December 2021, Oracle, a US-based computer technology corporation, acquired Cerner Corporation for $28.3 billion. With this acquisition, Oracle’s mission now includes the obligation to deliver a new generation of simplified digital tools to busy medical professionals that allow access to data via a hands-free speech interface to secure cloud apps. Cerner Corporation is a US-based that provides various health information technologies, from medical devices to electronic health records to hardware.

The Smart Healthcare Products Global Market Report 2023 covers regional data on smart healthcare products market size, smart healthcare products market trends and drivers, opportunities, strategies, and smart healthcare products market competitor 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.

Smart healthcare products are healthcare products that operate on cutting edge technologies such as IoT and AI. These are used to remote monitoring and diagnosis of a patients’ health conditions and reduce the cost of the treatment for the user.

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