Smart Healthcare Products Market To Find Better Growth with US$ 60 Billion Value By 2026 | CAGR: 9.3%: Coherent Market Insights

Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

The Global Smart Healthcare Products Market, by Product Type (Electronic Health Record, Smart Syringe, Smart Pill, RFID System, and Others) by Applications (Health Data Storage, Monitoring and Treatment, and Inventory Management ) by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 34,720 million in 2017, and is estimated to register a CAGR of 9.3% during the forecast period (2018 – 2026).

Introduction

The smart healthcare product platforms prefer patient-centric approach instead of healthcare provider-centric approach. It enhances efficiency and safety of patients with improved clinical results. Major investors in the healthcare sector can experience major benefits with effective monitoring offered by smart healthcare products.

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Market Drivers

Increasing number of deaths caused by chronic diseases across the global and non-adherence to medication in chronic diseases are expected to drive growth of the global smart healthcare products market during the forecast period. According to Annals of Internal Medicine, lack of adherence causes around 125,000 deaths and costs U.S. healthcare system US$ 100 – US$ 289 billion annually. According to the study published in Pharmaceutical journal, in 2017, medication non-adherence is reported to cause 200,000 deaths annually in the European Union and cost the National Health Service in the U.K. around US$ 653 million annually.

Moreover, healthcare disparities such as undiagnosed patients of numerous diseases in emerging regions such as Asia Pacific and Latin America are expected to propel the global smart healthcare products market growth over the forecast period. In many emerging economies, healthcare operations are only paper-based with faded efficiency. However, electronic health record can offer major benefits to these regions by providing enhanced operational efficiency. Furthermore, rising geriatric population, advent of technological advancements in smart healthcare platform, growing penetration of smartphones, and increased government expenditure on healthcare services are expected to boost the global smart healthcare products market growth in the near future.

Browse 24 Market Data Tables and 27 Figures spread through 165 Pages and in-depth TOC on “Global Smart Healthcare Products Market by Product Type (Electronic Health Record, Smart Syringe, Smart Pill, RFID System and Other) by Applications (Health Data Storage, Monitoring and Treatment and Inventory Management) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global forecast to 2026”

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Key companies in the market are focused on mergers and acquisitions, in order to enhance their product portfolio, revenue generation, and global market presence.

For instance, in August 2017, Allscripts acquired McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash.

Furthermore, in March 2017, GE Healthcare acquired Monica Healthcare with which company obtained fetal monitor technology. This technology comprises Bluetooth connected device that monitors both fetal and maternal heart rate and uterine activity.

In May 2018, Allscripts acquired HealthGrid Holding Company. This acquisition would result into expansion of the Allscripts FollowMyHealth platform, which is the company’s patient engagement solution focused on connecting consumers with providers.

In January 2018, Allscripts acquired Practice Fusion. Practice Fusion offers an affordable cloud-based Electronic Health Record (EHR) for small, independent physician practices. Through this acquisition Allscripts is expected to expand its big data insights and health analytics, data sharing technologies, and clinical trial solutions.

Moreover, major market players are focused on product launches, in order to expand product portfolio. For instance, in March 2018, Allscripts Healthcare Solutions launched its new Electronic Health Record (EHR) system named Avenel, at the annual Healthcare Information and Management Systems Society (HIMSS) conference at Las Vegas in the U.S. Avenel is a first mobile and cloud based platform that creates a community-wide shared patient record. It uses machine learning to reduce time for clinical documentation and is designed to work like an app instead of conventional software.

In November 2017, the U.S. Food and Administration (FDA) approved first smart pill also called drug with digital ingestion tracking system named Abilify MyCite. Abilify MyCite has active ingredient (aripiprazole tablets with sensor) and an ingestible sensor embedded in the pill that records that the medication was taken. The product is approved for the treatment of schizophrenia, acute treatment of manic, and mixed episodes associated with bipolar I disorder and for use as an add-on treatment for depression in adults

Key Takeaways of the Smart Healthcare Products Market:

• The global smart healthcare products market is expected to exhibit a CAGR of 9.3 % over the forecast period, owing to increasing aging population, rising prevalence of chronic disease and penetration of digital technology and smartphones
• Among the products type in the global smart healthcare product market, health information and specifically electronic health record (EHR) segment is expected to hold largest market share in smart healthcare product market. This is due to ease of operation’s EHR offers with data storage and use of same by different healthcare provider especially considering complex management of chronic disease.
• Amongst applications, RFID solution segment is expected to be dominant during forecast period with advantages and operational efficiency offered by RFID
• North America is expected to be the dominant region in the global smart healthcare product market, followed by Europe. The U.S. has high prevalence of chronic disease. According to a study published in American College of Cardiology Journal, in 2017, cardiovascular disease accounted for around 800,000 deaths in the U.S. annually. The U.S. currently has one of highest per capita expenditure on healthcare amounting US$ 9146, according to statistics given by World Economic Forum in 2016. This cost could be reduced with help of various smart healthcare platforms.
• Asia Pacific is expected to be lucrative market in near future for global smart healthcare products market. This is due to one of highest number of death from chronic disease. According to the World Health Organization (WHO) factsheet, 2017, over 12 million people die due to chronic diseases and lack of well-established healthcare infrastructure. This region also high smartphone user base, which would drive growth for mHealth platform in smart healthcare product market.
• Key players operating in the global smart healthcare products market include Allscripts Healthcare Solutions Inc. Medtronic, Inc., Becton Dickinson & Company, Honeywell Life Care Solutions, Proteus Digital Health, AirStrip Technologies, Cerner Corporation, Stanley Healthcare, Terumo Corporation, Olympus Corporation, and eClinicalWorks.

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