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Global Smart Healthcare Products Market Size, Share, Report: By Product Type: Telemedicine, Electronic Health Records, mHealth, Smart Pills and Syringes, Smart RFID Cabinets, Others; By Application: Monitoring, Treatment, Others; By Distribution Channel, By End User; Regional Analysis; Competitive Landscape; 2024-2032
Smart Healthcare Products Market Outlook
The global smart healthcare products market size was valued at USD 191.9 billion in 2023, driven by the increasing rapid adoption of Internet of Things (IoT) devices across the globe. The market size is anticipated to grow at a CAGR of 15.2% during the forecast period of 2024-2032 to achieve a value of USD 685.3 billion by 2032.
Smart Healthcare Products: Introduction
Technology has revolutionized the way people do things, and it has impacted every sector, including healthcare. Smart watches, smart wristbands, and smart healthcare devices are all familiar terms produced with the integration of advanced technology to enhance the patient experience and convenience for healthcare providers as well. Smart healthcare products assist practitioners in providing better service. Basically, smart technology refers to devices that make use of AI, the internet, cloud computing, and more advanced functionalities that did not exist earlier. For example, A smart bed that can track patient movements and is able to alert nurses when a patient leaves the bed. There is a wide range of wearable smart devices healthcare providers and patients can benefit from and improve overall healthcare, including biosensors, smart thermometers, connected inhalers, smart watches, fitness trackers (FitBits), ECG monitors, and blood pressure monitors.
Global Smart Healthcare Products Market Analysis
The market has been experiencing significant growth owing to factors such as the growing adoption of advanced technologies like the Internet of Things (IoT) in healthcare. The integration of IoT devices allow healthcare systems to exchange data seamlessly, remote monitoring, and real-time insights, boosting the market growth further. The integration of advanced technologies such as machine learning (ML) and artificial intelligence (AI) is also revolutionizing healthcare like never before. These technologies enable predictive analytics, rapid data analysis, and more accurate diagnostics, that ultimately assist in enhancing patient care acting as a major trend driving the global smart healthcare products market growth.
Rising technological advancements, coupled with an increasing preference for mobile technology and the internet in healthcare, along with the rising demand for digital health solutions are also acting as major trends for the market. This rapid shift is expected to significantly drive the market growth. The increasing awareness among patients and healthcare providers about the benefits of telehealth, virtual care, and the use of wearable smart devices for remote monitoring is also contributing to the market growth.
Key players in the market are also contributing to the market growth by launching innovative products in the market. For instance, companies like Eaton are introducing digital products designed for the healthcare sector embedded with machine learning and AI algorithms to enhance energy usage data and provide comprehensive insights into patient’s daily lives.
Additionally, the increased integration of connected emergency response solutions is also revolutionizing healthcare by enabling faster communication between emergency services and service providers such as ambulances, physicians, and emergency departments, resulting in real-time responses and improved patient outcomes. Smart hospital management systems are also gaining popularity by offering increased efficiency, better resource management, and enhanced patient experiences by integrating digital systems for data access and operational insights.
Global Smart Healthcare Products Market Segmentations
Market Breakup by Product Type
- Telemedicine
- Electronic Health Records
- mHealth
- Smart Pills and Syringes
- Smart RFID Cabinets
- Others
Market Breakup by Application
- Storage and Inventory Management
- Monitoring
- Treatment
- Other Applications
Market Breakup by Distribution Channel
- Hospital and Clinics
- Offline Pharmacy Stores
- Online Pharmacy Stores
Market Breakup by End User
- Hospitals
- Specialty Clinics
- Home Healthcare
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global Smart Healthcare Products Market Overview
The market for smart healthcare products is witnessing significant growth driven by the rapid adoption of Internet of Things (IoT) devices enabling healthcare professionals to provide more personalized and timely care. The COVID-19 pandemic acted as a catalyst, leading to an unexpected surge in demand for smart healthcare products as healthcare systems worldwide sought innovative solutions for remote patient monitoring and telehealth services. The increasing prevalence of chronic disorders is also driving the market growth with the need for continuous monitoring and increasing early interventions in the market. The development of healthcare infrastructure, coupled with continuous technological advancements, is also a major factor responsible for the increasing demand for smart healthcare products in the market, further propelling the global smart healthcare products market growth.
Increasing initiatives by the government are also directly aiding the market growth. For example, governments have started to realize the potential of digital health and have introduced favourable policies to facilitate the deployment of these technologies in healthcare facilities, further driving the market growth.
Additionally, the mergers of pharmaceutical companies with health-tech companies to introduce comprehensive and industry-specific digital solutions are also propelling the market growth further by addressing complex healthcare challenges. Increasing strategic investments, coupled with mergers and acquisitions within the healthcare sector, are further intensifying the market growth.
Geographically, North America is currently leading the global market due to supportive government policies, robust digital healthcare infrastructure, and a high level of digital literacy. The presence of key market players, growing awareness of connected healthcare, widespread internet, and smartphone penetration, and the popularity of health-related apps all contribute to regional dominance in the smart healthcare product market.
Global Smart Healthcare Products Market: Competitor Landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
- Cerner Corporation
- Allscripts Healthcare Solutions
- CISCO
- IBM
- Olympus Corporation
- Samsung Electronics Corporation
- SMITH & NEPHEW
- Logi-Tag Systems
- Brooks Automation
- Solstice Medical LLC
- MCKESSON CORPORATION
- Siemens Medical Solutions
- Apple Inc.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Application |
|
| Breakup by Distribution Channel |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Smart Healthcare Products Market Overview
3.1 Global Smart Healthcare Products Market Historical Value (2017-2023)
3.2 Global Smart Healthcare Products Market Forecast Value (2024-2032)
4 Global Smart Healthcare Products Market Landscape
4.1 Global Smart Healthcare Products Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Smart Healthcare Products Product Landscape
4.2.1 Analysis by Product Type
4.2.2 Analysis by Application
5 Global Smart Healthcare Products Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Smart Healthcare Products Market Segmentation
6.1 Global Smart Healthcare Products Market by Product Type
6.1.1 Market Overview
6.1.2 Telemedicine
6.1.3 Electronic Health Records
6.1.4 mHealth
6.1.5 Smart Pills and Syringes
6.1.6 Smart RFID Cabinets
6.1.7 Others
6.2 Global Smart Healthcare Products Market by Application
6.2.1 Market Overview
6.2.2 Storage and Inventory Management
6.2.3 Monitoring
6.2.4 Treatment
6.2.5 Other Applications
6.3 Global Smart Healthcare Products Market by Distribution Channel
6.3.1 Market Overview
6.3.2 Hospital and Clinics
6.3.3 Offline Pharmacy Stores
6.3.4 Online Pharmacy Stores
6.4 Global Smart Healthcare Products Market by End User
6.4.1 Market Overview
6.4.2 Hospitals
6.4.3 Speciality Clinics
6.4.4 Home Healthcare
6.4.5 Others
6.5 Global Smart Healthcare Products Market by Region
6.5.1 Market Overview
6.5.2 North America
6.5.3 Europe
6.5.4 Asia Pacific
6.5.5 Latin America
6.5.6 Middle East and Africa
7 North America Smart Healthcare Products Market
7.1 Market Share by Country
7.2 United States of America
7.3 Canada
8 Europe Smart Healthcare Products Market
8.1 Market Share by Country
8.2 United Kingdom
8.3 Germany
8.4 France
8.5 Italy
8.6 Others
9 Asia Pacific Smart Healthcare Products Market
9.1 Market Share by Country
9.2 China
9.3 Japan
9.4 India
9.5 ASEAN
9.6 Australia
9.7 Others
10 Latin America Smart Healthcare Products Market
10.1 Market Share by Country
10.2 Brazil
10.3 Argentina
10.4 Mexico
10.5 Others
11 Middle East and Africa Smart Healthcare Products Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.4 Nigeria
11.5 South Africa
11.6 Others
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Funding Analysis
14.1 Analysis by Funding Instances
14.2 Analysis by Type of Funding
14.3 Analysis by Funding Amount
14.4 Analysis by Leading Players
14.5 Analysis by Leading Investors
14.6 Analysis by Geography
15 Partnership and Collaborations Analysis
15.1 Analysis by Partnership Instances
15.2 Analysis by Type of Partnership
15.3 Analysis by Leading Players
15.4 Analysis by Geography
16 Regulatory Framework
16.1 Regulatory Overview
16.1.1 US FDA
16.1.2 EU EMA
16.1.3 INDIA CDSCO
16.1.4 JAPAN PMDA
16.1.5 Others
17 Supplier Landscape
17.1 Cerner Corporation
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
17.1.5 Certifications
17.2 Allscripts Healthcare Solutions
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.2.5 Certifications
17.3 CISCO
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.3.5 Certifications
17.4 IBM
17.4.1 Financial Analysis
17.4.2 Financial Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.4.5 Certifications
17.5 Olympus Corporation
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.5.5 Certifications
17.6 Samsung Electronics Corporation
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.6.5 Certifications
17.7 SMITH & NEPHEW
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.7.5 Certifications
17.8 Logi-Tag Systems
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.8.5 Certifications
17.9 Brooks Automation
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.9.5 Certifications
17.10 Solstice Medical LLC
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.10.5 Certifications
17.11 MCKESSON CORPORATION
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisitions
17.11.5 Certifications
17.12 Siemens Medical Solutions
17.12.1 Financial Analysis
17.12.2 Product Portfolio
17.12.3 Demographic Reach and Achievements
17.12.4 Mergers and Acquisitions
17.12.5 Certifications
17.13 Apple Inc.
17.13.1 Financial Analysis
17.13.2 Product Portfolio
17.13.3 Demographic Reach and Achievements
17.13.4 Mergers and Acquisitions
17.13.5 Certifications
18 Global Smart Healthcare Products Market - Distribution Model (Additional Insight)
18.1 Overview
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
21.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
Key Questions Answered in the Report
The market attained a value of about USD 191.9 billion in 2023, driven by the rapid technological advancements.
The market is anticipated to grow at a CAGR of 15.2% during the forecast period of 2024-2032. likely to reach a market value of USD 685.3 billion by 2032.
The increasing adoption of Internet of Things (IoT) devices is a major factor driving the market growth.
The increasing awareness among patients and healthcare providers regarding the benefits of telehealth, and virtual care for remote monitoring is a major trend influencing market growth.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America is currently leading the global market.
Various products in the market include telemedicine, electronic health records, mhealth, smart pills and syringes, and smart RFID cabinets, among others.
They find wide applications in storage and inventory management, monitoring, treatment, and other applications.
End users in the market are hospitals, speciality clinics, and home healthcare.
Various distribution channels include hospitals and clinics, offline pharmacy stores, and online pharmacy stores.
Key players involved in the market are Cerner Corporation, Allscripts Healthcare Solutions, CISCO, IBM, Olympus Corporation, Samsung Electronics Corporation, SMITH & NEPHEW, Logi-Tag Systems, Brooks Automation, Solstice Medical LLC, MCKESSON CORPORATION, Apple Inc., and Siemens Medical Solutions.
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