Smart Healthcare Products are in Great Demand with Transformation of Healthcare IT Underway

In current scenario, smart healthcare is a trending phenomenon that includes the usage of information and communication technologies to address the health issues and challenges confronted by patients. These advancements incorporate both equipment and programming arrangements and services. In general, smart healthcare is inclined towards development of interconnected healthcare ecosystems in order to improve the utilization of computational technologies, computational analysis practices, smart devices, and communication media to assist healthcare professionals and patients in managing illnesses and health risks, as well as promoting health and wellbeing. Smart healthcare is a multi-disciplinary domain which involves many stakeholders, including clinicians, researchers and scientists with a wide range of expertise in healthcare, engineering, social sciences, public health, health economics and management. The global smart healthcare product market was valued at US$ 29.38 Bn in 2015 and is forecast to grow at a CAGR of 8.84% from 2015 to 2023 reaching a value of US$ 57.85 Bn in 2023.

Extensive innovations in healthcare IT is considered as a key driver boosting the growth of smart healthcare products market during the forecast period. Increased integration of inventory management solutions, such as Smart RFID cabinets aimed at decreasing inventory costs and guaranteeing apposite logistics management is expected to drive the growth of the smart healthcare product market. Advancement in smart syringes, and smart pills technology that enable remote monitoring of patients, providing assistance in diagnosing gastrointestinal diseases, minimizing infection spread, and real-time monitoring of healing processes is expected to strengthen the platform for future market growth. On the other hand, high capital investments and privacy issues are some notable restraints in smart healthcare product market.

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Other factors promoting the growth of the global smart healthcare products market include the advancements in technology, such as the developments on the smart syringe and the introduction of smart pills that let doctors monitor their patients remotely. This also include technology that can help reduce the overall area an infection occurs over, aiding the diagnostics in GI disorders, and a real-time and detailed monitoring of healing processes.

The global smart healthcare products market, however, is currently restricted by a few factors, the major one being the overall cost. This market requires a high initial investment, the lack of which can disrupt growth rates. Another restraint on the global smart healthcare products market is the introduction of privacy and data security issues as the introduction of networked devices can make them prone to hacking attempts.

The report utilizes a segmented method to completely analyze the global smart healthcare products market. For this, the report makes use of the categories of product types, industry verticals, and geography. In terms of products, the global smart healthcare products market is segmented into smart syringes, electronic health record, smart RFID cabinets, and smart pills. In terms of industry verticals, the market is segmented into inventory management, monitoring and treatment, and health data storage and exchange. Segmented by geography, the global smart healthcare products market was dominated by North America in 2014. The report estimates that this region will maintain leadership of the market, while the Asia Pacific region will show the fastest growth rate.