Smart Healthcare Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Smart Healthcare Products Market is segmented by Product Type (Telemedicine, Electronic Health Records, mHealth, Smart Pills and Syringes, and Smart RFID Cabinets), Application (Storage and Inventory Management, Monitoring, Treatment, and Other Applications), End User (Hospitals, Home Care Settings, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the market size and forecasts in value (USD million) for the above-mentioned segments.

Market Snapshot

Smart Healthcare Products Market Overview
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 8.5 %

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Market Overview

The smart healthcare products market will register a CAGR of 8.5% over the forecast period (2022 - 2027).

The smart healthcare products market will register a CAGR of 8.5% over the forecast period (2022 - 2027).

With the emergence of COVID-19, smart healthcare products observed a sudden upsurged in demand. The adoption of smart healthcare has increased during the pandemic situation, and this adoption rate is further expected to grow in the post-COVID-19 scenario. As a result, many companies are expanding their products and services; for instance, in November 2020, Vera Smart Health invested about USD 20 billion to expand its services into remote health services, home-based tests and diagnostics, virtual care, and medication delivery, and nutrition consultation services. In March 2020, United Kingdom HealthCare launched a new telemedicine program in the United Kingdom to help patients with acute-onset symptoms they may like to discuss with a healthcare provider. UK HealthCare Telecare may function similarly to an urgent care clinic, making it easy for patients with acute-onset symptoms, like sore throat, fever, cough, congestion, and respiratory problems, to get expert care without leaving their homes. Hence, a significant demand for smart healthcare products is expected due to the emergence of COVID-19.

Furthermore, various initiatives by public and private players for product launches and approval are another factor for the growth of the market. For instance, in January 2021, Apple Inc. signed a partnership with Biogen, a biotechnology company, for a study on detecting the signs of cognitive impairment early through its wearable devices. This would facilitate the caregivers to offer effective care management and remote monitoring programs. In August 2020, Emme launched "Smart Case," a birth control adherence device. It detects if the pill has been taken and sends reminders via its app. It has been approved by the Food & Drug Administration and costs about USD 99. The company is currently partnered with more than 100 companies manufacturing birth control pills. According to the Digital 2019 report, globally, there were around 4.49 billion internet users in 2019. Moreover, according to the India Brand Equity Foundation 2020, the number of internet users is also estimated to rise in the forecast period. The increasing internet penetration will facilitate the growth of the overall market. Similarly, in May 2020, DrChrono introduced a fully integrated telemedicine application in the market, exclusively for its network providers. Additionally, it is planning to launch "Physician Marketplace" that will help patients in finding physicians.

However, on the flip side, the lack of awareness, coupled with the high cost of smart healthcare products, and the need for training to operate these devices, are some of the factors that restrict the growth of this market globally.

Scope of the Report

Smart healthcare products improve outcomes related to diagnostic tools and enhance patient treatment, along with improving their quality of life. Smart health products come with embedded communication, sensor technologies, and data analytics techniques. These products are used for monitoring individuals physically for diagnosis and ongoing disease treatments. For instance, electronic health records help better clinical services, coupled with efficient patient management. Moreover, improvements related to smart pills and smart syringes for remote patient monitoring are also likely to drive the market. The smart healthcare products market is segmented by product type (telemedicine, electronic health records, mHealth, smart pills and syringes, and smart RFID cabinets), application (storage and inventory management monitoring, treatment, and other applications), end user (hospitals, home care settings, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the market size and forecasts in value (USD million) for the above segments.

By Product Type
Telemedicine
Electronic Health Records
mHealth
Smart Pills and Syringes
Smart RFID Cabinets
Other Product Types
By Application
Storage and Inventory Management
Monitoring
Treatment
Other Applications
By End User
Hospitals
Home Care Settings
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

The mHealth segment is Expected to Observe Good Growth in the Market

During the pandemic situation, mHealth is expected to observe potential growth opportunities in healthcare due to several advantages associated with it. For instance, wearable mHealth technologies support data collection and can also be used to monitor COVID-19 patients with mild symptoms. For instance, in November 2020, a research group from the Massachusetts Institute of Technology initiated work on the development of a mHealth-based tool that can detect the COVID-19 virus in a person's cough.

In August 2020, a research group from the University of Massachusetts conducted a research study to evaluate the usage of mHealth applications. The results revealed that mHealth applications are potential and viable tools for monitoring COVID-19 patients. Such instances are expected to augment the market growth.

According to the European Telecommunications Network Operators' Association, in 2019, about 2.79 million people in Europe were registered for the Internet of Things (IoT) active connection for healthcare, and this number is expected to rise to 10.34 by 2025. This increasing internet user base in healthcare may further boost the adoption of mHealth tools. Also, in October 2020, the American Telemedicine Association partnered with the Organization for the Review of Care and Health Apps (ORCHA), a UK-based digital health evaluator, to develop a tool for people, helping in evaluating mHealth applications. Thus, with the above-mentioned factors, the market is expected to thrive in this segment.

Smart Healthcare Products Market Trends

Asia-Pacific is Expected to Witness the Better Growth in the Market

The smart healthcare products market in Asia-Pacific is expected to grow at the fastest rate. Japan, India, and China are likely to drive the region's market.

As countries around the world grapple with the spread of COVID-19, front-line medical workers are deploying smart healthcare devices, such as telemedicine, robots, and other technologies, to fight the pandemic. In April 2020, the Public Health and Family Welfare Department, India, deployed the "COVID-19 Monitoring System App" designed by Vera Smart Healthcare across several states.

With the increasing incidences of chronic diseases, coupled with the high rate of smartphone penetration, the market is likely to have a tremendous opportunity. The government is also taking various methods to encourage the adoption of smart healthcare products, which is expected to positively impact the market. For instance, in March 2020, the Japanese Ministry of Economy, Trade, and Industry introduced free remote health consultation services in Japan. Such instances are expected to help the smart healthcare products market grow at the fastest rate in this region.

Hospitals and other end users are readily adopting these smart healthcare products, which further boosts the market growth. For instance, in December 2019, Kitano Hospital, Osaka, Japan, deployed the Ultra High Frequency Radio-frequency identification (UHF RFID) system to enhance the processing and distribution of medical supplies. Therefore, owing to the above-mentioned factors, the market is expected to grow over the forecast period.

Smart Healthcare Products Market - Growth Rate by Region - Image

Competitive Landscape

The market is gradually fragmenting, as some of the companies already exist in the market, and stringent government policies in the healthcare sector indirectly assist the market and create an opportunity for other players. The recent outrage of COVID-19, surge in demand for smart healthcare products, such as telemedicine, and incompetence of vendors to meet the demand are expected to drive the growth of the new entrants in the market. Some of the key players are Honeywell Life Care Solutions, AirStrip Technologies, and Olympus Corporation, among others.

Recent Developments

In March 2022, Intuitive MB launched its medical building operating system, which uses the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning technologies to create "smart" hospitals and medical office buildings.

In March 2022, Commonwealth Bank launched new smart terminals, Smart Health, which enabled all major Australian private health insurers improved payments and claim experience.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Technological Advancements in Smart Healthcare Products

      2. 4.2.2 Booming Internet of Things (IoT) in the Healthcare Industry

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Smart Healthcare Products

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value – USD million)

    1. 5.1 By Product Type

      1. 5.1.1 Telemedicine

      2. 5.1.2 Electronic Health Records

      3. 5.1.3 mHealth

      4. 5.1.4 Smart Pills and Syringes

      5. 5.1.5 Smart RFID Cabinets

      6. 5.1.6 Other Product Types

    2. 5.2 By Application

      1. 5.2.1 Storage and Inventory Management

      2. 5.2.2 Monitoring

      3. 5.2.3 Treatment

      4. 5.2.4 Other Applications

    3. 5.3 By End User

      1. 5.3.1 Hospitals

      2. 5.3.2 Home Care Settings

      3. 5.3.3 Other End Users

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Spain

        5. 5.4.2.5 Italy

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Olympus Corporation

      2. 6.1.2 Abbott Laboratories

      3. 6.1.3 GE Healthcare

      4. 6.1.4 Koninklijke Philips NV

      5. 6.1.5 Samsung Healthcare

      6. 6.1.6 Siemens Healthineers AG

      7. 6.1.7 Cerner Corporation

      8. 6.1.8 McKesson Corporation

      9. 6.1.9 Meditech

      10. 6.1.10 Next Gen Healthcare

      11. 6.1.11 Medtronic (Given Imaging Inc.)

      12. 6.1.12 Element Science Inc.

      13. 6.1.13 Life Sense

      14. 6.1.14 Johnson & Johnson

      15. 6.1.15 Capsule Technologies Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Global Smart Healthcare Products Market market is studied from 2019 - 2027.

The Global Smart Healthcare Products Market is growing at a CAGR of 8.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Honeywell Life Care Solutions, Allscripts Healthcare Solutions, Inc, Abbott Laboratories, GE Healthcare, Olympus Corporation are the major companies operating in Global Smart Healthcare Products Market.

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