Smart Healthcare Products Market Size

Smart Healthcare Market Analysis

The smart healthcare products market is expected to register a CAGR of 8.5% over the forecast period.

With the emergence of COVID-19, smart healthcare products observed a sudden upsurge in demand. As a result, many companies are expanding their products and services. For instance, according to a study published in IEEE Access in January 2022, a smart health monitoring system was developed using Internet of Things (IoT) technology, which is capable of monitoring blood pressure, heart rate, oxygen level, and temperature of a person, thus helping manage COVID-19 patients. The demand for smart health products increased during the pandemic, which significantly influenced the market's growth. The market is also projected to expand in the following years due to an increase in the use of smart healthcare products to effectively monitor health outcomes, along with the development of technologically advanced products that encourage customers to purchase these devices.

Smart healthcare products are based on the new generation of information technologies, such as the internet of things (loT), big data, cloud computing, and artificial intelligence, to transform the traditional medical system and make healthcare more efficient, convenient, and personalized. Smart healthcare products are undergoing technological developments due to their increasing penetration in the healthcare market. Various initiatives by public and private players, such as product launches and approvals, are also driving the growth of the market. For instance, in January 2021, Apple Inc. partnered with Biogen, a biotechnology company, for a study on detecting the signs of cognitive impairment early through its wearable devices. Similarly, in November 2021, Honeywell launched the Real-Time Health Monitoring System (RTHMS), a smart edge-to-cloud communication platform that acts as a bridge between caregivers and patients for remote and real-time monitoring of patients. The solution combines hardware and software to improve care delivery, increase worker productivity, and streamline processes.

The growing adoption of IoT in healthcare is expected to boost the market. In healthcare, IoT applications benefit patients, families, physicians, hospitals, and insurance companies. According to the study published in Oral Biology and Craniofacial Research in April 2022, IoT is a developing technology that delivers enhancements and improved solutions in the medical area, such as proper medical record-keeping, sample, device integration, and illness causes. Sensor-based IoT technology has the potential to significantly minimize the risk of surgery in complex circumstances. Thus, such advantages are expected to raise the demand for IoT-based smart healthcare products, thereby boosting the growth of the market.

However, high cost of smart healthcare products may restrain the market over the forecast period.