Market Trends of Smart Healthcare Products Industry
This section covers the major market trends shaping the Smart Healthcare Products Market according to our research experts:
The mHealth Segment is Expected to Observe Good Growth in the Market
mHealth is a component of eHealth. The National Institutes of Health (NIH) defined mHealth as the use of mobile and wireless devices that include cell phones, tablets, patient monitoring devices, and personal digital assistance (PDAs) to improve health outcomes, healthcare services, and health research. The segment is driven by a rise in the use of smartphones and tablets.
A growing preference for mobile technology, the internet, and mounting demand for digital health is expected to boost the segment's growth. The launch of various programs with increased adoption of smart health is also supporting the market's growth. For instance, in August 2021, Athenahealth and Smile Foundation launched the Smile on Wheels mobile health unit in Chennai. Athenahealth is providing financial support to a Smile on Wheels mobile health unit, which will offer primary healthcare services in an area in Chennai with approximately 17,600 households and 88,000 residents. Smile on Wheels is a national-level mobile hospital program catering to underprivileged children and women. Such initiatives may increase the adoption of health and create awareness about health technology, thereby boosting the growth of the segment.
Product launches by the key market players are also expected to propel the growth of the segment. For instance, in September 2021, Mount Sinai Health System launched a comprehensive mobile application for patients called MyMountSinai. This app is an online gateway to Mount Sinai physicians and services, helping patients manage their medical information, communicate with their doctors, and get details on health services available at the Mount Sinai Health System.
Hence, the rising adoption of mHealth and product launches by market players are expected to boost the segment's growth, which may also augment the market's growth over the forecast period.
North America Holds a Significant Share in the Market and May Continue to do the Same during the Forecast Period
The smart healthcare product market is expected to grow in the North American region due to supportive government policies for the deployment of digital health and the accessibility of infrastructure with high digital literacy. The presence of key market participants, growing awareness about connected healthcare, high penetration of the internet and smartphones, and the usage of health-related apps are a few key factors responsible for the growth of the regional market. According to a study published in Nature Review Cardiology in August 2021, an estimated 20% of US residents currently own a smart wearable device to monitor their health. Thus, with the rising adoption of smart wearable devices in the country, the market is expected to grow over the forecast period.
The continuous product launches with new advancements are boosting the growth of the market in the region. For instance, in April 2021, the American Health Information Management Association (AHIMA), together with Moxe, launched AHIMA dHealth, a mHealth resource and assessment tool for vendors. In March 2022, RespiraLabs, a respiratory healthcare tech business based in the United States, released Sylvee, an AI-powered wearable lung monitor that employs acoustic resonance to assess lung function and identify variations in lung air volume. It can aid in the early detection and treatment of chronic obstructive pulmonary disease (COPD), asthma, and COVID-19. Thus, the growing prevalence of chronic diseases and product launches are expected to boost the smart healthcare products market in the region over the forecast period.
