Need immediate assistance? Call 1-518-730-0559 (Us-Canada Toll Free) or Contact Us


Inevitable Health Concerns and Cost Efficiency to Enhance Smart Healthcare Market Growth

Article Description

With health invariably being a major concern, the boom in smart healthcare has resulted as a boon in the healthcare industry. This phenomenon is an amalgamation of various technological and management tools in order to address health issues encountered by patients. It facilitates an interconnected ecosystem in order to improvise the incorporation of computational analysis practices, computational technologies, communication media, and smart devices. It not just helps in curing patients and assisting healthcare professionals but is also useful in promoting wellbeing and health. Many experts such as scientists, engineers, clinicians, and researchers have pooled in their relevant knowledge to create this multi-disciplinary domain. More or less, smart healthcare is a medical evolution using technological advancement or vice versa. 

Technology Makes Adoption of Smart Healthcare Progressively Faster

The drastic rise in the rate of chronic diseases such as asthma, cancer, diabetes and various heart diseases has majorly led to revolution in the healthcare facilities. Growth in the global smart healthcare product market can be seen with the rapid change in lifestyles. Furthermore, with a large and growing population having an access to smartphones and high-speed 4G and 3G networks, the growth in smart healthcare market can be well anticipated. Moreover, 4G and 3G networks enable high-speed data transfer and video calls, which helps in the speedy and unambiguous delivery of telemedicine services.

IBM and Cisco, the two business giants, are offering smart healthcare solutions, which help in achieving better productivity and communications at low cost using video solutions.

Cost Efficiency Gives Smart Healthcare a Great Push

The inherent cost-efficiency of these services due to improvised handling and longer life of pharmaceuticals than usual can be seen to be one of the driving forces behind success rate of smart healthcare. Additionally, the capability of remotely monitoring the patient’s healing process, diagnosing various diseases and minimizing the chances of risk through various products such as smart pills, smart bandages, and smart syringes can affirmatively reinforce the rate of growth. However, there are some restraining factors such as privacy issues, lack of awareness, and high budget investments in the smart healthcare market.

North America & APAC to Take a Dive of Success in Smart Healthcare Market

This market can be segmented on parameters such as product type, geography, and industry vertical. Smart syringes, smart pills, smart RFID cabinets and electronic health record are put in the category of product type. Amongst North America, Europe, Latin America, APAC, the Middle East and Africa in the geographical segmentation, North America is the leader in the smart healthcare market and is expected to remain the leader from 2015 through 2023. APAC will have an appreciable growth rate in this domain during the same period. A growth in the number of SMEs, enhanced trend of digitalization in the healthcare industry, rising government policies to promote smart healthcare, and big companies dealing in smart healthcare products can be counted as highly influential factors uplifting the smart healthcare product market in the APAC region.

Browse Full Global Smart Healthcare Products Market Report with TOC:

The valuation of global smart healthcare product market was US$29.38 bn in 2015 and is forecast to reach US$57.85 bn by 2023 with a CAGR of 8.84% from 2015 to 2023. Some of the major players providing the smart healthcare products are Allscripts Healthcare Solutions, Becton Dickinson and Company, CapsoVision Inc., eClinicalWorks, Epic Systems Corporation, Inc., Olympus Corporation, Medtronic, Stanley Healthcare, Terumo Corporation, and TAGSYS.