Smart Healthcare Products Global Market Report 2022: Rising Worldwide Healthcare Spending Fuels Growth

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Nov 17, 2022, 09:15 ET

DUBLIN, Nov. 17, 2022 /PRNewswire/ -- The "Smart Healthcare Products Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global smart healthcare products market is expected to grow from $174.26 billion in 2021 to $195.55 billion in 2022 at a compound annual growth rate (CAGR) of 12.22%. The smart healthcare products market is expected to grow to $310.37 billion in 2026 at a compound annual growth rate (CAGR) of 12.24%.

The main types of smart healthcare products are telemedicine, electronic health records, mHealth, smart pills and syringes and smart RFID cabinets. Telemedicine refers to the electronic transmission of medical information from one location to another to enhance patient health. Smart healthcare products are used for storage and inventory management, monitoring, and treatment and are used in hospitals and home care facilities.

North America was the largest region in the smart healthcare products market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart healthcare products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Increasing healthcare spending is contributing to the growth of the smart healthcare products market. The need for healthcare facilities has immensely increased due to the COVID-19 pandemic. The government's increased emphasis on providing universal healthcare, rising income levels, an aging population, improved healthcare knowledge, higher health insurance penetration, and the increasing burden of non-communicable diseases are the main drivers for healthcare spending growth.

Smart healthcare products diagnose and treat an ailment anywhere and anytime. According to the US Centers for Medicare & Medicaid Services (CMS), National Health Expenditure Projections for 2021-2030, the national health spending growth is predicted to climb to 4.6% in 2022 from 4.2% in 2021. Thus, the increasing healthcare spending will drive the market for smart healthcare products.

Technological advancement is a key trend in the smart healthcare products market. Artificial intelligence (AI) is improving the efficiency of smart healthcare products. AI has several applications in the health plan, pharmacy benefit managers (PBM), and health system organizations. It will be a crucial engine driving analytics, insights, and decision-making with increasingly interoperable and secure data. In January 2021, ICON.AI, a South Korea-based company that aims to deliver AI-enabled products to every market worldwide, launched the world's first 2-in-one smart healthcare device.

The smart healthcare device comprises two primary components: a smart display speaker with built-in Alexa and a detachable health tracker. The smart display speaker can give the weather report, search YouTube, read kindle books, and do a variety of other things. The detachable health tracker detects a medical emergency and promptly notifies the hospital and family members. The critical monitoring features and built-in memory of the smart healthcare device allow transferring health information to smartphones and tablets to share with family and doctors for early diagnosis.

Scope
Markets Covered:

1) By Product Type: Telemedicine; Electronic Health Records; mHealth; Smart Pills And Syringes; Smart RFID Cabinets
2) By Application: Storage And Inventory Management; Monitoring; Treatment
3) By End User: Hospitals; Home Care Settings

Key Topics Covered:

1. Executive Summary

2. Smart Healthcare Products Market Characteristics

3. Smart Healthcare Products Market Trends And Strategies

4. Impact Of COVID-19 On Smart Healthcare Products

5. Smart Healthcare Products Market Size And Growth

6. Smart Healthcare Products Market Segmentation

7. Smart Healthcare Products Market Regional And Country Analysis

8. Asia-Pacific Smart Healthcare Products Market

9. China Smart Healthcare Products Market

10. India Smart Healthcare Products Market

11. Japan Smart Healthcare Products Market

12. Australia Smart Healthcare Products Market

13. Indonesia Smart Healthcare Products Market

14. South Korea Smart Healthcare Products Market

15. Western Europe Smart Healthcare Products Market

16. UK Smart Healthcare Products Market

17. Germany Smart Healthcare Products Market

18. France Smart Healthcare Products Market

19. Eastern Europe Smart Healthcare Products Market

20. Russia Smart Healthcare Products Market

21. North America Smart Healthcare Products Market

22. USA Smart Healthcare Products Market

23. South America Smart Healthcare Products Market

24. Brazil Smart Healthcare Products Market

25. Middle East Smart Healthcare Products Market

26. Africa Smart Healthcare Products Market

27. Smart Healthcare Products Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Smart Healthcare Products Market