Smart Healthcare Technologies and Product Market to Reach US$ 78.8 Billion by 2027 Globally |CAGR: 7.15%| UnivDatos Market Insights
NOIDA, India, Jan. 20, 2021 /PRNewswire/ -- A comprehensive overview of the smart healthcare technologies and product market is recently added by UnivDatos Market Insights to its humongous database. smart healthcare technologies and product market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the smart healthcare technologies and product market. The smart healthcare technologies and product market report offer a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the smart healthcare technologies and product market at the global and regional levels. The Global Smart Healthcare Technologies and Product market is expected to reach the market value of US$ 78.8 billion by 2027, growing at a CAGR of 7.15% during the forecast period (2021-2027).
Market Overview
The use of technologies such as IoT, ML, and AI in the healthcare sector is one of the key properties of the smart healthcare system. These technologies are used for information access, connect people, actively manages, and intelligently respond to the medical ecosystem ins the smart healthcare services environment.
Smart healthcare is not all about the use of new technologies and products for the treatment and diagnosis. But, it requires an exchange of information among health care service providers and the patients for the better management of clinical data. A rise in health care spending across the globe is also contributing to the growing market for smart healthcare technologies and product market, as per WHO, the global spending on health care was US$ 7.6 trillion in 2016 which increased to US$ 7.8 trillion in 2017. Moreover, it is expected that spending would reach around US$ 8.7 trillion by 2020.
Also, the introduction of smart and portable healthcare products and services across the globe are gaining end user's traction. The heart guide model by OMRON healthcare, contact lens by Google, image grade therapy by Royal Philips, are some of the classic examples of healthcare technology and services.
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COVID-19 Impact
The COVID-19 pandemic gave a robust boom to the demand for smart healthcare technologies and products owing to the government's mandates for social distancing and quarantine. The demand for remote patient monitoring and portable smart healthcare products such as wearables and other health monitoring devices such as wearable blood pressure monitors, EKG monitors, etc. witnessed an uplift in the demand during the COVID pandemic. Also, investment in technologies such as AI and big data has increased. In a survey, it was found that around 83% of healthcare organizations have an AI strategy and 15% are in the planning phase to create one due to the COVID pandemic. Furthermore, funding for healthcare ai startups had also increased due to the pandemic. As per a study healthcare AI startups globally raised around US$ 980 Million in the first quarter of 2020.
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Global Smart Healthcare Technologies and Product Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into
- Electronic Health Record
- RFID Systems
- Smart Pill
- Smart Syringes
- Others
The electronic health record segment dominated the by type of the smart healthcare technologies and product market and will grow at 6.4% CAGR to reach US$ 50.9 billion by the year 2027.
By Application, the market is primarily segmented into
- Health Data Storage and Exchange
- Monitoring and Treatment
- Inventory Management
Amongst application, health data storage and exchange accounted for the largest share and is expected to grow at 6.4% CAGR during the forecast period 2021-2027. In 2019, the health data storage and exchange segment accounted for a revenue share of almost 70.5% in 2019.
By End-User, the market is primarily segmented into
- Hospitals
- Home Care Settings
- Others (Institutes, ASCs, Clinics, etc.)
In 2019, the hospitals' segment dominated the global smart healthcare technologies and product market with nearly 73.9% of the market share and it is anticipated by 2027, the segment will garner US$ 43.6 billion of the market.
Smart Healthcare Technologies and Product Market Geographical Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- Rest of the World
Based on the estimation, the North American region dominated the smart healthcare technologies and product market with almost US$ 16.3 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 8.8% over the forecast period owing to the surging number of patients of the COVID-19 pandemic and the rising demand for remote monitoring owing to the government's announcement in countries such as India, and Japan. etc.
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The major players targeting the market includes
- Allscripts Healthcare Solutions
- BD
- Cerner Corporation
- eClinicalWorks
- General Electric Company
- IBM Corporation
- Medtronic
- Olympus Corporation
- Siemens Healthcare
- Terumo Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the smart healthcare technologies and product market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the smart healthcare technologies and product market?
- Which factors are influencing the smart healthcare technologies and product market over the forecast period?
- What are the global challenges, threats, and risks in the smart healthcare technologies and product market?
- Which factors are propelling and restraining the smart healthcare technologies and product market?
- What are the demanding global regions of the smart healthcare technologies and product market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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