Smart Pills Expand Horizon of Smart Healthcare Products; Market to Clock CAGR of 8.8% From 2019 to 2027, Finds Transparency Market Research
ALBANY, New York, May 28, 2020 /PRNewswire/ --The smart healthcare products market has evolved on the back of the proposition of making medical and patient care more efficient, affordable, and accessible. Rapid pace of digitization in the healthcare industry on account of integration of an array of technologies such as sensors, IoT framework, smart data analytics with healthcare products contributes to broadening avenues in the market. Smart healthcare gadgets play crucial role in accessing patient data remotely and help in monitoring of chronic conditions.
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The latest valuation of the smart healthcare products market was estimated to be US$ 37.5 Bn in 2018. Expanding at CAGR of 8.8% from 2019 to 2027, the global smart healthcare products market is anticipated to reach worth of US$ 80.3 bn by this period-end.
Increasing share of healthcare spending in the GDP of several countries will focus on adoption of smart healthcare products for patient care, note the analysts at Transparency Market Research. They further concede that addressing cost and privacy concerns should be crucial in making healthcare IT successful for disease diagnosis and treatment.
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Key Findings of Smart Healthcare Products Market
-- Of the various product types in smart healthcare products market, smart
pills segment is expected to grow at higher rate than all others during
2019 - 2027
-- Rising demand for minimally invasive surgeries spurs uptake of smart
pills in healthcare industry
-- Of the various regions in smart healthcare products market, North
America held the majority of share in 2018
-- The North America market was trailed by Europe
-- Asia Pacific market to rise at promising CAGR during 2019 - 2027
-- Rapidly aging populations to boost patients' acceptance of smart
healthcare products
Explore 90 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Smart Healthcare Products Market (By Product Type - Smart Syringes, Smart Pills, Smart RFID Cabinets and Electronic Health Record; By Application - Health Data Storage and Exchange, Monitoring and Treatment, and Inventory Management - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027 at https://www.transparencymarketresearch.com/report-toc/9437
Smart Healthcare Products Market: Key Driving Factors and Promising Avenues
A favorable macroeconomic framework in numerous countries is key to the rapid expansion of global smart healthcare products market. Few of the trends are worth noticing.
-- Over the past few years, developing economies have seen an incessant
focus of policy makers to increase the share of healthcare services
spending in the nation's GDP. This is also laying groundwork for
healthcare IT frameworks to flourish, thereby helping propel positive
growth of smart healthcare products market
-- Financial specialists and global technology players see incredible
potential in smart medical care, and are bolstering investments in
development of IoT systems for healthcare.
-- In recent years, developing countries of the world have seen a rapid
penetration of electronic medical records
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Key Challenges for Players in Smart Healthcare Products Market
The smart healthcare products market has made some incredible strides in developing and developed world, unarguably. But a few concerns offset the gains of their uptake in the healthcare industry as following:
-- Both the high cost of smart healthcare products and the lack of clinical
expertise in cost-sensitive markets are demand dampeners
-- In developed countries, doctors with private clinics see meagre gains in
investing in smart healthcare products. This is because healthcare
providers, especially hospitals, who are not part of integrated
healthcare IT, the gains will accrue at negligible rate. This is a
crucial restraint on the expanding revenue scope. Such findings were
part of a notable Congressional Budget Office, U.S.
-- Privacy concerns as to breach of patient's information have made
patients and providers skeptical of purported benefits of smart
healthcare products.
Nevertheless, the factors highlighting the silver lining are more than one:
-- Technology providers are leaning on unveiling smart healthcare products
that fare well in relation to data privacy.
-- Prominent regional regulatory agencies are gradually proving to be
generous in approving smart healthcare products
-- Research in development and commercialization of smart pills and other
novel smart healthcare devices are growing at fast pace, generally in
the developed world
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The global smart healthcare products market has been segmented as follows:
-- Global Smart Healthcare Products Market, by Product Type
-- Smart Syringe
-- Smart Pills
-- RFID Smart Cabinets
-- Electronic Health Record
-- Global Smart Healthcare Products Market, by Application
-- Health Data Storage and Exchange
-- Monitoring and Treatment
-- Inventory Management
-- Global Smart Healthcare Products Market, by Region
-- North America
-- Europe
-- Rest of Europe
-- Asia Pacific
-- Latin America
-- Middle East & Africa
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