Market Insights - Smart Healthcare Products
Smart healthcare product is a cluster of multiplatform technologies that involves use of new age information communication technologies that utilizes digital, mobile, and cloud-based platforms in order to provide quality healthcare to patients. Smart healthcare product platforms such as electronic health record help in the efficient patient management and better clinical outcome.
Smart healthcare product platform brings the stakeholder in healthcare system close such as patients, health care practitioners, researchers, medical device industry firms thereby makes whole healthcare system efficient.
Various advantages offered by smart healthcare products include reduction in inefficiencies, improved access to healthcare services, reduction in healthcare costs, increased quality aspect of healthcare, and making medicine more personalized and efficient for patients. Smart healthcare product platforms such as digital medicine allows close monitoring of the patient on medicine course, which improves medication adherence especially in case of chronic diseases.
The global smart healthcare products market size was valued at US$ 34,720 million in 2017, and is expected to witness a CAGR of 9.3% over the forecast period (2018 – 2026).
Figure 1. Global Smart Healthcare Products Market Value (US$ Mn), by Region, 2017
Increasing number of geriatric population and high prevalence of chronic disease for various parameters is expected to propel growth of the smart healthcare products market
Population across globe is slowly observing growth in median age with higher number of people crossing age bracket of 60 and above. According to the Population Prospects Report of United Nations published in 2017, an estimated 962 million people were aged 60 or over in the world (13 per cent of the global population) in 2017. The population aged 60 or above is growing at a rate of around 3% annually and it is estimated to reach 1.4 billion by 2030. Such high number of aging population would be immensely benefitted with smart healthcare products.
Furthermore, high prevalence of the chronic disease and need for continuous monitoring is expected to drive growth of the market during the forecast period. According to the World Health Organization (WHO) data, in 2017, around 40 million people die annually due to chronic disease, which accounted for 70% of all deaths worldwide. Cardiovascular diseases is responsible for 17.7 million death annually, followed by cancers (8.8 million deaths), respiratory diseases (3.9million deaths), and diabetes (1.6 million deaths).
Smart pills can be beneficial, as it aids in tracking the medication adherence and also help in better diagnostics. Cancer can become accessible and simple with tele care platform. Electronic health record facility could be immensely beneficial as complication associated with patient data (diagnostic data, treatment history and results) could be managed and accessed easily.
However, high cost of smart healthcare products is expected to restrain growth of the market. Smart syringe costs twice the price of standard syringe, which is inaccessible and unaffordable to low and middle income population. Furthermore, lack of skilled technicians to handle smart healthcare products such as electronic health record may hinder growth of the market.
Figure 2. Major components of smart healthcare products
High penetration of smartphone, digital technology, and new products launches to drive growth of the smart healthcare products market
Increased user base of smartphones and tablets across globe especially in emerging economies is expected to increase adoption of smart healthcare products. According to statistics provided by the Pew Research Centre in 2016, around 72% population of the U.S. has smartphone access, around 59% of Chinese population and around 45% of Indian population carries smartphone. The number of internet users in India is expected to reach 450-465 million by 2020, as per estimation of the Internet and Mobile Association of India in 2017.
This is important impetus for market growth as digital pill, RFID systems are technology driven and smart phone aids their operations which would help propel market for smart healthcare products. Furthermore, advancements in technology such as internet of things is expected to create lucrative growth opportunities for smart healthcare products market.
Key players are engaged in the launching innovative digital health platform for better efficiency of healthcare operations and expansion of market. For instance, in March 2018, Allscripts Healthcare Solutions launched new Electronic Health Record (EHR) system named Avenel, at the annual Healthcare Information and Management Systems Society (HIMSS) conference at Las Vegas in the U.S.
There is expected to be shortage of nurses and physicians in the near future, according to study in 2017 by Association of American Medical Colleges. The U.S. would have a shortage of between 40,800 and 104,900 physicians by 2030, which would create need to adopt smart healthcare platform that helps save time and promote efficiency in healthcare delivery
Key players operating in smart healthcare products market include Allscripts Healthcare Solutions Inc. Medtronic, Inc., Becton Dickinson & Company, Honeywell Life Care Solutions, AirStrip Technologies, Cerner Corporation, Stanley Healthcare, Terumo Corporation, Olympus Corporation, and eClinicalWorks.
Smart healthcare products are technology-based products, which offers benefit of advancements in IT hardware and software for better healthcare delivery. They are emerging set of products with positive prospects in near future due to increasing amalgation of information technology in health offerings services. They could save on ever-growing health care cost by imparting operational efficiency and could bring better clinical outcome with monitoring tools such as smart pill etc.
Increasing number of people above age 60 worldwide leads to higher requirement of healthcare needs with more emphasis on long term care and chronic disease care, which is one the major drivers for growth of the market. Developed economies such as U.S. and Europe are witnessing high number of population ageing 65 and above. According to the U.S. Census Bureau’s report of 2017, around 47.8 million people were aged 65 and older in the U.S. in 2015 accounting for 14.9% of the total population, a 1.6 million increase from 2014. Europe is currently having highest 65 years and above age population, which is 25% of entire population, according to the Population Prospect Report of the United Nations published in 2017. Smart pill and smart syringe would prove to be important smart healthcare products platform for this population. Another important factor for growth of the smart healthcare products market would be high technological penetration in the smart healthcare products market domain. For instance, cloud-based electronic medical record, which could be shared amongst entire healthcare stakeholders would make entire health operation smooth and efficient.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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*Browse 24 market data tables and 27 figures on "Smart Healthcare Products Market - Global forecast to 2026”.
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