Global Smart Healthcare Products Market - Segmented by Product Type, Applications and End Users - Growth, Trends and Forecasts (2018 - 2023)
The global smart healthcare products market is expected to register a CAGR of about 12.5% during 2018-2023 (the forecast period). North America dominates the market due to the growing demand for integrated inventory management solutions, such as Smart RFID cabinets, and rising healthcare expenditure in the region.
Growth in the Aging Population
Aging Population has been augmenting the demand for healthcare services, across the globe. The World Health Organization (WHO) reports that nearly 90% of the aged population in the United States suffer from at least one chronic disease, and around 77% with two or more chronic conditions, which is fueling the demand for medical resources in the country. The provision of efficient and better healthcare quality to the geriatric population had augmented the demand for smart healthcare devices, which help in managing all the clinical information electronically. The usage of smart healthcare products simplifies the health management among people, especially the aging ones. Thus, growing aging population has amplified the demand for smart healthcare products, which is likely to drive the market growth for global smart healthcare products. Further, the booming Internet of Things (IoT) in the healthcare industry, technological development in software and digital tools, and rising healthcare expenditure are the factors driving the market growth for smart healthcare products market.
Technological Limitations in Smart Healthcare Products
The adoption of smart healthcare products requires extensive training to operate uninterruptedly. Technology limitations lead to technical problems, associated with smart healthcare products, which the end users are not able to detect/resolve. For instance, poor broadband connection can lead to possible patient mismanagement, which is likely to restrict the sale of smart healthcare products. In addition, side effects, associated with the usage of smart pills, and the high cost of smart healthcare products are the major restraining factors for the growth of smart healthcare products market.
North America to Dominate the Market
The smart healthcare products market is segmented by product type, application, end user, and geography. By geography, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Owing to the rapid development of IoT, geared up by the continuous cost reduction of technology, North America dominates the smart healthcare products market. Over the last couple of years, the decrease in costs associated with different devices, starting from 3D printers to smartwatches and fitness trackers, has augmented the demand for smart healthcare products in the region. Asia-Pacific is also expected to grow at a high pace during the forecast period, owing to the factors, such as rising rate of adoption of mobile telemedicine, growth in healthcare expenditure, government initiatives toward the adoption of smart healthcare systems in the region.
Key Developments in the Market