SMART HEALTHCARE PRODUCTS MARKET ANALYSIS

Smart Healthcare Products MarketSize and Trends

The Global Smart Healthcare Products Market is expected to reach US$ 397.10 Bn by 2030, from US$ 163.33 Bn in 2023, at a CAGR of 13.5% during the forecast period.

Smart healthcare products are revolutionizing the healthcare industry globally. These products leverage the latest technologies, like IoT, AI, and mobile computing, to improve patient care and help clinicians. Broadly, there are two main types of smart healthcare products: wearable devices and medical devices. Wearable devices include smart watches, fitness trackers, and patches that can monitor vitals like heart rate, blood pressure, calories burned, etc. continuously. These give real-time health insights to users and alert them of any abnormalities. Medical devices deployed by hospitals include smart beds, robotic surgical devices and digital assistants, these offer higher accuracy for diagnosis and treatment. However, their large scale and fixed infrastructure limit their portability.

The global smart healthcare market is segmented by product type, application, end user, and region. By product type, the Electronic Health Record segment accounted for the largest market share in 2022. The high share of this segment can be attributed to the continuous launch of new products.

Global Smart Healthcare Products Market- Regional Insights

• Growing prevalence of digital health records and workflows: The growing digitalization of health records and workflows is having a profound impact on the global smart healthcare products market. With more healthcare providers embracing digital tools, there is a surging demand for smart medical devices, telehealth solutions, electronic health record systems, and other digital healthcare technologies. The use of digital health records allows for easier data sharing between providers, more seamless care coordination, improved remote patient monitoring capabilities, and more integrated care experiences for patients. Vital information like medical histories, diagnoses, prescriptions, lab results, and more can now be securely accessed from any location by authorized providers. This level of connectivity is driving greater interest in technologies that can leverage digitized data to enhance various areas of healthcare.
• Increasing focus on personalized medicine: The increasing focus on personalized medicine is having a strong influence on the global smart healthcare products market. Personalized medicine takes into account the individual variability in genes, environment, and lifestyle of each person for developing targeted treatment and prevention strategies for patients. Healthcare providers are realizing that a one-size-fits-all approach may not be effective for all patients as genetic variations can affect disease predisposition and drug efficacy.
• Shift towards value-based healthcare models: The global healthcare industry is progressively moving towards value-based models of care from traditional fee-for-service models. This shift is influencing the smart healthcare products market in significant ways. Under value-based models, there is increasing emphasis on delivering high-quality and effective care while optimizing costs. This favors integrated care approaches that leverage digital technologies and tools to achieve these twin goals of improved outcomes and efficiency.