Smart Healthcare Products Market to Reach US$57.85 bn by 2023 : Transparency Market Research
According to a new market report published by Transparency Market Research "Smart Healthcare Products - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023," the Global Smart healthcare product market is expected to reach a value of US$ 57.85 Bn by 2023. The market is estimated to expand at a CAGR of 8.84% during the forecast period from 2015 to 2023.
Extensive innovations in healthcare IT is considered as a key driver boosting the growth of smart healthcare market during the forecast period. Increased integration of inventory management solutions, such as Smart RFID cabinets aimed at decreasing inventory costs and guaranteeing apposite logistics management is expected to drive the growth of the smart healthcare product market. Advancement in smart syringes, and smart pills technology that enable remote monitoring of patients, providing assistance in diagnosing gastrointestinal diseases, minimizing infection spread, and real-time monitoring of healing processes is expected to strengthen the platform for future market growth. On the other hand, high capital investments and privacy issues are some notable restraints in smart healthcare product market.
Smart healthcare is inclined towards development of interconnected healthcare ecosystems in order to improve the utilization of computational technologies, computational analysis practices, smart devices, and communication media to assist healthcare professionals and patients in managing illnesses and health risks, as well as promoting health and wellbeing. Smart healthcare is a multi-disciplinary domain which involves many stakeholders, including clinicians, researchers and scientists with a wide range of expertise in healthcare, engineering, social sciences, public health, health economics and management.
North America acquires largest share in global smart healthcare products market and it is expected that the region will dominate the global market during the forecast period. It is anticipated that APAC region will register higher growth in smart healthcare product market during the forecast period. Growing digitalization in healthcare industry, growth in number of SMEs and large enterprises dealing in smart healthcare products, and increasing government initiative to promote smart healthcare are some notable factors that will serve as a gateway for the growth of smart healthcare product market in APAC region.
The "Smart Healthcare Products Market" report provides the analysis for the period 2014 - 2023, where in period from 2015 to 2023 is forecast period and 2014 is considered as the base year. The report precisely covers all the major trends and technologies playing a major role in the Smart Healthcare Products market growth over the forecast period. It also highlights the drivers, restraints and opportunities expected to influence the market growth during the said period. The study provides the holistic perspective on the Smart Healthcare Products market growth, throughout the above forecast period in terms of revenue (in US$ Mn), across different geographies, which includes Asia Pacific (APAC), Latin America (LATAM), North America, Europe, and Middle East & Africa (MEA).