The Global Smart Healthcare Products Market, by Product Type (Electronic Health Record, Smart Syringe, Smart Pill, RFID System, and Other) by Applications (Health Data Storage, Monitoring and Treatment, and Inventory Management ) by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 34,720 million in 2017, and is projected to exhibit a CAGR of 9.3% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights.
The smart healthcare products platforms takes into account the patient centric approach rather than healthcare provider centric approach. It provides efficacy and safety for patient with improved clinical outcomes. For instance, safety syringe allows effective protection against infection from reused needles. Stakeholders in the healthcare system could be immensely benefited with effective monitoring offered by smart healthcare products.
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Increasing number of deaths worldwide from chronic disease and medication non adherence in chronic disease would be major impetus for the growth of smart healthcare products market. For instance, in 2012, according to the a review published in the Annals of Internal Medicine, lack of adherence causes nearly 125,000 deaths and costs U.S. healthcare system US$ 100 – US$ 289 billion annually. According to the study published in Pharmaceutical journal, in 2017, medication non-adherence is reported to cause 200,000 deaths annually in the European Union and cost the National Health Service in the U.K. around US$ 653 million annually.
Healthcare gaps such as undiagnosed patients for various disease in emerging economies such as Latin America and Asia pacific would provide positive prospects for growth of the smart healthcare products market. Healthcare operations are still paper based with diminished efficiency in this regions. Electronic Health Record could benefit this regions by providing better operational efficiency. Emerging economies in this regions could also directly leapfrog towards cloud based smart health platforms in the near future.
Other factors driving growth of the smart healthcare products market are aging population, new technologies in smart healthcare platform, high penetration of smartphones, and increased government funding for health care services.
Browse 24 Market Data Tables and 27 Figures spread through 165 Pages and in-depth TOC on “Smart Healthcare Products Market by Product Type (Electronic Health Record, Smart Syringe, Smart Pill, RFID System and Other) by Applications (Health Data Storage, Monitoring and Treatment and Inventory Management) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global forecast to 2026”
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Key players are undertaking strategic acquisitions in order to expand their product offering, revenue prospects, and geographic presence in different regions across the globe.
For instance, in August 2017, Allscripts announced to acquire McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash.
Furthermore, GE Healthcare in March 2017, acquired Monica Healthcare with which company obtained fetal monitor technology. This technology comprises Bluetooth connected device that monitors both fetal and maternal heart rate and uterine activity.
In May 2018, Allscripts acquired HealthGrid Holding Company. This acquisition would result into expansion of the Allscripts FollowMyHealth platform, which is the company’s patient engagement solution focused on connecting consumers with providers.
In January 2018, Allscripts announced to acquire Practice Fusion. Practice Fusion offers an affordable cloud-based Electronic Health Record (EHR) for small, independent physician practices. Through this acquisition Allscripts is expected to expand its big data insights and health analytics, data sharing technologies, and clinical trial solutions.
Key players are launching innovative smart healthcare platform that would result into better in efficiency in healthcare operations. For instance, in March 2018, Allscripts Healthcare Solutions launched its 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. Avenel is a first mobile and cloud based platform that creates a community-wide shared patient record. It uses machine learning to reduce time for clinical documentation and is designed to work like an app instead of conventional software.
In November 2017, FDA approved first smart pill also called drug with digital ingestion tracking system named Abilify MyCite. Abilify MyCite has active ingredient (aripiprazole tablets with sensor) and an ingestible sensor embedded in the pill that records that the medication was taken. The product is approved for the treatment of schizophrenia, acute treatment of manic, and mixed episodes associated with bipolar I disorder and for use as an add-on treatment for depression in adults
Key Takeaways of the Smart Healthcare Products Market:
- The global smart healthcare products market is expected to exhibit a CAGR of 9.3 % over the forecast period, owing to increasing aging population, rising prevalence of chronic disease and penetration of digital technology and smartphones
- Among the products type in smart healthcare product market, health information and specifically electronic health record (EHR) segment is expected to hold largest market share in smart healthcare product market. This is due to ease of operation’s EHR offers with data storage and use of same by different healthcare provider especially considering complex management of chronic disease.
- Amongst applications, RFID solution segment is expected to be dominant during forecast period with advantages and operational efficiency offered by RFID
- North America is expected to be the dominant region in the global smart healthcare product market, followed by Europe. The U.S. has high prevalence of chronic disease. According to a study published in American College of Cardiology Journal, in 2017, cardiovascular disease accounted for around 800,000 deaths in the U.S. annually. The U.S. currently has one of highest per capita expenditure on healthcare amounting US$ 9146, according to statistics given by World Economic Forum in 2016. This cost could be reduced with help of various smart healthcare platforms.
- Asia Pacific is expected to be lucrative market in near future for smart healthcare product market. This is due to one of highest number of death from chronic disease (More than 12 million each year as per WHO factsheet 2017) and lack of well-established healthcare infrastructure. This region also high smartphone user base, which would drive growth for mHealth platform in smart healthcare product market.
- Key players operating in the global smart healthcare products market include Allscripts Healthcare Solutions Inc. Medtronic, Inc., Becton Dickinson & Company, Honeywell Life Care Solutions, Proteus Digital Health, AirStrip Technologies, Cerner Corporation, Stanley Healthcare, Terumo Corporation, Olympus Corporation, and eClinicalWorks.
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