The global smart healthcare products market size is expected to be worth around USD 427.43 billion by 2032 from USD 142 billion in 2022 with a CAGR of 11.7% over the forecast period 2023 to 2032.
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The Internet-of-Things has engaged with business spectrum along with its applications including healthcare. Smart healthcare products market is projected to grow at considerable rate due to penetration of internet worldwide. The traditional doctor and patient appointment has lost its productivity with the ever-increasing world population. Smart healthcare is now becoming very critical. Smart healthcare can be incorporated at all stages, ranging from baby temperature tracking to elderly monitoring of vital signs. In general, connected health refers to any digital healthcare solution that can work remotely and is a collective term for subsets such as telemedicine and mobile health, but with an additional aspect of continuous health monitoring, emergency detection and automatic alerting of appropriate individuals.
The U.S. smart healthcare market size was valued at USD 32.94 billion in 2022 and is estimated to reach around USD 100.05 billion by 2032, growing at a CAGR of 11.80% from 2023 to 2032.
The study report covers key trends and prospects of smart healthcare products across different geographical regions including North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Geographically, smart healthcare products market is conquered by North America owing to speedy technological progress in healthcare products and the presence of major companies operating in the target market. Asia Pacific smart healthcare products industry market is estimated to grow at noteworthy growth rate in the next 10 years. The growth is attributed to and rising home healthcare monitoring tendency, coupled with increasing geriatric population in the countries of APAC owing to changing lifestyle which is creating demand for the smart healthcare products. Additionally, budding demand for the smart healthcare products for the end users in LATAM and the countries of Middle East and Africa is anticipated to propel industry growth in the next 10 years.
COVID-19 Impact on Global Smart Healthcare Products Market
Due to the COVID-19 outbreak and the consequent lockdowns declared by governments around the world, the global economy is experiencing an unprecedented slowdown. Although all industries are impacted by the initiatives, many of these have direct consequences and significance for the sectors of health care and life sciences. While some companies and services are forced to shut down, healthcare and life sciences businesses are motivated to work much harder, to innovate faster, to work together and to be resilient at an unparalleled pace. However, the rising number of COVID-19 cases globally will boost demand for the smart healthcare products industry. While exports and imports were dramatically affected by the sealed border of the major economies for 2020 in order to prevent the spread of novel coronavirus, there was an upsurge in the services rendered by medical companies relating to the use of IT in healthcare. Thanks to the reforms planned by countries in their healthcare systems, smart healthcare products are projected to see rapid growth in the coming years.
Future of Global Smart Healthcare Products Market
Through using advanced sensors and computer communication technology, the IoT revolution has already caught up with the global demand for smart healthcare products and is producing a wide variety of applications on the market. The launch of the new IoT technologies enables healthcare hardware and medical equipment manufacturers to generate and store medical records at rates much faster than ever.
|Market Size in 2023||USD 157.9 Billion|
|Market Size by 2032||USD 427.43 Billion|
|Growth Rate From 2023 to 2032||CAGR of 11.7%|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, End User, Distribution Channel|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Medtronic, Inc., eClinicalWorks, Olympus Corporation, Terumo Corporation, Becton, Dickinson & Company, Cerner Corporation, Stanley Healthcare, Honeywell Life Care Solutions, Allscripts Healthcare Solutions, Inc., AirStrip Technologies, Inc.|
The Wearable Biosensors Segment Is Projected To Dominate the Product Type Segment of Smart Healthcare Products Market Revenue
On the basis of product type wearable biosensors segment is dominant owing to its increased adoption by the end-users worldwide. Wearable activity trackers product type segment is expected to hold share more than 20% in global smart healthcare products market
Pharmacy Stores Distribution Channel Is Predictable To Take over the Distribution Channel Segment of Smart Healthcare Products Market Revenue
On the basis of distribution channel the global market is segmented into major type’s pharmacy stores, e-commerce, and others. The pharmacy stores segment is leading with major share in terms of revenue. The e-commerce segment is anticipated to grow at significant CAGR over the forecast period owing to increased penetration of internet across the globe.
The companies focusing on research and development are expected to lead the global smart healthcare products market. Leading competitors contending in global smart healthcare products market are as follows:
For the better understanding the recent situation of the global smart healthcare products market and for most policies of the country, Precedence Research forecast the future evolution of the smart healthcare products industry. This research study offers qualitative and measureable insights on smart healthcare products market and valuation of market size and development trends for global market segments.
Major Market Segments Covered:
By Distribution Channel
By End User
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