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).
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.
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”
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.
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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
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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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