The growing prevalence of infectious diseases like COVID-19 and Zika virus coupled with an increase in the number of chronic diseases are urging many countries to adopt a well-developed healthcare infrastructure. Technological advancements are an essential aspect of the overall development of the healthcare infrastructure. Smart healthcare technologies are an essential part of the overall healthcare industry. These products are used on a large scale mainly for convenience of the patients and completion of a specific process in less time. Furthermore, these products ensure safety and hygiene to a great extent as compared to conventional healthcare products. Thus, these factors will help in increasing the growth rate of the smart healthcare products market.
Smart healthcare products enhance the user experience. The main objective of smart healthcare is to increase the quality of healthcare services. These aspects boost the demand for smart healthcare products to a considerable extent. Smart wearable, smart syringes, smart pills, smart RFID cabinets, and others are some instances of smart healthcare products.
Transparency Market Research has carried out deep analysis on numerous aspects associated with the growth of the smart healthcare products market. Factors like the competitive scenario, regional landscape, current trends, COVID-19 impact, and the threats have been included in the report systematically for the stakeholder or the CXO to understand. The analysts at Transparency Market Research, after a detailed analysis, estimate the global market for smart healthcare products to expand at a CAGR of 8.8% during the forecast period of 2019-2027. The global smart healthcare products market was valued at US$ 37.5 Bn in 2018 and is expected to reach US$ 80.3 Bn by 2027.
Densely populated countries like India, China, Brazil, Japan, etc. are focusing more on developing their healthcare infrastructure to provide quality healthcare to all its citizens. The rise in population numbers initiates an increase in the growth opportunities associated with the smart healthcare technologies market. These factors bring positive growth opportunities.
Here are some major types categorized under smart healthcare technologies and the overall scenario of demand and developments.
Smart Syringes
Smart syringes are gaining considerable momentum around the world. The growing incidence of reusing syringes are leading to more than 2 Mn people infected with transmissible diseases like hepatitis and HIV every year according to a finding by the World Health Organization. These statistics highlight the need for smart syringes on a large scale. In addition, COVID-19 vaccination is in full action across many countries. Smart syringes may be preferred instead of traditional vaccines to inoculate the people. All these factors assure considerable growth opportunities for the smart healthcare products market.
Smart RFID Cabinets
Many healthcare facilities are making use of smart cabinets with radio-frequency identification technology to their operating cabinets and cath labs for tracking and managing medical devices. This technology enables the replacement of traditional barcode systems with RFID technology. It offers an easy user interface with point-of-use reporting and time-tracking. RFID technology-enabled smart cabinets provide the convenience of sending the requirements of the healthcare facilities directly to the vendors, distributors, and manufacturers. Thus, these advantages bode well for the growth of the smart healthcare products market.
Smart Pills
Smart pills assure convenient diagnostics and accurate therapy. In addition, they dissociate the need for invasive procedures on a large scale. Smart pills can be referred to as electronic devices in the mold of capsules. These devices perform advanced functions such as imaging and sensing. A person swallows the pills and they travel along the gastrointestinal tract to extract information and visuals which are otherwise difficult to obtain. The advantages etched with smart pills assure a profitable growth structure for the smart healthcare products market.
Source: Transparency Market Research