Smart Healthcare Technologies and Products Market: Current Analysis and Forecast (2020-2027)

Report Description

Global Smart Healthcare Technologies and Products Market is expected to reach the market valuation of US$ 78.8 Billion by 2027 expanding at a reasonable CAGR of 7.15% during the forecast period (2021-2027) from US$ 40.5 Billion in 2019. The current era is one of informatization, with technological advancement and scienti?c theories, conventional medicines with biotechnology as its core part have slowly transformed to digitize. And smart healthcare is featuring a new information technology generation. Smart healthcare is not just only a modest technological advancement, multi-level change, but are also all-round. This change is embodied in the following: informatization construction changes (from clinical in formalization to regional medical informatization), medical model changes (from disease-centered to patient-centered care), changes in medical management (from general management to personalized management), and alternation in the methods for disease diagnosis & prevention and treatment (from focusing on disease treatment to focusing on preventive healthcare). These modifications in healthcare technology with the increasing adoption of the smart healthcare technologies focus on meeting the patients’ needs of people while refining the ef?ciency of medical care services, which importantly improves the medical and health service experience, and represent the future development direction of modern medicine.

Smart healthcare technologies are the integration of smart technology into all areas of healthcare, fundamentally changing how organizations operate and deliver value to stakeholders. It affects all sectors of society, in particular economies. These technologies are also empowering governments and stakeholders to improve healthcare standards by improvising patient privacy and secure network. The increasing prevalence of chronic diseases in developed as well as developing economies will further surge the smart healthcare technologies and product demand around the globe. According to World Health Organization (WHO), around 17.9 million people died from cardiovascular diseases (CVDs) in 2016; and according to American Diabetes Association, approximately 34.2 million people in American are suffering from Diabetes. Organizations today increasingly realize they can no longer focus on just providing treatment; they need to offer an experience. An increasing number of products today both consume and generate data, and many are interconnected through smart technologies. Smart technologies are the cause of large-scale and sweeping advancement across various phases of healthcare facilities, providing incomparable opportunities for value capture and creation, while also representing a major source of risk. The rapid advances in smart healthcare technology are redefining the healthcare infrastructure.

Fundamental Change Coming to the Healthcare Industry

Insights Presented in the Report

“Electronic health record segment dominated the product segment of Smart Healthcare Technologies and Products Market”

Based on type, the market is fragmented into electronic health record, RFID systems, smart pill, smart syringes, and other. Electronic health record dominated the market with a share of 68.4% in 2019 and is expected to maintain its dominance during the forecast period owing to the increasing adoption of electronic health record that entails the need for patient records such as patient’s medical history, diagnosis, medications, treatment plans, immunization dates, allergies, radiology images, and laboratory and test results.

“Health Data Storage and Exchange application is expected to dominate the market during the analyzed period”

Based on Application, the market is segmented into Health data storage and exchange, Monitoring and Treatment, and Inventory Management. In 2019, Health data storage and exchange accounted for 70.5% of the market revenue share. Currently, health data storage and exchange dominated the smart healthcare technologies and products market and is expected to remain dominant during the analyzed period as it allows doctors, pharmacists, nurses, healthcare providers and patients to securely access and shares a patient’s vital medical information electronically – improving the speed, quality, safety and cost of patient care.

“Amongst End User, Hospitals are expected to dominate the market during the analyzed period”

Based on the market segment by end-users, the market is fragmented into hospitals, home care settings, and others. In 2019, the Hospitals, accounted for the maximum market share with 73.8% and is expected to be the leading segment of the smart healthcare technologies and products market and is expected to remain dominant during the forecast period as it reduces the time patients have to spend in a facility that led to freeing up space and resources for hospitals to address more patients. The automation also decreases the number of doctors required per patient in a healthcare organization.

“North America represents one of the largest markets of Smart Healthcare Technologies and Products market”

For a better understanding of the market dynamics of the smart healthcare technologies and products market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of World has been conducted. North America dominated the market and generated revenue of US$ 16.3 billion in 2019 owing to the increase in the adoption of Smart Healthcare Technologies and along with the increasing focus on advanced technologies in the order to strengthen healthcare infrastructure in the region.

Competitive analysis

IBM Corporation, Allscripts Healthcare Solutions, Inc., eClinicalWorks, Medtronic, Olympus Corporation, Terumo Corporation, Cerner Corporation, General Electric Company, Siemens Healthcare Private Limited, and Becton, Dickinson, and Company are some of the prominent players operating in the global smart healthcare technologies and products market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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The Smart Healthcare Technologies and Products Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global Smart healthcare technologies and products market were the three major steps undertaken to create and analyze the adoption of smart healthcare technologies and products across various industry verticals in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the smart healthcare technologies and products sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the smart healthcare technologies and products through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the smart healthcare technologies and products market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of smart healthcare technologies and products worldwide.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of smart healthcare technologies and products. Further, we conducted factor analysis using dependent and independent variables such as the increasing elderly population worldwide, rising cases of chronic diseases among the population, and modernization of healthcare infrastructure. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the smart healthcare technologies and products industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the smart healthcare technologies and products market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of smart healthcare technologies and products across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the smart healthcare technologies and products market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the smart healthcare technologies and products market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, application, and end-user of the smart healthcare technologies and products market.

The main objective of the Smart Healthcare Technologies and Products Market Study

The current & future market trends of smart healthcare technologies and products were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of smart healthcare technologies and products in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, application, and end-users
• Define and analysis of the regulatory framework for the smart healthcare technologies and products industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the smart healthcare technologies and products market for the major region
• Major regions studied in the report include North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and the Rest of the World
• Company profiles of the market players to sustain in the fast-growing market and the growth strategies adopted by them are included
• Deep dive regional level analysis of the industry