Smart Healthcare Technologies and Products Market Research Report with Size, Share, Value, CAGR, Outlook, Analysis, Latest Updates, Data, and News 2021-2028

Current era is the one of informatization, with technology advancement and scientific theories, conventional medicines with biotechnology as its core part has slowly transformed to digitization. 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 modification in healthcare technology with the increasing adoption of the smart healthcare technologies focus on meeting the patients’ needs of people while refining the efficiency of medical care services, which importantly improves the medical and health service experience, and represent the future development direction of modern medicine. 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 the smart technologies. Because of this increased intelligence, their usage can be monitored, additional services can be proactively offered, or maintenance can be provided when a problem is detected. Smart technologies are the cause of large-scale and sweeping advancement across multiple aspects of business, providing unparalleled opportunities for value creation and capture, while also representing a major source of risk. The rapid advances in smart healthcare technology are redefining the healthcare infrastructure.

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Smart healthcare technologies are the integration of smart technology into all areas of a healthcare, fundamentally changing how organizations operate and deliver value to stakeholders. It affects all sectors of society, in particular economies. Healthcare facilities such as hospitals, clinics, ambulatory surgery center are now being provided with an opportunity to radically change their infrastructure by new technologies like electronic health record, RFID systems, smart pill, smart syringes and other. In 2019, Wuhan Union Hospital conducted study on “Smart healthcare: making medical care more intelligent” and concluded that “the prospects for smart healthcare were vast. For individual users, smart healthcare could facilitate better health self-management. Also, timely and appropriate medical services could be accessed when needed, and the content of medical services are anticipated to be more personalized. For medical institutions, smart healthcare could reduce costs, relieve personnel pressure, achieve unified management of materials and information, and improve the patient’s medical experience. For research institutions, smart healthcare could reduce the cost of research, reduce research time, and improve the overall efficiency of research. Regarding macro decision-making, smart healthcare could improve the status of medical resource inequality, push the process of medical reform, promote the implementation of prevention strategies, and reduce social medical costs”. A smart healthcare technologies and products adoption for advancement requires any sort of enterprise to shift much of its infrastructure from its conventional methods and technologies to smart healthcare technologies and products. A smart healthcare technologies and products offers great opportunities:

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  • Reduced costs, replacements for relieve personnel pressure
    • The chance to achieve unified management of materials and information,
    • The flexibility to ramp up or down according to business needs
    • Improve the patient’s medical experience
    • Resources to support the use of artificial intelligence and other systems that identify business opportunities, solve operational problems, and provide winning customer experiences
    Based on type, the smart healthcare technologies and products market is bifurcated into electronic health record, RFID systems, smart pill, smart syringes, and others. Electronic health record market generated revenue of US$ 27.7 billion in 2019 and is expected to grow at a CAGR of 6.4% during the forecast period to reach a market valuation of US$ 50.9 billion by 2027. However, Smart Pill market is expected to witness the highest CAGR growth during the forecast period 2021-2027. Based on application, the smart healthcare technologies and products market is fragmented into health data storage and exchange, monitoring and treatment and inventory management. Health data storage and exchange generated revenue of US$ 28.5 billion in 2019. The market is expected to grow at a CAGR of 6.4% during the forecast period to reach a market valuation of US$ 52.6 billion by 2027. However, monitoring and treatment is expected to witness the highest CAGR growth during the forecast period 2021-2027.
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Based on end user, the smart healthcare technologies and products market is fragmented into hospitals, home care settings and others. Hospitals generated revenue of US$ 29.9 billion in 2019 and is expected to grow at a CAGR of 6.75% during the forecast period to reach a market valuation of US$ 43.6 billion by 2027. For better understanding of the market penetration of smart healthcare technologies and products, the market is analyzed based on its worldwide presence in the region such as North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India Australia and Rest of Asia-Pacific), and rest of the world. North America constitutes a major market for smart healthcare technologies and products market. Some of the major players operating in the market include IBM Corporation, Allscripts Healthcare Solutions, Inc., eClinicalWorks, Medtronic, Olympus Corporation, Terumo Corporation, Cerner Corporation, General Electric Company, Siemens Healthcare Private Limited, and BD.
The global smart healthcare technologies and products market was valued US$ 40.5 billion in 2019 and is projected to expand significantly with the CAGR of 7.15% from 2021-2027. The global smart healthcare technologies and products market is expected to witness a boost, owing to the increasing prevalence of Internet of Things, rising cases of chronic diseases among the population, and growing elderly population worldwide.

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TABLE OF CONTENTS
1. MARKET INTRODUCTION 11
1.1 Market Definition 11
1.2 Objective of the Study 11
1.3 Limitation 11
1.4 Stakeholders 12
1.5 Currency used in the Report 12
1.6 Scope of the Global Smart Healthcare Technologies and Products Market Study 12
2. RESEARCH METHODOLOGY OR ASSUMPTION 13
2.1 Research Methodology for the Smart Healthcare Technologies and Products Market Study 13
2.1.1 Main Objective of the Smart Healthcare Technologies and Products Study 14
3. INDUSTRY PERFORMANCE 15
4. EXECUTIVE SUMMARY 16
5. MARKET OVERVIEW 19
5.1 Introduction 19
5.2 Market Dynamics 20
5.2.1 Market Trend & Drivers 20
5.2.1.1 Increasing Ageing Population Worldwide 20
5.2.1.2 Rising cases of Chronic Diseases Among Population 21
5.2.1.3 Modernization of Healthcare Infrastructure 21
5.2.2 Market Challenges 22
5.2.2.1 High Price of the Smart Healthcare Products 22
5.2.2.2 Lack of Skilled and Trained Professional 22
5.2.3 Market Opportunities 23
5.2.3.1 Rising Government Investments in Healthcare Sector 23
5.2.3.2 Growth Potential in Emerging Economies 23

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6.LEGAL & REGULATORY FRAMEWORK 24
6.1 General Overview 24
7. DEMAND AND SUPPLY SIDE ANALYSIS 25
7.1 Demand Side Analysis 25
7.2 Supply Side Analysis 26
7.2.1 Top Product Launches 26
7.2.2 Top Business Partnerships 26
7.2.3 Top Mergers and Acquisitions 27
7.2.4 Top Business Expansions and Investment 28
8. VALUE CHAIN ANALYSIS 29
8.1 Value Chain Analysis 29
9. MARKET INSIGHTS BY TYPE 30
9.1 General Overview 30
9.1.1 Electronic Health Record 32
9.1.2 RFID Systems 33
9.1.3 Smart Pill 34
9.1.4 Smart Syringes 35
9.1.5 Others 36
10. MARKET INSIGHTS BY APPLICATION 37
10.1 General Overview 37
10.1.1 Health Data Storage and Exchange 38
10.1.2 Monitoring and Treatment 40
10.1.3 Inventory Management 41

….. continued

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