ALBANY, N.Y., July 6, 2021 /PRNewswire/ — The sheer pace of digitization in healthcare sector has been a veritable force in propelling the demand for smart health frameworks worldwide. The growing adoption of smart healthcare products notably electronic health records (EHRs) has been used by industry stakeholders to capture new value propositions in patient-centred care. Increased penetration of IT in health care, spearheaded in recent years by internet of things (IoT), has spurred the use of such product in value-based care. The spectacular spread of IoT has enabled healthcare providers, payers, and controllers to make an efficient utilization of resources and bring greater value in patient care. Some of the key applications are in monitoring and treatment, inventory management, and health data storage and exchange.
Relentless efforts by governments in numerous countries around the world to boost smart healthcare ecosystem will help the smart healthcare product market expand at CAGR of 8.8% from 2019 to 2027.
Key Findings of Smart Healthcare Products Market Study
- Smart Health Ecosystem to Address Burden of Chronic Diseases in Adults: Worldwide, the incidence of chronic diseases, most notably diabetes and cardiovascular conditions, has been rising rapidly over the past two decades. The prevalence is high in developed economies as well emerging economies, especially in young adult populations. Smart healthcare products such as electronic health records are proving to be a major technological advancement in healthcare IT in assisting healthcare providers to reduce the burden of chronic diseases. Smart RFID cabinets, for example, have made monitoring of medical inventory possible in real time. As a result, such applications in clinical settings have led to substantial cost control, reduction in human error, and boost in the efficiency of all healthcare staff.
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- Growing Share of Healthcare Spending in GDP Expands Canvas: Since the fall of the century, governments in many developing countries and emerging economies have put greater emphasis on improving the healthcare infrastructure. Among the various initiatives, healthcare IT has earned increased attention of policy makers especially in developing world. Resultantly, the trend has spurred concerted efforts of governments to increase the GDP share of healthcare spending consistently in some nations. The new ecosystem has proved to be favorable for smart healthcare products vendors to find new proposition.
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- Providers Focus on Patient Safety, New Privacy Policies to Make Case for New Technologies: In the backdrop of rapidly evolving connected healthcare, framework defining privacy of patient’s data has fallen short of meeting the pace. Players in the smart healthcare products market are keen on addressing glaring concerns related to privacy and lapse in security of medical data. In the same vein, they are proactively implementing new standards for meeting emerging threats to patient safety arising out of constant drive for digitalization of health systems.
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Smart Healthcare Products Market: Key Driving Factors and Avenues
- Initiatives by governments to advance the scope of smart cities have been key accelerant for smart healthcare ecosystem where IoT plays a big role
- Prospect of smart healthcare systems in managing operations in pharmacies and hospitals has risen over the years, boosting the applications smart healthcare products market
- Strides made in healthcare IT are key to fueling growth in the smart healthcare product market
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Smart Healthcare Products Market: Regional Dynamics
- North America held the majority of shares in the global smart healthcare products market in 2018
- The regional market is expected to retain its numero uno position throughout the forecast period
- Asia Pacific has emerged fast in recent years, with incredible avenue for market players
- Greater emphasis of governments of various economies of Asia Pacific to boost patient-centered care is underpinning new revenue streams
TMR’s Latest News Publication – https://www.medgadget.com/2021/06/mobile-hospitals-market-is-driven-by-rising-need-for-medical-care-in-remote-areas.html
Smart Healthcare Products Market: Key Industry Stakeholders
- Stanley Healthcare
- Becton Dickinson and Company
- Epic System Corporation
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