Smart Health Products Market 2022
The global Smart Health Products market size is anticipated to reach USD 528.9 billion by 2028, registering a CAGR of 16.2%. The COVID-19(coronavirus) pandemic is likely to boost the market growth as these solutions help healthcare professionals to connect effectively with their patients and offer quality treatment. Owing to social distancing, remote patient monitoring, and virtual healthcare delivery is gaining momentum. For instance, U.K. has introduced free virtual consultation during the coronavirus crisis. In April 2020, doctorinthehouse.net, a not-for-profit online healthcare service in U.K.launched a platform in collaboration with volunteers amongst doctors, pharmacists, specialist nurses aiming to schedule 25,000 online appointments and supply 100,000 online assessments over 200 at-home clinicians. Such initiatives are expected to drive the market ahead.
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Operating costs are mainly governed by production costs, inventory storage costs, manufacturing overhead costs, wages, energy costs, and logistical costs. Poor inventory control is a major issue faced by companies that leads to substantial operating losses. There is an increasing demand for RFID kanban systems to control their inventory costs. RFID kanban systems owing to associated benefits such as reduction in manpower, higher efficiency, and cost effectiveness is anticipated drive traction over the forecast period.
Technological advancements are rapidly transforming the market for Smart Health Products. Some of the major market players such as IBM, Cisco, Given Imaging, Inc., Olympus Corporation, Logi-Tag, Brooks Automation, Stanley Innerspace, GE Healthcare, and others account for a substantial market share, owing to their extensive product offerings.Key players are focusing on expanding their current portfolio such as in March 2020, Siemens Healthineers launched Teamplay digital health platform. It is aimed to enable digital healthcare transformation and eases quick access to clinical and operational solutions. Also, in June 2019, Intel introduced Network And Custom Logic Group it is a broad portfolio of products for Artificial Intelligence (AI) and 5G cloud. This is aimed to broaden the horizons of healthcare application.
Smart Health Products Market Report Highlights
- mHealth held the dominant share due to the growing usage of internet, penetration of smartphones, and the increased adoption of mHealth technologies by healthcare professionals and patients
- Telemedicine is expected to be the second fastest-growing segment from 2020 to 2028. Growing prevalence of chronic conditions, rising demand for self healthcare, and outbreak of COVID 19 pandemic are the key factors driving the growth
- Smart Pills demonstrated promising growth during the forecast period owing to technological development including miniaturization of integrated circuits, an increase in focus on patient convenience, and high demand for minimally invasive procedures
- Siemens Medical Solutions; IBM; AT&T Inc.; Apple Inc.; GE Healthcare; and Cisco are some of the major market participants due to their regional presence and product offerings
- Companies are adopting innovative strategies to attain a competitive advantage. Product development, partnerships, strategic collaborations, mergers and acquisitions, and regional expansion are a few of them
TABLE OF CONTENTS
Chapter 1. Methodology and Scope
1.1. Research methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
Chapter 2. Executive Summary
2.1. Smart Health Products – Industry Summary and Buying Criteria, 2016 – 2028
Chapter 3. Smart Health Products Industry Outlook
3.1. Market Lineaage Outlook
3.1.1 Parent Market
3.1.2 Ancillary Market
3.2 Smart Health Products Market Segmentation
3.3. Smart Health Products Market Size and Growth Prospects
3.4. Smart Health Products Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4. Key Opportunities Prioritized
3.6. Industry Analysis – Porter’s
3.7 Smart Health Products Market PESTEL Analysis, 2019
3.8 Competitive Dashboard Analysis
3.9 Public Companies
3.9.1 Company market position analysis
3.9.2 Heat Map Analysis
Chapter 4.Smart Health Products Market: Covid-19 Impact
4.1.Current And Future Impact Analysis
4.1.1 Disease Prevalence Analysis (2019 Q4 -2020)
4.1.1.1 COVID 19 patients
4.1.1.2 Others
4.2 Revised Reimbursement Guidelines
4.3 Opportunity Analysis
4.4 Market Entry Strategies
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