The Global SmartHealthcare Products Market, by Product Type (Electronic Health Record,Smart Syringe, Smart Pill, RFID System, and Other) by Applications (Health DataStorage, Monitoring and Treatment, and Inventory Management ) by Region (NorthAmerica, Latin America, Europe, Asia Pacific, Middle East, and Africa) wasvalued at US$ 34,720 million in 2017, and is projected to exhibit a CAGR of9.3% over the forecast period (2018 – 2026).
The smart healthcare productsplatforms takes into account the patient centric approach rather thanhealthcare provider centric approach. It provides efficacy and safety forpatient with improved clinical outcomes. For instance, safety syringe allowseffective protection against infection from reused needles. Stakeholders in thehealthcare system could be immensely benefited with effective monitoring offeredby smart healthcare products.
Increasing number of deaths worldwidefrom chronic disease and medication non adherence in chronic disease would bemajor impetus for the growth of smart healthcare products market. For instance,in 2012, according to the a review published in the Annals of InternalMedicine, lack of adherence causes nearly 125,000 deaths and costs U.S.healthcare system US$ 100 – US$ 289 billion annually. According to the studypublished in Pharmaceutical journal, in 2017, medication non-adherence isreported to cause 200,000 deaths annually in the European Union and cost theNational Health Service in the U.K. around US$ 653 million annually.
Healthcare gaps such asundiagnosed patients for various disease in emerging economies such as LatinAmerica and Asia pacific would provide positive prospects for growth of thesmart healthcare products market. Healthcare operations are still paper based withdiminished efficiency in this regions. Electronic Health Record could benefitthis regions by providing better operational efficiency. Emerging economies inthis regions could also directly leapfrog towards cloud based smart healthplatforms in the near future.
Other factors driving growth ofthe smart healthcare products market are aging population, new technologies insmart healthcare platform, high penetration of smartphones, and increasedgovernment funding for health care services.
Browse 24 Market Data Tables and27 Figures spread through 165 Pages and in-depth TOC on “Smart HealthcareProducts Market by Product Type (Electronic Health Record, Smart Syringe, SmartPill, RFID System and Other) by Applications (Health Data Storage, Monitoringand Treatment and Inventory Management) and by Region (North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa) - Global forecast to2026”
Key players are undertakingstrategic acquisitions in order to expand their product offering, revenueprospects, and geographic presence in different regions across the globe.
For instance, in August 2017,Allscripts announced to acquire McKesson Corporation’s hospital and healthsystem IT business and Enterprise Information Solutions for US$ 185 million incash.
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Furthermore, GE Healthcare inMarch 2017, acquired Monica Healthcare with which company obtained fetalmonitor technology. This technology comprises Bluetooth connected device thatmonitors both fetal and maternal heart rate and uterine activity.
In May 2018, Allscripts acquiredHealthGrid Holding Company. This acquisition would result into expansion of theAllscripts FollowMyHealth platform, which is the company’s patient engagementsolution focused on connecting consumers with providers.
In January 2018, Allscriptsannounced to acquire Practice Fusion. Practice Fusion offers an affordablecloud-based Electronic Health Record (EHR) for small, independent physicianpractices. Through this acquisition Allscripts is expected to expand its bigdata insights and health analytics, data sharing technologies, and clinicaltrial solutions.
Key players are launchinginnovative smart healthcare platform that would result into better inefficiency in healthcare operations. For instance, in March 2018, AllscriptsHealthcare Solutions launched its new Electronic Health Record (EHR) systemnamed Avenel, at the annual Healthcare Information and Management SystemsSociety (HIMSS) conference at Las Vegas in the U.S. Avenel is a first mobileand cloud based platform that creates a community-wide shared patient record.It uses machine learning to reduce time for clinical documentation and isdesigned to work like an app instead of conventional software.
In November 2017, FDA approvedfirst smart pill also called drug with digital ingestion tracking system namedAbilify MyCite. Abilify MyCite has active ingredient (aripiprazole tablets withsensor) and an ingestible sensor embedded in the pill that records that themedication was taken. The product is approved for the treatment ofschizophrenia, acute treatment of manic, and mixed episodes associated withbipolar I disorder and for use as an add-on treatment for depression in adults
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Key Takeaways of the SmartHealthcare Products Market:
The global smart healthcareproducts market is expected to exhibit a CAGR of 9.3 % over the forecastperiod, owing to increasing aging population, rising prevalence of chronicdisease and penetration of digital technology and smartphones
Among the products type in smarthealthcare product market, health information and specifically electronichealth record (EHR) segment is expected to hold largest market share in smarthealthcare product market. This is due to ease of operation’s EHR offers withdata storage and use of same by different healthcare provider especiallyconsidering complex management of chronic disease.
Amongst applications, RFIDsolution segment is expected to be dominant during forecast period withadvantages and operational efficiency offered by RFID
North America is expected to bethe dominant region in the global smart healthcare product market, followed byEurope. The U.S. has high prevalence of chronic disease. According to a studypublished in American College of Cardiology Journal, in 2017, cardiovasculardisease accounted for around 800,000 deaths in the U.S. annually. The U.S.currently has one of highest per capita expenditure on healthcare amounting US$9146, according to statistics given by World Economic Forum in 2016. This costcould be reduced with help of various smart healthcare platforms.
Asia Pacific is expected to belucrative market in near future for smart healthcare product market. This isdue to one of highest number of death from chronic disease (More than 12million each year as per WHO factsheet 2017) and lack of well-establishedhealthcare infrastructure. This region also high smartphone user base, whichwould drive growth for mHealth platform in smart healthcare product market.
Key players operating in theglobal smart healthcare products market include Allscripts Healthcare SolutionsInc. Medtronic, Inc., Becton Dickinson & Company, Honeywell Life CareSolutions, Proteus Digital Health, AirStrip Technologies, Cerner Corporation,Stanley Healthcare, Terumo Corporation, Olympus Corporation, andeClinicalWorks.
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