Smart Healthcare Products Global Market Report 2024

Smart healthcare products refer to healthcare solutions utilizing state-of-the-art technologies like IoT and AI. These products facilitate remote monitoring and diagnosis of patients' health conditions, aiming to decrease treatment costs for users.

Primary categories of smart healthcare products include telemedicine, electronic health records, mHealth, smart pills, syringes, and smart RFID cabinets. Telemedicine involves the electronic transmission of medical information to improve patient health by facilitating remote consultations. Smart healthcare products play essential roles in storage, inventory management, monitoring, and treatment, finding applications in both hospital and home care settings.

The smart healthcare products market research report is one of a series of new reports that provides smart healthcare products market statistics, including smart healthcare products industry global market size, regional shares, competitors with a smart healthcare products market share, detailed smart healthcare products market segments, market trends and opportunities, and any further data you may need to thrive in the smart healthcare products industry. This smart healthcare products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart healthcare products market size has grown rapidly in recent years. It will grow from $228.83 billion in 2023 to $260.67 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The historical growth in this period can be ascribed to several factors, including the digitization of healthcare and the emergence of telemedicine, the integration of patient monitoring and data, the aging population with an increased focus on chronic disease management, a rising demand for personalized and connected healthcare solutions, and the adoption of health information technology driven by regulatory standards.

The smart healthcare products market size is expected to see rapid growth in the next few years. It will grow to $439.68 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The anticipated growth in the forecast period can be linked to various factors, including the integration of AI and machine learning in healthcare decision-making, increased adoption of remote patient monitoring and telehealth, the proliferation of mobile health apps and wearables, integration of precision medicine and genomics, a surge in demand for point-of-care and home healthcare devices, and the expansion of healthcare IoT with a focus on data security. Key trends expected in the forecast period encompass the use of digital twins for personalized healthcare, the implementation of AI-powered diagnostic and treatment recommendations, the utilization of wearables for monitoring mental health, advancements in remote surgery and robotic healthcare procedures, the development of 3D-printed personalized medical devices, the emergence of health data marketplaces, and the adoption of blockchain for enhanced security in healthcare data.

The growth of the smart healthcare products market is being fueled by the increasing expenditure on healthcare. The demand for healthcare facilities has surged significantly due to the impact of the COVID-19 pandemic. Factors such as the government's heightened focus on universal healthcare, rising income levels, an aging population, enhanced healthcare awareness, increased health insurance coverage, and the growing burden of non-communicable diseases are key drivers contributing to the growth in healthcare spending. Smart healthcare products offer the capability to diagnose and treat ailments anytime and anywhere. According to the US Centers for Medicare & Medicaid Services (CMS) National Health Expenditure Projections for 2021-2030, national health spending growth is expected to rise to 4.6% in 2022 from 4.2% in 2021, indicating that the upward trend in healthcare spending will positively impact the smart healthcare products market.

The expanding demand within hospitals is anticipated to drive the future growth of the smart healthcare products market. Hospitals, as specialized healthcare facilities, cater to individuals with various illnesses, injuries, or medical conditions. Smart healthcare products play a pivotal role in modernizing healthcare systems, enhancing patient outcomes, ensuring safety and efficiency, and making healthcare more accessible. For example, as of August 2023, Interweave Textiles Limited reported 1148 hospitals in the UK, highlighting the increasing number of hospitals as a key factor propelling the growth of the smart healthcare products market.

Technological advancement stands out as a notable trend in the smart healthcare products market. Artificial intelligence (AI) is significantly enhancing the efficiency of these products, finding applications in health plans, pharmacy benefit managers (PBM), and health system organizations. In January 2021, ICON.AI, a South Korea-based company, introduced the world's first 2-in-one smart healthcare device, incorporating a smart display speaker with built-in Alexa and a detachable health tracker. This advancement exemplifies the integration of AI into smart healthcare products, enabling critical monitoring features and seamless data sharing for early diagnosis.

Leading companies in the smart healthcare products market are prioritizing innovation, as demonstrated by the introduction of products such as the hero tracker sense. This advanced digital respiratory health solution transforms a typical metered dosage inhaler (pMDI) into a smart, connected medical device. In February 2022, Aptar Pharma Inc., a France-based company, launched hero tracker sense, aiming to enhance patient adherence and inhalation technique for individuals worldwide suffering from chronic respiratory diseases.

In December 2021, Oracle, a US-based computer technology corporation, acquired Cerner Corporation for $28.3 billion. This acquisition positions Oracle to deliver simplified digital tools to busy medical professionals, facilitating hands-free access to data through a speech interface to secure cloud applications. Cerner Corporation, a US-based provider of health information technologies, including electronic health records and medical devices, aligns with Oracle's mission to advance healthcare technology.

Major companies operating in the smart healthcare products market include AirStrip Technologies, Samsung Healthcare, Siemens Healthineers AG, Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Apple Inc., AT&T Inc., Brooks Automation, Cisco Systems Inc., GE Healthcare, Given Imaging Inc., Hurst Green Plastics Ltd., International Business Machines Corporation, Olympus Corporation, Solstice Medical LLC, Abbott Laboratories, Agfa-Gevaert Group, Becton Dickinson and Company, Boston Scientific Corporation, Cardinal Health Inc., Cognizant Technology Solutions India Private Limited, Fujifilm Holdings Corporation, General Electric Company, Honeywell Life Care Solutions, Johnson & Johnson, Koninklijke Philips N.V., Medtronic PLC, Microsoft Corporation, Novartis AG, Omron Corporation, Oracle Corporation, ResMed Inc., Roche Holding AG, Stryker Corporation, Terumo Corporation, Zimmer Biomet Holdings Inc.

North America was the largest region in the smart healthcare products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart healthcare products market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the smart healthcare products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The smart healthcare products market consists of sales of wearable activity trackers, wearable biosensors, ECG wearable devices, and other devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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