The global market landscape for smart healthcare products is considered because of the presence of large pool of players who provide a wide range of products. This has allowed the players in the market to concentrate on specific type of products and thus enhancing their overall presence in the global market. For instance, back in 2015, Becton and Dickinson & Company and Medtronic were again among the leading companies in the market for smart syringes. Olympus Corporation and Medtronic led in terms of sales of smart pills, and Allscripts Healthcare Solutions and Epic Systems Corporation were significant contributors in terms of e-health records charts. A trend that has been observed lately is the key companies in the global market are consistently concentrating on innovation and are participating in different acquisitions, joint ventures, and mergers to stay ahead of the competition in the market. Some of the key companies in the global market smart healthcare products include names such as Allscripts Healthcare Solutions Inc., Olympus Corporation, Terumo Corporation, Stanley Healthcare, Epic Systems Corporation, Terumo Corporation, and Becton Dickinson & Company among others.
The global smart healthcare products market stood at an overall valuation of US$31.71 bn in the year 2016 and by the end of 2023 the overall valuation of the global market is expected to reach up to US$57.85 bn. This growth of the global market for smart healthcare products is expected to be achieved with the help of an impressive CAGR of 8.84% over the course of the given forecast period of 2015 to 2023.
Depending on the applications, the global market for smart healthcare products is expected to be led by the segment of inventory management. This segment is projected to develop with a strong CAGR of 11.82% over the course of the forecast period.
In terms of geography, the global market is expected to be dominated by North America thanks to the presence of several medium and small sized companies, a strong IT infrastructure, and advanced healthcare services. The overall valuation of North America region for smart healthcare products is expected to reach more than US$21.09 bn by the fall of 2023.
Government Backing to Augment Market Growth
There are several factors that are responsible for driving the growth of the global market for smart healthcare products. The global market is projected to witness an exponential growth over the course of the given forecast period of 2015 to 2023 on account of increasing demand for effective and advanced healthcare products. Integration of Internet of Things (IoT) with medical products is reshaping the definition of healthcare products for advanced and effective treatments at lower costs. Backing from several government is also helping in augmenting the overall development of the global market for smart healthcare products market.
High Cost of Smart Healthcare Products to Hamper Market Growt
However, there are some factors that might impede the overall development of the global market for smart healthcare products over the course of the given forecast period. One of the key restraining factors for the development of the global market is projected to be the high cost of these products. In addition to this, the large capital investment in the initial phases is also expected act as an impeding factor for the growth of the global market in the coming years.
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