Smart Healthcare Products Market - Evolving Opportunities & Advancement with Top Key Players : Include Covid-19 impact Analysis

Smart healthcare products are an innovative solution for various complexities faced by healthcare industries. It comprises a range of products that are low power, wirelessly connected, intelligent and efficient. Patients and healthcare providers are equipped with interactive and customized healthcare materials from disease diagnosis and treatment to online access to medical records by implementing ICT technologies. Smart Healthcare solutions are also capable of interfacing with hospital systems, viewing medical records, appointment scheduling, waiting lists for hospital appointment and information regarding previous medication records on mobile devices. These services are applicable to a wide range of areas which include hospital directory and online patient consent, self-diagnosis, location-based hospital assessment information, medical examination result view and health management.

Smart Healthcare Products shall be powered by Internet of Things and the result of the usage could be revolutionary for the healthcare industry. For instance, patients will have access to products that reminds sick people to take their medicine along with instructions pertaining to dosage and time intervals as well. Virtually every part of the body could be monitored with the respective sensors that will send critical vital signs to centralized systems. Furthermore, patients who cannot afford to go to the hospital will have access to devices that are capable of providing diagnostic reports actively.

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The smart healthcare product segment is expected to grow substantially owing to the use of big data solutions and analytics, electronic health records which will transform healthcare-related processes into an efficient, precise and quick process. The soaring costs of premium healthcare are compelling people to choose proactive health monitoring options and low-cost alternatives over traditional healthcare providers and services. Consumers are actively looking into a health-management ecosystem that is supported by Internet of Things and can cater to their respective needs.

The technologies assisting the consumers in gaining better health conditions are already apparent. For instance, a smart watch called MOTIO HW has been designed to help consumers fight sleep apnea; a heart monitor called QardioCore gives information on heart rate, activity levels, ECG, skin temperature, and respiratory rate and a smart glass namely Aira helps visually impaired people to “see” the surroundings. Besides these gadgets, smart healthcare products have moved towards personalized health monitoring as well. Technology enabled application that detect the number of steps one takes, calories burnt, sleep quality, heart rate and distance walked/ran is recorded and based on a personal score provided by the application helps the patients or consumers to determine healthy life.

Globally, doctors have been benefitted with an increase in use of Smart Healthcare Product. Apps that allow patients’ reports of electrocardiograms are being sent over email, which saves a lot of time and work at doctor’s end. Adding and collecting of data to a patient’s profile, assessing data anytime owing to the availability in cloud into a centralized ledger will make diagnosis and treatment procedure much simpler. Patients have been more willing to share their data with healthcare companies as the process seems far simpler than the traditional process followed by healthcare companies. Thus doctors, patients and health enthusiast globally will drive the growth of Smart Healthcare Products’ market.

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The Smart Healthcare Product market has been segmented majorly into product type and industry vertical. Product type segment is further bifurcated into smart pills, smart syringes, smart RFID cabinets, and Electronic Health Record. The industry vertical deploying the smart healthcare products include monitoring and treatment, health data storage and exchange, and inventory management.

Smart healthcare has emerged to be one of the most innovative, dynamic, impactful and exciting area with lots of opportunities for growth. The impact of growth of smart healthcare products has been positive and has consequently generated a demand at consumers’ end. This is a positive shift in the market of smart healthcare products and has propelled companies operating in this field to meet the demand. Leading companies in this field are Epic Systems Corporation, Medtronic, Becton Dickinson & Company, Stanley Healthcare, Allscripts Healthcare Solutions Inc., Olympus Corporation, and Terumo Corporation. With Internet of things being the driving force behind this product, this market is set to witness a substantial growth in the next decade.

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