Smart Healthcare Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Smart Healthcare Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The smart healthcare products market will register a CAGR of 8.5% over the forecast period (2022 - 2027).

With the emergence of COVID-19, smart healthcare products observed a sudden upsurge in demand. The adoption of smart healthcare has increased during the pandemic situation, and this adoption rate is further expected to grow in the post-COVID-19 scenario. As a result, many companies are expanding their products and services. For instance, in November 2020, Vera Smart Health invested about USD 20 billion to expand its services into remote health services, home-based tests and diagnostics, virtual care, medication delivery, and nutrition consultation services. In March 2020, United Kingdom HealthCare launched a new telemedicine program in the United Kingdom to help patients with acute-onset symptoms that they may like to discuss with their healthcare provider. UK HealthCare Telecare may function similarly to an urgent care clinic, making it easy for patients with acute-onset symptoms like sore throats, fevers, coughs, congestion, and respiratory problems to get expert care without leaving their homes. Hence, a significant demand for smart healthcare products is expected due to the emergence of COVID-19.

Furthermore, various initiatives by public and private players for product launches and approvals are another factor driving the growth of the market. For instance, in January 2021, Apple Inc. partnered with Biogen, a biotechnology company, for a study on detecting the signs of cognitive impairment early through its wearable devices. This would allow the caregivers to offer effective care management and remote monitoring programs. In August 2020, Emme launched "Smart Case," a birth control adherence device. It detects if the pill has been taken and sends reminders via its app. It has been approved by the Food and Drug Administration and costs about USD 99. The company has partnered with more than 100 companies manufacturing birth control pills. Moreover, according to the India Brand Equity Foundation 2020, the number of internet users is also estimated to rise over the coming years. The increasing internet penetration will facilitate the demand for smart healthcare products within the country. In addition, in May 2020, DrChrono introduced a fully integrated telemedicine application to the market, exclusively for its network providers. Additionally, it is planning to launch a "Physician Marketplace" that will help patients find physicians.

However, on the flip side, the lack of awareness, coupled with the high cost of smart healthcare products and the need for training to operate these devices, are some of the factors that restrict the growth of this market globally.

Key Market TrendsThe mHealth Segment is Expected to Observe Good Growth in the Market

During the pandemic, the mHealth segment witnessed potential growth opportunities in healthcare sector due to several advantages associated with it. Mobile health emerged as a new savior to avoid the spread of infection further and protect front-line workers and patients. Mobile health solutions, primarily through smartphones and remote monitoring, became a lifeline for consultation. Wearable mHealth technologies supported data collection and can also be used to monitor COVID-19 patients with mild symptoms. For instance, in November 2020, a research group from the Massachusetts Institute of Technology initiated work on the development of a mHealth-based tool that can detect the COVID-19 virus in a person's cough.

Moreover, in August 2020, a research group from the University of Massachusetts conducted a research study to evaluate the usage of mHealth applications. The results revealed that mHealth applications are potential and viable tools for monitoring COVID-19 patients. Such instances are expected to augment the segment's growth.

Additionally, in October 2020, the American Telemedicine Association partnered with the Organization for the Review of Care and Health Apps (ORCHA), a UK-based digital health evaluator, to develop a tool for people to help in evaluating mHealth applications. Furthermore, in 2020, LIVI, the United Kingdom branch of Europe’s largest digital healthcare provider, KRY, announced the launch of a free web-based platform called ‘LIVI Connect’ across Europe that is expected to enable healthcare professionals to connect with remote patients during COVID-19 via video consultations.

Thus, due to the above-mentioned factors, the studied segment is expected to propel over the forecast period.

Asia-Pacific is Expected to Witness the Substantial Growth in the Market Over the Forecast Period

The smart healthcare products market in the Asia-Pacific region is expected to grow at the fastest rate owing to the increasing adoption of these products among Japanese, Chinese, and Indian consumers and the large untapped population within the region.

As countries around the world grappled with the spread of COVID-19, front-line medical workers were deploying smart healthcare devices, such as telemedicine, robots, and other technologies, to fight the pandemic. In April 2020, the Public Health and Family Welfare Department, India, deployed the "COVID-19 Monitoring System App" designed by Vera Smart Healthcare across several states. Such instances greatly highlight the increasing use of smart healthcare products within the region, thereby contributing significantly to the market's growth.

Moreover, with the increasing incidence of chronic diseases, coupled with the high rate of smartphone penetration, the market is likely to have a tremendous opportunity. The government is also using various methods to encourage the adoption of smart healthcare products, which is expected to positively impact the market. For instance, in March 2020, the Japanese Ministry of Economy, Trade, and Industry introduced free remote health consultation services in Japan. Such instances are expected to help the smart healthcare products market grow at a faster rate in this region.

Hospitals and other end users are readily adopting these smart healthcare products, which further boosts market growth. For instance, in August 2021, the Union Ministry of Health and Family Welfare, Government of India reported that its National Telemedicine Service eSanjeevani has been widely adopted by patients as well as doctors and specialists across the country. In a record time, the National Telemedicine Service has conducted more than 1 crore (i.e., 10 million) teleconsultations across India. Such initiatives taken by the government and widespread adoption are also propelling the growth of the market in the region.

Therefore, owing to the above-mentioned factors, the market is expected to grow over the forecast period.

Competitive Landscape

The market is gradually fragmenting as some of the companies already exist in the market, and stringent government policies in the healthcare sector indirectly assist the market and create an opportunity for other players. The recent outrage of COVID-19, surge in demand for smart healthcare products, such as telemedicine, and incompetence of vendors to meet the demand are expected to drive the growth of the new entrants in the market. Some of the key players are Honeywell Life Care Solutions, AirStrip Technologies, and Olympus Corporation, among others.

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