Research report presented by UnivDatos, Emphasis on Type [Electronic Health Record (EHR), RFID Systems, Smart Pill, Smart Syringes, Others), Application (Health Data Storage and Exchange, Monitoring and Treatment, Inventory Management), End-User (Hospitals, Home Care Settings, Others) and Geographical analysis (key regions and countries).
As per the research report, Global Smart Healthcare Technologies and Products Market is expected to reach the market valuation of US$ 78.8 Billion by 2027 expanding at a reasonable CAGR of 7.15% during the forecast period (2021-2027) from US$ 40.5 Billion in 2019. With technological advancements and scientific theories, traditional medicine, which includes biotechnology as a central component, has gradually turned into digitization. In addition, smart healthcare employs a new wave of information technology. Smart healthcare is more than just a minor technical development or a multi-level change; it is also all-encompassing. This change is embodied in the following: informatization construction changes (from clinical in formalization to regional medical informatization), medical model changes (from disease-centered to patient-centered care), changes in medical management (from general management to personalized management), and alternation in the methods for disease diagnosis & prevention and treatment (from focusing on disease treatment to focusing on preventive healthcare). These changes in healthcare technology, along with the growing introduction of smart healthcare systems, are aimed at addressing people's needs and improving the quality of primary care facilities, which significantly enhances the medical and health-care experience, and reflect modern medicine's future growth path.
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Smart healthcare innovations are the incorporation of smart technology into all aspects of healthcare, radically altering how businesses function and bring value to stakeholders. It has an impact on all aspects of society, including the economy. These solutions also provide policymakers and consumers the ability to enhance healthcare quality by enhancing patient privacy and ensuring a stable network. The rising prevalence of chronic diseases in both developed and emerging economies would drive global demand for smart healthcare technology and products. According to the World Health Organization (WHO), 17.9 million people died from cardiovascular disorders (CVDs) in 2016, and the American Diabetes Association estimates that 34.2 million Americans have diabetes. Organizations are gradually recognising that they must provide more than just treatment; they must also provide an experience. Today, a growing array of goods ingest and produce data, and all of them are linked together using smart technology. Smart innovations are driving large-scale and widespread innovation across all phases of healthcare services, creating incomparable prospects for value capturing and development but still posing a significant challenge. The healthcare system is being reshaped by dramatic developments in smart healthcare technologies.
Insights Presented in the Report
“Electronic health record segment dominated the product segment of Smart Healthcare Market”
The market is divided into electronic health records, RFID systems, smart pills, smart syringes, and other categories based on form. Due to the growing introduction of electronic health records, which includes the need for patient records such as patient's medical history, diagnoses, medications, treatment plans, immunization dates, allergies, radiology images, and laboratory and test results, electronic health record dominated the market with a share of 68.4 percent in 2019 and is projected to retain its dominance throughout the forecast era.
For a detailed analysis of the applications in the Smart Healthcare Market browse through - https://univdatos.com/report/global-smart-healthcare-technologies-and-products-market-current-analysis-and-forecast-2020-2027
“Health Data Storage and Exchange application is expected to dominate the market during the analyzed period”
The industry is divided into three segments based on application: health data collection and sharing, monitoring and treatment, and inventory management. The collection and sharing of health data accounted for 70.5 percent of industry sales in 2019. The smart healthcare technology and products market is currently dominated by health data collection and sharing, which enables physicians, pharmacists, nurses, healthcare professionals, and patients to easily view and communicate a patient's critical medical records electronically, thus increasing the speed, efficiency, protection, and cost of patient care.
“Amongst End User, Hospitals are expected to dominate the market during the analyzed period”
The industry is divided into hospitals, home care settings, and others based on end-user segmentation. Hospitals had the largest market share of 73.8 percent in 2019 and are projected to continue to be the leading sector of the smart healthcare technology and products market over the forecast period as it decreases the amount of time patients have to spend in a clinic, allowing hospitals to treat more patients with less room and money. In a healthcare organisation, automation often reduces the number of doctors available per patient.
“North America represents one of the largest markets of Smart Healthcare Technologies and Products market”
A systematic research was performed for various regions around the globe, including North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and the Rest of the World, to gain a greater understanding of the market conditions of smart healthcare technology and products. Because of the increased introduction of Smart Healthcare Technology and the increased emphasis on emerging technologies in order to improve healthcare facilities in the country, North America led the industry and delivered revenue of US$ 16.3 billion in 2019.
The Smart Healthcare Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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