Smart Healthcare Products
Market Overview:
In 2018-2023 the forecast period , the worldwide market for intelligent healthcare products is anticipated to record a CAGR of about 12.5 percent. Due to the increasing demand for embedded inventory management solutions, such as smart RFID cabinets, North America dominates the market and increasing regional healthcare spending.
Growth in the aging population:
Aging Population has increased demand worldwide for healthcare facilities. The World Health Organization WHO reports that nearly 90% of the aged population in the United States suffers from at least one chronic disease, and around 77% with two or more chronic conditions, which fuel the country s demand for medical resources. Providing the geriatric population with an efficient and better quality of healthcare had increased the demand for smart healthcare devices, helping to manage all clinical information electronically. Using smart healthcare products simplifies people s health management, particularly aging ones.
As a result, the increasing aging population has increased demand for intelligent healthcare products, which is likely to drive worldwide intelligent healthcare goods market development. In addition, the healthcare industry’s booming Internet of Things IoT , software and digital technology development, and increasing healthcare spending are factors driving market growth for intelligent healthcare goods.
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Technological limitations in smart healthcare products:
In order to function continuously, the implementation of intelligent healthcare products needs comprehensive training. Technology limitations result in technical problems associated with smart healthcare products that can’t be detected / resolved by end customers. A bad broadband connection, for example, can lead to possible mismanagement of patients, which is likely to limit the sale of intelligent health care products. Furthermore, side effects connected with the use of intelligent pills and the elevated price of intelligent healthcare products are the main limiting factors for the development of the market for intelligent healthcare products.
North America to dominate the market:
The market for intelligent healthcare products is segmented by type of product, implementation, end-user and geography. North America, Europe, Asia-Pacific, Middle East & Africa, and South America segmented the market by geography.
Due to the fast growth of IOT, driven by technology s ongoing cost reduction, North America dominates the market for intelligent healthcare products. The reduction in expenses associated with various appliances, from 3D printers to smart-watches and fitness trackers, has increased the demand for intelligent healthcare products in the region over the past couple of years. Asia-Pacific is also expected to grow at a high rate during the forecast period due to factors such as rising mobile telemedicine adoption rates, growth in healthcare spending, government initiatives to adopt smart healthcare systems in the region.
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Key developments in the market:
• November 2017: First intelligent pills devices approved by the FDA containing drugs and a sensor notifying an app recording when patients have taken the drugs.
• January 2018: Mayo Clinic has adopted telemedicine to perform minimally invasive coronary surgery.
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