The global market for smart healthcare products is likely to experience a high level of competition, thanks to the existence of a large number of players existing worldwide, states a new research report by Transparency Market Research. The competition is expected to get intense with the coming few years with the rising focus of the players for the expansion of the product portfolio. The rising number of collaborations and acquisitions is estimated to ensure the development of the overall market in the coming few years. Moreover, the technological developments in this field and the advent of innovative products are estimated to accelerate the market growth in the next few years. The key players engaged in the smart healthcare products market across the globe are Olympus Corporation, Allscripts Healthcare Solutions Inc., Stanley Healthcare, Becton Dickinson & Company Epic Systems Corporation, and Terumo Corporation.
As per the market research report by TMR, in 2016, the global market for smart healthcare products stood at US$31.71 bn and is estimated to reach a value of US$57.85 bn by 2023. The market is anticipated to register a promising 8.84% CAGR between 2015 and 2023. The North America market for smart healthcare products is likely to lead the market, holding a large share over the next few years. The strong growth of this region can be attributed to the presence of a large number of players and the development of the advanced healthcare infrastructure. In terms of application, the inventory management segment is predicted to hold a major share of the market and exhibit an 11.82% CAGR between 2015 and 2023.
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Increasing Trend of Home Health Monitoring to Propel Smart Healthcare Products in Near Future
The increasing geriatric population and the and the growing prevalence of several chronic diseases, including cancer, asthma, diabetes, arthritis, and heart diseases are the major aspects that are anticipated to encourage the development of the global smart healthcare products market over the next few years. The growing need for effective healthcare monitoring is another key factor that is predicted to ensure the development of the overall market in the near future. Also, the rise in the adoption of the Internet of Things is likely to ensure a rapid development of the market in the coming few years.
Furthermore, there has been a significant rise in the demand for health monitoring at home, which is predicted to support the smart healthcare products market. Moreover, it is anticipated to attract a large number of players to participate in the market and enhance the competitive landscape of the market in the next few years.
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Rising Cost of Products to Curtail Market Growth in Coming Years
The market for smart healthcare products is anticipated to face a few challenges, owing to which the market may observe a slight drop in its growth in the coming few years. The high cost of smart healthcare products is considered as one of the major aspects, which is estimated to restrict the development of the market over the next few years. Also, the requirement of high capital investment is projected to further curb the growth of the market in the next few years. Nonetheless, the increasing innovations and developments in this field is projected to accelerate the growth in the near future.