Smart Healthcare Products Market Competitive And Growth Analysis 2024 | AirStrip Technologies, Samsung Healthcare, Siemens Healthineers AG, Cerner Corporation

"The smart healthcare products market size has grown rapidly in recent years. It will grow from $228.83 billion in 2023 to $260.67 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to healthcare digitization and telemedicine, patient monitoring and data integration, aging population and chronic disease management, demand for personalized and connected healthcare, regulatory standards and health it adoption..

The smart healthcare products market size is expected to see rapid growth in the next few years. It will grow to $439.68 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to ai and machine learning in healthcare decision-making, remote patient monitoring and telehealth adoption, expansion of mobile health apps and wearables, precision medicine and genomics integration, demand for point-of-care and home healthcare devices, healthcare iot and data security.. Major trends in the forecast period include digital twins for personalized healthcare, ai-powered diagnostic and treatment recommendations, wearables for mental health monitoring, remote surgery and robotic healthcare procedures, 3d-printed personalized medical devices, health data marketplaces and blockchain security..

Market Overview -
Smart healthcare products are healthcare products that operate on cutting edge technologies such as IoT and AI. These are used to remote monitoring and diagnosis of a patients' health conditions and reduce the cost of the treatment for the user.

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Rising Healthcare Spending Fuels The Growth Of Smart Healthcare Products Market
Increasing healthcare spending is contributing to the growth of the smart healthcare products market. The need for healthcare facilities has immensely increased due to the COVID-19 pandemic. The government's increased emphasis on providing universal healthcare, rising income levels, an aging population, improved healthcare knowledge, higher health insurance penetration, and the increasing burden of non-communicable diseases are the main drivers for healthcare spending growth. Smart healthcare products diagnose and treat an ailment anywhere and anytime. According to the US Centers for Medicare & Medicaid Services (CMS), National Health Expenditure Projections for 2021-2030, the national health spending growth is predicted to climb to 4.6% in 2022 from 4.2% in 2021. Thus, the increasing healthcare spending will drive the market for smart healthcare products.

Competitive Landscape -
Major companies operating in the smart healthcare products market include AirStrip Technologies, Samsung Healthcare, Siemens Healthineers AG, Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Apple Inc., AT&T Inc., Brooks Automation, Cisco Systems Inc., GE Healthcare, Given Imaging Inc., Hurst Green Plastics Ltd., International Business Machines Corporation, Olympus Corporation, Solstice Medical LLC, Abbott Laboratories, Agfa-Gevaert Group, Becton Dickinson and Company, Boston Scientific Corporation, Cardinal Health Inc., Cognizant Technology Solutions India Private Limited, Fujifilm Holdings Corporation, General Electric Company, Honeywell Life Care Solutions, Johnson & Johnson, Koninklijke Philips N.V., Medtronic Plc, Microsoft Corporation, Novartis AG, Omron Corporation, Oracle Corporation, ResMed Inc., Roche Holding AG, Stryker Corporation, Terumo Corporation, Zimmer Biomet Holdings Inc.

Ai-Driven Advancements And Innovative Smart Healthcare Devices Shaping The Healthcare Industry
Technological advancement is a key trend in the smart healthcare products market. Artificial intelligence (AI) is improving the efficiency of smart healthcare products. AI has several applications in the health plan, pharmacy benefit managers (PBM), and health system organizations. It will be a crucial engine driving analytics, insights, and decision-making with increasingly interoperable and secure data. In January 2021, ICON.AI, a South Korea-based company that aims to deliver AI-enabled products to every market worldwide, launched the world's first 2-in-one smart healthcare device. The smart healthcare device comprises two primary components: a smart display speaker with built-in Alexa and a detachable health tracker. The smart display speaker can give the weather report, search YouTube, read kindle books, and do a variety of other things. The detachable health tracker detects a medical emergency and promptly notifies the hospital and family members. The critical monitoring features and built-in memory of the smart healthcare device allow transferring health information to smartphones and tablets to share with family and doctors for early diagnosis.

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Key Segments -
The smart healthcare products market covered in this report is segmented -
1) By Product Type: Telemedicine, Electronic Health Records, mHealth, Smart Pills And Syringes, Smart RFID Cabinets
2) By Application: Storage And Inventory Management, Monitoring, Treatment
3) By End User: Hospitals, Home Care Settings

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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