Introduction:
Information technology towards smart healthcare, the concept has increased in the internet of things, big data, artificial intelligence, and cloud computing transforming the traditional medical system into smart efficient and convenient for the healthcare sector. Moreover, smart healthcare includes multiple participants like doctors, patients, hospitals, and research institutions. It helps the patient for various aspects such as smart parking, data maintenance, card facility for hospitals, medical assistance through virtual assistance, and image visualization for the smooth experience and avoiding time consumption. According to the study of Springer’s article, after the covid-19 pandemic pushes healthcare for the technological growth and Wireless Sensor Networks (WSN) become very efficient towards tracking systems, medical treatment. Moreover, to analyse the data applications for healthcare electromyogram (EMG), electrocardiogram (ECG) and electroencephalogram (EEG), magneto encephalogram (MEG), galvanic skin response (GSR), electrooculography (EOG).
Segmentation:
Global smart health products market is segmented into product type, Application, users, and region. Based on type market is segmented into electronic health record, RFID, telemedicine, and others. Based on application market is segmented into health data storage, monitoring and treatment, and inventory management. Based on user market is classified into hospitals, home health care, and others. Based on region, skincare products market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Market dynamics and factors:
The increasing demand for smart health products seems long-term scope and helps in harmful disease efficient way which drives the growth of the global smart healthcare products market. In addition, the rising adoption of smartphones, digital technology, cloud-based electronic record, makes entire health operations smooth by sharing data and easy access to launch new products. For instance, Johns Hopkins Hospital, USA using a smart command center that helps manage beds, dispatch ambulances and allocate staff. It also helps in waste management and manages supplies. Furthermore, the high cost of the products and lack of skilled professionals to work on electronic healthcare products hamper the growth of the market. Furthermore, smart healthcare products have opportunities across the country after the pandemic situation. Telemedicine, e-commerce, drones, robots, and artificial intelligence will transform healthcare that is performed by humans to reduce variability, cost, and error. Moreover, drone companies have started working to deliver blood, vaccines, snakebite serum, and other medical supplies. For instance, Zipline has been developing a drone service known as Zips, which can deliver 150 blood packets a day. Drone manufacturer Flirtey also worked on demo delivery in the U.S. of the emergency testing products. Hence, these opportunities have been expected to rise for the forecasted period of the overall market.
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Regional analysis:
Geographically, Global health product market is segmented into North America, Europe, Asia Pacific, Middle East and Africa.
North America dominates the market due to increasing demand for electronic inventory management solutions, RFID, and rising healthcare expenditure by individuals in the region. Efficient and better healthcare quality to the population has increased the demand for smart healthcare devices and information electronically.
Europe region captured the second largest market growth of smart health products, countries such as U.K. and Germany believed to be the major countries witnessing smart healthcare products. This augmented demand is attributed to the rising in this region. Smart Health innovation, continuous developments in ICT, e-location technology, healthcare infrastructure, and broadband data connectivity encourages both the public and the private sector to explore the possibilities of Smart Health.
The Asia Pacific owing to a quickly evolving smart health products market on a digital platform. The favourable government initiatives to improve the healthcare sector are helping to boost the growth of products. For instance, India launches the world’s biggest healthcare program called Modicare which is based on digitalized healthcare products like telemedicine and mHealth.
In the Middle East and Africa, the government has taken some smart digital healthcare initiatives, The investors investing in medical services but due to government pressure and laws affecting the future expansion of the smart healthcare market and hindering rapid in the region.
Key players:
- Medtronic
- Honeywell international inc.
- Becton, Dickinson and company
- AirStrip
- Olympus Corporation
- Flirtey
- Flyzipline
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Key industrial development:
04-06-2021: Samsung India has added new Samsung Smart Healthcare centres at Government hospitals across the country, as part of its citizenship initiative, helping Covid Warriors perform faster Covid-19 diagnosis. Samsung ramped up the program to add 56 new Samsung Smart Healthcare centres in hospitals across 19 states, contributing to Covid management.
21-06-2021: Japan plans to launch paper documents indicating vaccination status by the end of July to allow its residents to travel internationally. Moreover, South Korea has rolled out a digital health pass, in the form of a smartphone app known as ‘COOV’ and developed by Blockchain Labs, with the backing of the Linux Foundation.
02-06-2021: Huawei Launches Huawei Watch 3 Series Powered by Harmony OS 2. It has multifunctional features, additionally this watch can monitor skin temperature with a new high-precision temperature sensor. It also supports fall detection and SOS functions so users can monitor and manage their health in real time.
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