Smart Healthcare Products Market to Surpass USD 60 Billion

The global smart healthcare products market was valued at USD 34,720 million in 2017, and is projected to exhibit a CAGR of 9.3 percent from 2018 – 2026. The smart healthcare products platforms take into account the patient centric approach rather than healthcare provider centric approach. It provides efficacy and safety for patient with improved clinical outcomes. For instance, safety syringe allows effective protection against infection from reused needles. Stakeholders in the healthcare system could be immensely benefited with effective monitoring offered by smart healthcare products. Increasing number of deaths worldwide from chronic disease and medication non adherence in chronic disease would be major impetus for the growth of smart healthcare products market. For instance, in 2012, according to the a review published in the Annals of Internal Medicine, lack of adherence causes nearly 125,000 deaths and costs US healthcare system USD 100 – USD 289 billion annually. According to the study published in Pharmaceutical journal, in 2017, medication non-adherence is reported to cause 200,000 deaths annually in the European Union and cost the National Health Service in the UK around USD 653 million annually.

Healthcare gaps such as undiagnosed patients for various diseases in emerging economies such as Latin America and Asia-Pacific would provide positive prospects for growth of the smart healthcare products market. Healthcare operations are still paper based with diminished efficiency in these regions. Electronic health record could benefit these regions by providing better operational efficiency. Emerging economies in these regions could also directly leapfrog towards cloud based smart health platforms in the near future. Other factors driving growth of the smart healthcare products market are aging population, new technologies in smart healthcare platform, high penetration of smartphones, and increased government funding for healthcare services. For instance, in August 2017, Allscripts announced to acquire McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for USD 185 million in cash. Furthermore, GE Healthcare in March 2017 acquired Monica Healthcare with which company obtained fetal monitor technology. This technology comprises Bluetooth connected device that monitors both fetal and maternal heart rate and uterine activity.

In May 2018, Allscripts acquired HealthGrid Holding Company. This acquisition would result into expansion of the Allscripts FollowMyHealth platform, which is the company’s patient engagement solution focused on connecting consumers with providers. In January 2018, Allscripts announced to acquire Practice Fusion. Practice Fusion offers an affordable cloud-based Electronic Health Record (EHR) for small, independent physician practices. Through this acquisition Allscripts is expected to expand its big data insights and health analytics, data sharing technologies, and clinical trial solutions. Key players are launching innovative smart healthcare platform that would result into better in efficiency in healthcare operations. For instance, in March 2018, Allscripts Healthcare Solutions launched its new Electronic Health Record (EHR) system named Avenel, at the annual Healthcare Information and Management Systems Society (HIMSS) conference at Las Vegas in the US. Avenel is a first mobile and cloud based platform that creates a community-wide shared patient record. It uses machine learning to reduce time for clinical documentation and is designed to work like an app instead of conventional software.

In November 2017, FDA approved first smart pill also called drug with digital ingestion tracking system named Abilify MyCite. Abilify MyCite has active ingredient (aripiprazole tablets with sensor) and an ingestible sensor embedded in the pill that records that the medication was taken. The product is approved for the treatment of schizophrenia, acute treatment of manic, and mixed episodes associated with bipolar I disorder and for use as an add-on treatment for depression in adults. – Coherent Market Insights