Smart Healthcare Products Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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With the emergence of COVID-19, smart healthcare products observed a sudden upsurged demand. The adoption of smart healthcare has been increased during the pandemic situation and this adoption rate is further expected to grow in the post-COVID-19 scenario as well. As result many of the companies are expanding their products and services, for instance, in November 2020, Vera Smart Health invested about USD 20 billion for the expansion of its services into remote health services, home-based tests, and diagnostics, virtual care, medication delivery, and nutrition consultation services.

In March 2020, UK HealthCare launched a new telemedicine program in the United Kingdom, to help patients with acute-onset symptoms they may like to discuss with a healthcare provider. UK HealthCare Telecare may function similarly to an urgent care clinic, making it easy for patients with acute-onset symptoms, like sore throat, fever, cough, congestion, and respiratory problems, to get expert care without leaving their home. Hence, a significant demand for smart healthcare products is expected due to emergence of COVID-19.

Furthermore, ...
... products, such as telemedicine, have become the growing component of healthcare products in the developed countries, such as the United States. According to Chiron Health, there are around 200 telemedicine networks, with 3,500 service sites currently, in the United States. According to the Digital 2019 report, globally there are around 4.49 billion internet users in 2019. Moreover, according to India Brand Equity Foundation 2020, the number of internet user is also estimated to rise in the forecasted period. The increasing internet penetration will facilitate the growth of the overall market.

However, on the flip side, the lack of awareness, coupled with the high cost of smart healthcare products, and the need for training to operate these devices are some of the factors that restrict the growth of this market globally.

Key Market Trends

mHealth is Expected to Observe Good Growth in the Smart Healthcare Products Market

mHealth during this pandemic situation is expected to observe potential growth opportunities in healthcare due to several advantages associated with it. For instance, wearable mHealth technologies support data collection and can also be used in monitoring patients of COVID-19 with mild symptoms. In November 2020, a research group from the Massachusetts Institute of Technology initiated its work on the development of a mHealth based tool that has the ability to detect evidence of COVID-19 in a person's cough.

In August 2020, a research group from the University of Massachusetts conducted a research study for evaluating the usage of mHealth applications. The results revealed that mHealth applications are potential and viable tools for monitoring COVID-19 patients. Such instances are expected to augment the market growth.

According to the European Telecommunications Network Operators' Association, in 2019 about 2.79 million people in Europe were registered for the internet of things (IoT) active connection for healthcare, and this number is expected to rise to 10.34 in the year 2025. This increasing internet user base in healthcare might further boost the adoption of mHealth tools. Also, in October 2020, American Telemedicine Association partnered with Organization for the Review of Care and Health Apps (ORCHA), United Kingdom-based digital health evaluator in order to develop a tool for people, helping in evaluating mHealth applications. Thus, with the above-mentioned factors, the market is expected to thrive in this segment.

Asia-Pacific is Expected to Witness the Better Growth in Smart Healthcare Products Market

The smart healthcare products market in Asia-Pacific is expected to grow at the fastest rate. Japan, India, and China are likely to drive the region's smart healthcare products market.

As countries around the world grapple with the epidemic spread of COVID-19, front-line medical workers are deploying smart healthcare devices, such as telemedicine, robots, and other technologies, to help fight the pandemic. In April 2020, The Public Health and Family Welfare Department, in India has deployed the "COVID-19 Monitoring System App" designed by Vera Smart Healthcare, across several states.

Furthermore, with the increasing incidences of chronic diseases, coupled with the high rate of smartphone penetration, it is expected that this market will have a tremendous opportunity. Also, the government is taking various methods to encourage the adoption of smart healthcare products which is expected to impact positively on the market. For instance, in March 2020, the Japanese Ministry of Economy, Trade, and Industry has introduced free remote health consultation services in Japan. Thus, such instances are expected to help the smart healthcare products market to grow at the fastest rate in this region.

In addition to, hospitals and other endusers are readily adopting these smart healthcare products which further is expected to boost the market growth. For instance, in December 2019, Kitano Hospital, Osaka, Japan, deployed UHF RFID system for enhancing the processing and distribution of medical supplies. Therefore, with the above mentioned factors the market is expected to boost over the forecast period.

Competitive Landscape

The market is gradually fragmenting, as some of the companies already exist in the market and stringent government policy in the healthcare sector indirectly assists the market and creates an opportunity for other players.

As with the recent outrage of COVID-19 and surge demand for smart healthcare products, such as telemedicine, and incompetence of vendors to meet the demand, the growth of the new entrants in the market is expected to increase. Some of the key players are Honeywell Life Care Solutions, AirStrip Technologies, and Olympus Corporation, among others. In January 2021, Apple Inc. announced a partnership with Biogen, a biotechnology company for a study on detecting the signs of cognitive impairment early through its wearable devices. This would facilitate the caregivers to offer effective care management and remote monitoring programs.

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