The global smart healthcare technologies and product market is expected to reach the market value of US$78.8bn by 2027, growing at a CAGR of 7.15% during the forecast period (2021-2027)
Smart healthcare technologies and product market report by UnivDatos Market Insights has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities.
Market overview
The use of technologies such as IoT, ML, and AI in the healthcare sector is one of the smart healthcare system’s main properties. These technologies are used for information access, connect people, actively manages, and intelligently respond to the medical ecosystem in the smart healthcare services environment.
Smart healthcare is not all about the use of new technologies and products for the treatment and diagnosis. It requires an exchange of information among health care service providers and the patients for the better management of clinical data. A rise in health care spending across the globe is also contributing to the growing market for smart healthcare technologies and product market, as per WHO, the global spending on health care was US$7.6 trillion in 2016 which increased to US$7.8 trillion in 2017. Moreover, it is expected that spending would reach around US$ 8.7trillion by 2020.
Also, the introduction of smart and portable healthcare products and services across the globe are gaining end user’s traction. OMRON healthcare's heart guide model, contact lens by Google, image grade therapy by Royal Philips, are some of the classic examples of healthcare technology and services.
COVID-19 Impact
The COVID-19 pandemic gave a robust boom to the demand for smart healthcare technologies and products owing to the government’s mandates for social distancing and quarantine. The demand for remote patient monitoring and portable smart healthcare products such as wearables and other health monitoring devices such as wearable blood pressure monitors, EKG monitors, etc. witnessed an uplift in demand during the COVID pandemic.
Also, investment in technologies such as AI and big data has increased. In a survey, it was found that around 83% of healthcare organisations have an AI strategy and 15% are in the planning phase to create one due to the COVID-19 pandemic. Furthermore, funding for healthcare ai startups had also increased due to the pandemic. As per a study healthcare AI startups globally raised around US$980mn in Q1 2020.
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