Albany, NY -- (SBWIRE) -- 02/25/2019 -- Global Smart Healthcare Products: Snapshot
Smart healthcare products combined with IoT is redefining medical care for better treatment outcomes at reduced costs. The inclusion of IoT in smart healthcare products has a high degree of appeal for a spectrum of services which includes remote health monitoring, chronic diseases, fitness programs, and elderly care. In particular, this has high significance for treating critical care patients as patient data is easily accessible to medical personnel across several platforms at any given time.
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The high-value advantages of smart healthcare products are resulting in stepping up of efforts from several governments and healthcare agencies to provide support for their adoption for quality healthcare. In particular, governments of developed nations are endorsing smart healthcare products to raise the quality of healthcare services for the nation's population. In developing economies, rising GDP aiding the modernization of healthcare services is fueling the growth of smart healthcare products.
However, high costs associated with smart healthcare products is limiting their use for select services. As revealed by studies carried out by U.S. ONC, smart healthcare products if adopted by small healthcare organizations not only defeats time and cost-saving benefits but also damages their financial condition. Thus, smart healthcare products are suitable for large healthcare organizations.
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The global smart healthcare products market is expected to rise at a CAGR of 8.84% between 2015 and 2023. This will result in the market's valuation to increase from US$31.71 bn in 2016 to US$57.85 bn by 2023.
Inventory Management to Dominate Thanks to Increasing Incorporation of RFID Technology
The inventory management application segment of the smart healthcare products market is expected to display a CAGR of 11.82% between 2015 and 2023. The increasing use of advanced RFID solutions and RFID smart cabinets in the healthcare industry is a major factor for the growth of this application segment. The inventory management application segment is expected to register substantial growth due to the enormous amount of data that needs to be recorded and stored by organizations. However, the application segment of health data storage and exchange is expected to be dominant in this market until 2023 due to a high volume demand worldwide.
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