- Medical data systems offer economical and sustainable solutions for the alteration, compilation and processing of medical data and knowledge. Smart medical systems facilitate the simple recovery of health reports and patient histories. They also facilitate accessto history of patients from different geographical regions. Consequently, smart healthcare systems enable doctors and surgeons to treat patients in a better manner. These systems also provide access to significant health records of patients, thereby simplifying and enhancing doctors’ treatment procedures.
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Rising demand for private healthcare (with simple data recovery) and track record is one of the important factors, steering the smart healthcare market further. Conversely, the absence of safe information storageand shortage of skilled medical personnel are the prime hindrances for the market. The various consumer sectors of the smart healthcare market are individual patients, hospitals, government medical establishments, research and development establishments and others.
The applications sector of the smart healthcare market includes remote patient monitoring, telemedicine, electronic health records, medical management and others. Rising demand for smart healthcare services across application and consumer sectors is estimated to propel the sales of the smart healthcare market. The market is expected to experience profits during the forecast period. This is on account of increasing technological innovations in the branch of medical information technology.
Moreover, the growth and surfacing of smart pills, syringes and bandages are also estimated to boost the smart healthcare market through the forecast period. Fiscal restrictions with regard to smart healthcare services and low consciousness levels in relation to the growth of above mentioned products also prevent further progress of the smart healthcare market.
The worldwide market is sliced into two segments. These include products and regions.
The significant products under the smart healthcare market include RFID smart cabinets, mHealth, telemedicine, smart pills, smart syringes, and electronic heath records. Electronic health records were one of the highest income producing segments in 2014. mHealth is anticipated to undergo a CAGR of more than 45 percent during the forecast phase.
The vital factors responsible for this decent CAGR are the various benefits linked with mHealth. Increased occurrence of cardiac ailments, cancer and diabetes are a factor, generating increased revenue for mHealth systems. Fast growth and augmenting buying power has led to the proliferation of smart phones. This is predicted to be a vital factor, positively affecting the mHealth and smart healthcare market.
The various regions under the smart healthcare market include Europe, rest of the world, North America and Asia Pacific. North America was reportedly the biggest in 2014. The prime factor responsible for its huge share is supportive governmental initiatives. ThemHealth market in the region was estimated at about USD 999 million in 2013.
It is projected to rise at a profitable CAGR during the years ahead. The European smart healthcare market is anticipated to produce the highest income by the end of the forecast period. The Asian Pacific market is likely to boost further in the future. This is on account of supportive governmental initiatives and continually improving medical and infrastructural amenities.
Information Source: Grand View Research
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