The smart healthcare products market has evolved on the back of the proposition of making medical and patient care more efficient, affordable, and accessible. Rapid pace of digitization in the healthcare industry on account of integration of an array of technologies such as sensors, IoT framework, smart data analytics with healthcare products contributes to broadening avenues in the market. Smart healthcare gadgets play a crucial role in accessing patient data remotely and help in monitoring of chronic conditions.
The latest valuation of the smart healthcare products market was estimated to be US$ 37.5 Bn in 2018. Expanding at CAGR of 8.8% from 2019 to 2027, the global smart healthcare products market is anticipated to reach worth of US$ 80.3 bn by this period-end.
Increasing share of healthcare spending in the GDP of several countries will focus on adoption of smart healthcare products for patient care, note the analysts at Transparency Market Research, New York. They further concede that addressing cost and privacy concerns should be crucial in making healthcare IT successful for disease diagnosis and treatment.
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