Integration of healthcare IT, asset and inventory management tools such as RFID technology, video patient monitoring and implementation of EHR in healthcare establishments is expected to boost smart healthcare market over the forecast period. Furthermore, development of smart pills, smart bandages and smart syringes is further expected to drive market growth. Expanding IT infrastructure and incorporation of web platforms to existing systems and applications is expected to positively reinforce smart healthcare market over the forecast period. Cisco and IBM are two companies working in synergies to offer novel solutions to healthcare establishments. It has been estimated that with the incorporation of the solutions offered by aforementioned companies pharmaceutical manufacturer can save up to 20% of cost incurred due to business travelling.
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Key products analyzed in the study include smart bandages, smart syringes, smart pills, RFID tags and video solutions. RFID smart tags are expected to exhibit lucrative growth opportunities over the forecast period owing to its wide application areas such as patient monitoring, asset tracking, and inventory management. With the integration of RFID solution it has been estimated that a University Hospital in Lund, Sweden has attained 100% productivity gains from clinical staff and 21% productivity gains from supply staff. Subsequently, the hospital achieved 33% inventory reduction and 90% shrinkage reduction. Furthermore, smart bandages and smart pills are expected to grow at a lucrative rate over the forecast period of six years.
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North America was the major regional market in 2013, the market growth can be attributed to developed healthcare and IT infrastructure coupled with increasing healthcare expenditure by regional governments. Asia is expected to witness significant growth over the next six years due to favorable government initiatives such as MAKE IN INDIA and developing healthcare IT networks. Governments of China and India are extensively increasing public healthcare expenditure. Factors such as these are expected to be instrumental in Asia Pacific market growth.
The global market is characterized by innovation in healthcare operations. Major companies operating in the global smart healthcare market include Cisco, IBM, MediSafe, Blueprint Health, Partners HealthCare and Ginger.io.
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