Kenneth Research recently added a report on Patient Health Products Industry Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Patient Health Products Industry Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
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” The market value of smart health products in 2020 is US$150.985 million and is expected to reach US$245.55 billion in 2026, with a compound annual growth rate of 8.5% during the forecast period. Sudden increase in demand. During the pandemic, the adoption rate of smart healthcare has increased, and this adoption rate is expected to increase further in the post-COVID-19 situation.
As a result, many companies are expanding their products and services; for example, in November 2020, Vera Smart Health invested approximately US$20 billion to expand its services to remote health services, home testing and diagnosis, virtual care, drug delivery, and nutrition counseling service. In March 2020, UK HealthCare launched a new telemedicine program in the UK to help patients with acute onset symptoms who wish to discuss with a healthcare provider.
UK HealthCare Telecare works like an emergency care clinic, allowing patients with acute onset symptoms (such as sore throat, fever, cough, congestion and breathing problems) to easily get expert care without leaving home. Therefore, due to the emergence of COVID-19, the demand for smart bathroom products is expected to be great. In addition, products such as telemedicine have become a growing part of medical equipment in developed countries such as the United States.
According to Chiron Health, there are currently about 200 telemedicine networks in the United States, including 3,500 service stations. According to the Digital 2019 report, there were approximately 4.49 billion Internet users worldwide in 2019.
In addition, according to the Indian Brand Equity Foundation 2020, the number of Internet users is expected to increase during the forecast period. The increasing popularity of the Internet will promote the growth of the entire market; however, on the other hand, lack of awareness, the high cost of smart bathroom products, and the need for training to operate these devices are some of the factors that limit the global growth of this market.
REPORT SCOPE :
Smart medical devices have improved the results related to diagnostic tools, improved the treatment of patients, and improved their quality of life. Smart health products have built-in communication, sensor technology and data analysis technology.
These products are used to monitor peoples body for continuous disease diagnosis and treatment. For example, electronic health records can help improve clinical services and effective patient management. In addition, improvements related to smart pills and smart injectors for remote patient monitoring may also drive market development. ), applications (monitoring, processing, and other inventory and storage management applications), end users (hospitals, home care environments, and other end users), and geography (North America, Europe, Asia Pacific, Middle East and Africa, and South America). The report provides the market size and value forecasts (in millions of US dollars) for the aforementioned market segments.
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Main market trends:
The mobile medical segment is expected to see good market growth. During the pandemic, mobile medical is expected to see potential growth opportunities in the healthcare sector due to its various advantages. For example, mHealth wearable technology supports data collection and can also be used to monitor COVID-19 patients with mild symptoms.
In November 2020, a research team from the Massachusetts Institute of Technology began working on developing a tool based on mHealth that can detect the COVID-19 virus in a person’s cough. Massachusetts has conducted a study to evaluate the use of mobile medical applications. The results indicate that the mHealth app is a potential and feasible tool for monitoring COVID-19 patients. These cases are expected to drive market growth.
According to the European Telecommunications Network Operators Association, in 2019, about 2.79 million people in Europe registered for the Internet of Animals (IoT) to connect to healthcare, and this number is expected to increase. It will increase to 10.34 by 2025.
The growing healthcare Internet user base may further promote the adoption of mobile medical tools. In October 2020, the Telemedicine Association of the United States and the United Kingdom Digital Health Assessment Agency Health Care Application Review Organization (ORCHHA) collaborated to develop a tool for those who help evaluate mobile medical applications. Therefore, under the influence of the above-mentioned factors, the market in this segment is expected to flourish.
The Asia-Pacific region is expected to witness the best growth in the market:
The smart bathroom products market in the Asia-Pacific region is expected to grow at the fastest rate. Japan, India, and China may promote the market in this region. As countries around the world fight the spread of COVID-19, frontline medical staff are launching smart medical devices such as telemedicine, robotics and other technologies.
To fight the epidemic. In April 2020, the Ministry of Public Health and Family Welfare of India implemented the “COVID-19 Surveillance System Application” designed by Vera Smart Healthcare in various states. With the increase in the incidence of chronic diseases, coupled with the high penetration rate of smart phones, the market is likely to have a great opportunity.
The government is also adopting various methods to encourage the adoption of smart bathroom products, which is expected to have a positive impact on the market. For example, in March 2020, the Ministry of Economy, Trade and Industry of Japan launched a free remote health consultation service in Japan. These cases are expected to help the region’s smart medical product market grow at the fastest rate.
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