According to BlueWeaves Consulting, Global Smart Hospital Market worth is expected to be USD 116.49 billion by 2026 from USD 25.8 billion in 2019, at a CAGR of 24.03 % from 2020 to 2026. Improved healthcare infrastructure, rising need of cost-effective solutions, the influx of internet of things (IoT) supported devices and technologies, increasing prevalence of chronic diseases and acceptance of connected devices & appliances are the factors driving the growth of the Smart Hospital Market. Besides, state governments are increasingly allocating outlays in the healthcare sector, thereby creating tremendous new opportunities for the market growth in the forthcoming period. However, the rising cost of connected devices and lack of awareness about IoT-enabled solutions may restrict the growth of smart hospitals.
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Smart hospitals are meant to improve, redesign, or rebuild hospitals with integrated clinical processes, infrastructure, and management systems using the digitized networking infrastructure. Application of the digital solutions helps make a hospital paperless by completely aligning clinical procedures & management systems. Smart hospitals deliver extensive services with better healthcare infrastructure and operational productivity. The Smart Hospital Market holds tremendous market prospects with multiple opportunities in different domains such as remote medicine management, outpatient vigilance, electronic health record, clinical workflow, connected medical imaging and medical assistance markets.
A smart hospital can have Wired or Wireless connectivity for carrying out its operations. Wireless connectivity segment dominates the market and is anticipated to lead the market during 2019-2026 due to advanced technological services. Numerous advancements such as RFID, Wi-Fi, Bluetooth, etc. help in building a smart system without bundle of wires and with least technological error percentage. The wired segment is also anticipated to exhibit a modest growth rate during the forecast period due to the high connectivity ratio.
Government initiatives to digitize healthcare are likely to push the demand for smart
healthcare systems. Digitalization has transformed the healthcare industry and increasing adoption of Mobile Health has been noticed in the past few years, majorly due to the growing usage of smartphones and digitization. Approximately 37.0% of US citizens relied on the internet or mobile apps for discussions related to their health ailments in 2019, as per United Healthcare Consumer Sentiment Survey .
Use of cloud computing in smart hospitals enables easy accessiblity of information by concerned doctors, patients and staff and also facilitates use of wearable devices to get timely health alerts. The deployment and benefits of cloud computing are expected to drive the market during the projected period.
The accelerated technological progressions in the healthcare sector and increasing need for cost-effective solutions are some of the main factors propelling the market growth during the appraisal period. Moreover, the growing investments in the healthcare sector, particularly in developing countries, are additionally creating lucrative prospects in the market across the sphere.
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North America controls the smart hospital market because of advanced healthcare infrastructure and the growing adoption of artificial intelligence-enabled devices. At the same time, Asia-Pacific is also expected to register high growth rate on the backdrop of improved healthcare infrastructure and growing number of surgical centers and hospitals during the forecast period of 2020 to 2027.
The leading players in the Global Smart Hospital Market are Tare Alphabet Inc. (Google Inc.), Enlitic Inc., General Vision, Intel Corporation, IBM Corporation, Microsoft Corporation, Nvidia Corporation, Next IT Corp., Welltok Inc., and GE healthcare. Other players are Adheretech, Allscripts, Cerner Corporation, Diabetizer, Medtronic, Proteus Digital Health, and Qualcomm Life, and others.