Global Smart Hospital Market to Witness Surge in Its Valuation with a 24.03% CAGR by 2026
Published | 26 August 2020
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.
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.
“Wireless Segment dominates the Smart Hospital Market.”
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.
The Key Drivers of the Global Smart Hospital market are
Increasing use of digitization in Healthcare Industry, Use of cloud computing
and Investment Outlay."
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.
“North America dominates the Global Smart Hospital Market.”
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.
The in-depth analysis of the report provides the growth
potential, upcoming trends, and statistics of the Global Smart Hospital Market
size & forecast. The report promises to provide state-of-the-art technology
of Global Smart Hospital Market and industry insights, which help
decision-makers to make sound strategic decisions. Furthermore, the report also
analyzes the market drivers, challenges, and competitive dynamics affecting
future prospects.
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Related Report
Publish Date: January 2023
Increasing demand for effective medical services, advancements in the healthcare industry, and the rise of IoT technologies could boost the growth of Global Smart Hospital Market during the forecast period between 2023 and 2029.
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