COVID-19 will boost the smart hospitals market, forecast to touch US$ 86.8 Bn by 2025 at a CAGR of 16.3%
Technological enablement, automation, and digitization are affecting the healthcare sector in profound ways. The transformative effects of Industry 4.0 are encouraging the penetration of digital transformation and innovative technologies to every industry, with the healthcare industry as no exception. The most pronounced effect of the global digital transformation is integrating “smart” infrastructure across the healthcare industry. Some of these effects include integrating several features, such as voice automation and facial recognition, which, in turn, assist healthcare facilities in experimenting with hi-tech components. Following these promising developments, the Global Smart Hospitals Market is estimated to see healthy growth, pegged at a CAGR of around 16.3% throughout the forecast period 2020-2025.
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The cities are gradually being redesigned with “smart” characteristics that take advantage of novel technologies, including future-ready smart hospitals. These hospitals leverage novel technologies into their operations and design to improve the customer experience, outcomes, and costs. The technologies are used not only to enhance care delivery within a smart hospital; however, also to connect the hospital to a broader healthcare delivery ecosystem, one in which hospitals play a vital, though, less central role. In some instances, smart hospitals are created in less technologically advanced cities across the globe, surpassing the general rate of infrastructure development. Most hospitals are only beginning to benefit from the technologies and find ways to incorporate them into care delivery.
COVID-19 is accelerating the shift to smart hospitals
There is a massive inflow of patients, and conventional hospitals strive to offer quality care and ensure health professionals’ safety. Technology adoption is likely to rise further in the near future, owing to the significant productivity gains and higher-quality care. Digital hospitals focus on limitations of conventional healthcare providers, including closed systems, centralized care delivery, fee-for-service care models, and a reactive approach via decentralized care, interoperable systems, and outcome-driven and proactive approaches. Smart hospitals are able to play a vital role in the recovery from the COVID-19 pandemic; the technology can assist in social distancing among infected patients and non-infected patients to help curb the growth and spread.
Segmentation Overview of the Global Smart Hospitals Market
The smart hospitals market is segmented based on the component, connectivity, application, and services rendered. These major market segments are further categorized into various sub-segments to study the market in detail.
By Component Outlook (Hardware, Software & Services)
By Connectivity Outlook (Wired and Wireless)
By Application Outlook (Remote Medicine Management, Electronic Health Record & Clinical Workflow, Medical Connected Imaging, Others)
By Services Rendered Outlook (General, Specialty, Super Specialty)
Key Players Insights
Medtronic, Philips, GE Healthcare, Siemens AG, Qualcomm Life, Allengers, Athenahealth, AdhereTech, Cerner Corporation, McKesson, St. Jude Medical, SAMSUNG, Renesas Electronics Corporation and Honeywell Life Care Solutions. Some of the solution providers are SAP, Microsoft, Allscripts, CitiusTech Inc., Infor, Athenahealth, PhysIQ, Diabetizer, AdhereTech, Epic, STANLEY Healthcare, and Oracle, among others, are some significant players included in the research study of the global smart hospitals market.
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