Global Smart Hospitals Market to Reach $111.2 Billion by 2026
Amid the COVID-19 crisis, the global market for Smart Hospitals estimated at US$30.1 Billion in the year 2020, is projected to reach a revised size of US$111.2 Billion by 2026, growing at a CAGR of 23.4% over the analysis period.
Digitization helps by interconnecting all hospital assets, helping smart hospitals achieve greater operational efficiency and experience, and deliver improved patient care.
The smart set-up adds three important elements in the form of data, access and insight to hospitals that helps enhance the quality of care. With artificial intelligence, data collection and automation deeply ingrained in new smart hospital set-ups, almost everyone including physicians, nursing staff, support staff and patients stand to gain.
Smart hospitals require continued team work where physicians, nursing staff and management need to work together to swiftly detect any potential problems so that relevant solutions are quickly identified, piloted and implemented. This would ensure clinical processes, care quality, patient experience remain uncompromised, while the hospital reaps optimal operational efficiency and keeps cost under control.
The exponential growth of COVID-19 cases globally has resulted in tremendous burden on hospitals and medical staff. The situation has prompted various healthcare facilities to rely on artificial intelligence (AI) based sensors for supporting triage in effective manner. The scenario has also led various companies to leverage AI for developing contactless infrared sensor devices for identifying people with a fever in crowds.
These devices are being increasingly deployed by hospitals for replacing manual screening options to reduce unnecessary exposure of the medical staff to COVID-19 patients. Various hospitals have implemented AI systems for intercepting individuals with specific COVID-19 symptoms among visiting patients.
The technology relies on cameras deployed at entrances for conducting facial thermal scans and identifying infected patients on the basis of specific signs such as discoloration and sweat. In addition to screening, the AI technology is used for monitoring patient symptoms, offering decision support related to CT scans and automating hospital operations.
Certain healthcare facilities have also deployed AI-powered robots that can deal with patients and offer minor treatments. Smart robots intended to deliver foods or medicines to patients reduce physician exposure to infected people.
Systems & Software Segment to Reach $21.2 Billion by 2026
In the global Systems & Software segment, USA, Canada, Japan, China and Europe will drive the 26% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$3.8 Billion in the year 2020 will reach a projected size of US$19.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.3 Billion by the year 2026.
Services, one of the segments analyzed in the report, is projected to grow at a 22.3% CAGR to reach US$73.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hardware segment is readjusted to a revised 23.8% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Smart Hospitals market.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Rise of IT in Healthcare Provides the Cornerstone for the Growth of Smart Hospitals
The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
These are Times When Questions Abound & Answers Are Few
So How Fast Or Slow Are We Moving?
Progress on Vaccinations, Why Should Businesses Care?
As India Burns Amid a Lethal Double & Triple Mutation Driven Second Wave, Its Clear That Equity is Not a Part of Global Policy on Tackling COVID
With IMF's Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About a Global Economic Comeback
A Retrospective Review of Year 2020 as the Worst Year in Humanity's History that Left the World in Shambles & Industries and Markets Upended
How the Healthcare Industry Has & Continues to be Impacted by the Pandemic & What's the New Normal?
The Biggest & Worst Ever Public Health Crisis in Human History Creates a Mixed Bag of Challenges & Opportunities for the Healthcare Industry
Clinical Diagnostic Laboratories Work Overtime to Manage Giant Waves of COVID Infection Testing Flowing In
The Pandemic Triggers Shift in Consumer Behavior & Engagement With Healthcare Technologies & Services
Healthcare Industry Pushed to Adopt Digital Technologies & Innovate to Save Lives Amid the Crisis
Smart Hospitals, What Are They & Why Are they the Future of Healthcare
Recent Market Activity
Innovations
2. FOCUS ON SELECT PLAYERS (Total 46 Featured)
AdhereTech Inc.
Capsule Technologies, Inc.
Cerner Corporation
GE Healthcare
Honeywell International Inc.
Koninklijke Philips N.V.
McKesson Corporation
Medtronic plc
SAP SE
Siemens AG
STANLEY Healthcare
3. MARKET TRENDS & DRIVERS
COVID-19 Accelerates the Shift to Smart Hospitals. Here's Why
RFID Based Smart Hospital Asset Tracking & Management Gains in Prominence
Medical Robots Emerge to Make Hospitals Smart & Efficient
Smart Hospitals Step Up the Use of VR simulations to Train Medical Personnel
Growing Deployment of Connected Medical Devices Across Healthcare Enable the Creation of Smart Hospitals
Emergence of AI-Enabled Smart Hospitals to Transform Patient Experience and Improve Medical Outcomes
As Smart Hospitals Become Popular, Cybersecurity Storms Into the Spotlight
