Smart Hospitals Market: ML, AI, and IoT Improve Patient Care and Maximize Medical Outcomes
Smart Hospitals Market: Introduction
According to the report, the global smart hospitals market was valued at US$ 22.43 Bn in 2019. The market is projected to expand at a higher CAGR from 2020 to 2030. Smart hospitals are technically equipped hospitals that offer valuable insights, services, and provide patient engagement and automation services.
Operational efficiency is improved by streamlining logistics and inventory, thus reducing their operational costs. The global smart hospitals market is driven by a rise in the prevalence of various diseases, sudden outbreak of infectious diseases in year 2020, and technological advancements such as biotelemetry and block chain technology. This, in turn, is also expected to boost the smart hospitals market during the forecast period.
North America dominated the global smart hospitals market in 2019, followed by Europe and Asia Pacific. North America’s dominance can be ascribed to technological advancements, adoption and development of smart healthcare models, robotic technology, privatization of hospitals, and investment by key players.
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Technological Advancements to Drive Global Market
Technological advancements offer various technically advanced solutions, which further enhance services provided to patients. Various organizations are increasing their efforts to support the healthcare process and boost interconnectedness among patients and physicians.
Innovative technologies seek to improvise and expand treatment options, thereby reducing the healthcare burden. Moreover, innovation is leading to the development of devices such as new sensors that are connected to mobile applications, which further guide patients to conduct daily exercise routines after orthopedic surgery. The data is shared with the physician to track the physical development of patients.
Various systems and software ease the implementation of smart hospitals concept and offer an opportunity to create new possibilities during clinical practise and management. For instance, a robotic centre, 3D printing facility, offers cross communication platform, which further enables optimization of patient care and provide follow-up care to patients This factor is likely to boost the smart hospitals growth during the forecast period.
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Smart Hospitals Market: Prominent Regions
In terms of region, the global smart hospitals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global smart hospitals market in 2019, followed by Europe and Asia Pacific. As per research, every year, the U.S. spends around 17% of its GDP on healthcare. Thus, hospital automation and digitization, along with major hospitals using electronic health records, is expected to propel the smart hospitals market during the forecast period. Digitization in imaging has transformed the medical imaging technology in the U.S.
The smart hospitals market in Europe region is anticipated to expand at a high CAGR from 2020 to 2030. Presence of key players offering smart hospitals, technological advancements, large proportion of patient pool, rise in the geriatric population, and growing prevalence of chronic diseases are anticipated to boost the smart hospitals market in the region. High expenditure by both government as well as private players is likely to drive the smart hospitals market in Europe during the forecast period.
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Innovations Leading to Development of Products and Mergers & Acquisitions by Key Players to Drive Global Market
The global smart hospitals market is consolidated in terms of number of players. The market is dominated by key players with innovative product offerings, robust geographic presence, and large investments toward development and adoption of technical advanced software.
Leading players operating in the global smart hospitals market include GE Healthcare (General Electric Company), Koninklijke Philips N.V., Medtronic, Cerner Corporation, Honeywell International, Inc., STANLEY Healthcare, Capsule Technologies, Inc., Mckesson Corporation, Microsoft, and SAP SE. For instance, in October 2019, Koninklijke Philips N.V. and Klinikum Stuttgart Hospital entered into a comprehensive 10-year innovation partnership agreement. This agreement covers diagnostic imaging and intelligent informatics solutions.
In September 2020, Cerner Corporation entered into collaboration with Finland regional leadership, which would provide efficient and coordinated access to healthcare and social services to patients. The innovative digital platform would offer delivery of enhanced streamline approach to provide access to better healthcare systems.
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