Global SmartHospitals Market, by Component (Hardware, Software System, and Services),by Technology (Cloud Computing, Artificial Intelligence, Wearable Technologies,Radio Frequency Identification, and Others), by Application (Remote MedicineManagement, Medical Connected Imaging, Medical Assistance, Electronic HealthRecord, and Outpatient Vigilance), by Connectivity (Wired and Wireless), and byRegion (North America, Latin America, Europe, Asia Pacific, Middle East, andAfrica), is estimated to be valued at US$ 28,200.1 million in 2021 and isexpected to exhibit a CAGR of 20.7% during the forecast period (2021-2028).
Key players in the market arefocusing on launching new applications in order to establish smart hospitalsthrough artificial intelligence, which is expected to drive the growth ofglobal smart hospitals market during the forecast period. For instance, in May2020, NVIDIA Corporation, an American multinational technology company,introduced Clara Guardian, an application developed to accelerate developmentand deployment of smart sensors with multimodal Artificial Intelligence (AI)anywhere in the hospital. NVIDIA Clara Guardian delivers AI-powered video andaudio data, which enables the organizations to transform themselves into smarthospitals.
Market players entered intostrategies such as collaboration and partnership in order to expand its productportfolio, which is expected to drive the growth of the market over theforecast period. For instance, in October 2020, Siemens Healthineers partneredwith Imbio, a healthcare technology company, to expand access to Imbio AIalgorithms worldwide. As a result of this partnership, physicians would now beable to apply Imbio's automated AI for quantitative image analysis directlythrough the Open Apps interface on Siemens syngo.via platform.
Global Smart Hospitals Market -Impact of Coronavirus (COVID – 19) Pandemic
The coronavirus (COVID-19)pandemic is expected to drive the growth of the global smart hospitals marketover the forecast period.
COVID-19 outbreak was firstreported on December 31, 2019 in Wuhan, China. According to the Coronavirus(COVID-19) Weekly Epidemiological Update by the World Health Organization, over146 million cases and 3.1 million deaths due to coronavirus (COVID-19) werereported up till April 25, 2021 across the globe.
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In order to deal with theCOVID-19 pandemic, market players are launching various Medicare managementservices and patient engagement technologies to provide best healthcareservices and limit the spread of coronavirus. For instance, in August 2020,Zyter, a leading digital health and IoT-enablement platform, announced thelaunch of Zyter COVID-19 Suite, a suite consisting of four integrated digitalscreening, thermal imaging, contact tracing, and monitoring tools to helporganizations keep personnel safe from spreading the COVID-19 virus in theirwork environment. Furthermore, in December 2020, Zyter, a leading digitalhealth and IoT-enablement platform, announced the launch of Zyter VirtualRounding, a virtual cloud based telehealth solution, where the healthcareprofessional can conduct virtual hospital rounds and address various patientswhich are quarantined due to COVID-19 infections.
Moreover, the COVID-19 pandemicis driving the demand for telemedicine in healthcare facilities due to the needof maintaining social distancing to reduce the spread of COVID-19 infectionglobally. Therefore various healthcare facilities are adopting various smarttechnologies to interact with patients and avoid close contact with individualsto reduce the spread of COVID-19 infections. For instance, in 2020, UCHealthUniversity of Colorado Hospital, U.S. has initiated the use of Pointr’s DeepLocation technology, which allows the patients to book their appointmentsonline and guide patients away from quarantine areas, allow them to telldoctors if they will be late and notify staff when they arrive usinglocation-based notifications, powered by geofencing technology.
Market players and healthcareorganizations are collaborating to build smart hospitals. For instance, in May2020, Capsule Technologies, Inc. collaborated with Yale New Haven Health System(YNHHS), U.S., to deploy Capsule’s Ventilated Patient Surveillance (VPS)workstation to provide safe and effective patient care to its COVID-19ventilated patients. Similarly, in April 2020, Aden Group, an integratedfacility management (IFM) company announced that along with Dassault Systèmes,a company operating in collaborative 3D virtual environments, will develop andlaunch AKILA Care, a modular smart hospital.
Browse 39 Market Data Tables and22 Figures spread through 260 Pages and in-depth TOC on Global Smart HospitalsMarket by Component (Hardware, Software System, and Services), by Technology(Cloud Computing, Artificial Intelligence, Wearable Technologies, Radio FrequencyIdentification, and Others), by Application (Remote Medicine Management,Medical Connected Imaging, Medical Assistance, Electronic Health Record, andOutpatient Vigilance), by Connectivity (Wired and Wireless), and by Region(North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
The increasing adoption oftechnologies such as artificial intelligence in the detection of the chronicdiseases such as cancers is expected to drive the global smart hospital marketgrowth. According to the data findings published in the European Association ofUrology congress in Copenhagen in March 2018, Chinese scientist and clinicianshave developed a learning artificial intelligence system which can diagnose andidentify cancerous prostate samples as accurately as any pathologist. Moreover,the software can accurately classify the level of malignancy of the cancer,thereby eliminating the variability which can slow down diagnosis in patients.
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Various healthcare facilities arefocusing on converting into smart hospitals to provide high quality medicalservices which is expected to boost the market growth during the forecastperiod. For instance, in January 2020, West China Second University Hospital,affiliated to Sichuan University, China, launched 5G medical private network,purpose built-in hospitals enhanced with mobile edge computing (MEC) deviceswhich provides full integration among cloud, networks, and services. The 5Gmedical private network provides low latency, high data rates, and massiveconnectivity for personalized network services in hospitals.
Key Takeaways of the SmartHospitals Market:
The global smart hospitals marketis expected to exhibit a CAGR of 20.7% over the forecast period (2021-2028),owing to growth in potential markets, especially in Europe. While, NorthAmerica is accounted for the major market share.
Market players are indulged inlaunch of new software, which is expected to drive the growth of the globalsmart hospitals market over the forecast period. For instance, in January 2020,Medtronic Plc announced the launch of Efficio, a cloud-based data managementsoftware for use with the SynchroMed II intrathecal drug delivery system, whichwill allow clinicians to more efficiently manage their targeted drug deliverypump practices to treat patients with chronic pain, cancer pain, and severespasticity. In March, 2020, Medtronic plc launched two new solutions includingRespiratory Infectious Disease Health Check and the COVID-19 Virtual CareEvaluation and Monitoring solution. These are designed to help, assess,monitor, and triage support for patients who may be concerned about COVID-19and their respiratory symptoms.
Some of the major playersoperating in the global Smart hospitals market include Medtronic Plc.,Koninklijke Philips N.V., GE Healthcare, Stanley Healthcare, Siemens AG, Athenahealth,Allscripts Healthcare Solutions, Inc., Microsoft Corporation, SAP SE, SamsungHealthcare, and Honeywell International Inc.
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