According to Coherent Market Insights, the global Smart Hospitals market is estimated to be valued at US$ 28,200.1 million in 2020 and is expected to exhibit a CAGR of 20.7% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Smart Hospitals Market:
Key trends in the market include increasing engagement of government regulatory organizations in transforming healthcare and medical field using artificial intelligence, increasing adoption of artificial intelligence by healthcare facilities for detection of various chronic diseases, product launches, inorganic activities such as collaborations, and others.
The increasing government initiatives for use of artificial intelligence in the hospitals is expected to drive the market growth over the forecast period. For instance, in October 2020, the European Commission invested US$ 15.6 million in the School of Engineering at the University of Warwick, U.K., for research and development in incorporating use of robots and artificial intelligence in hospitals mainly in the U.K. Successful implementation of AI to improve basic healthcare facilities by highlighting errors in prescription or predicting fall or death is expected to boost the growth of artificial intelligence in global smart hospitals market.
Market players are indulged in launching new products, which is expected to drive growth of the market over the forecast period. For instance, in March 2020, Siemens Healthineers, a medical device company, announced the launch of ACUSON Redwood Ultrasound System at the 73rd Annual Conference of Indian Radiological & Imaging Association (IRIA) 2020, Gandhinagar, Gujarat. The ACUSON Redwood Ultrasound System is the new ultrasound platform which has smart features such as portable and lightweight design, which offers clinicians an affordable and efficient high-performing imaging solution.
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The increasing adoption of technologies such as artificial intelligence in the detection of the chronic diseases such as cancers, is expected to drive the global smart hospital market growth. According to the data published in the Annals of Oncology: May 2018, a team of researchers from Germany, France, and the U.S. developed an AI system which can diagnose skin cancer more accurately than dermatologists. In the study, the software was able to accurately detect cancer in 95% of images of cancerous moles and benign spots, whereas a team of 58 dermatologists was accurate 87% of the time.
Key Market Takeaways:
Increasing engagement of government regulatory organizations in transforming healthcare and medical field using artificial intelligence, increasing adoption of artificial intelligence by healthcare facilities for detection of various chronic diseases, product launches, inorganic activities such as collaborations, and others is expected to drive the growth of the global smart hospitals market over the forecast period. For instance, according to National Health Service (NHS) U.K., 2018 report, the highest rate of Huntington’s disease in the U.K. is 12 per 100,000 people.
Among all the regions, North America is expected to hold a dominant position in the global smart hospitals market over the forecast period, owing to the increasing partnership and collaboration agreements in the region. For instance, in May 2019, STANLEY healthcare announced partnership with Cisco DNA Spaces. This partnership aimed to improve healthcare outcomes with location-based solutions such as infant protection, asset management, and environmental monitoring.
Key players operating 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, Samsung Healthcare, and Honeywell International Inc.
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Global Smart Hospitals Market, By Component:
- Software System
Global Smart Hospitals Market, By Technology:
- Cloud Computing
- Artificial Intelligence
- Wearable Technologies
- Radio Frequencies Identification
Global Smart Hospitals Market, By Application:
- Remote Medicine Management
- Medical Connected Imaging
- Medical Assistance
- Electronic Health Record
- Outpatient Vigilance
Global Smart Hospitals Market, By Connectivity:
Global Smart Hospitals Market, By Region:
- Rest of Latin America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.