The increase in technological advancements in healthcare coupled with the rise in need for cost-effective solutions in hospitals drive the growth of the market. However, the lack of governance standards and lack of competence in deploying IoT solutions in hospitals restrain the market growth. Moreover, the increase in investments in healthcare sector, especially in the developing economies create lucrative opportunities in the market.
Seattle, WA -- (SBWIRE) -- 11/05/2019 -- The Smart Hospital is a technological revolution in the healthcare industry which manages a large amount of available data and integrates different hospital delivery mechanisms. It makes use of the electronic patient records and streamlining processes, which lead to improved quality of life by reducing the risks to health (by remote monitoring) and improving the general well-being of people.
Smart healthcare provides more patient-centric services that improve access to healthcare and are customised to individual patients' needs. According to WMR, the global smart hospital market is expected to have a significant compounded annual growth rate (CAGR) of 23.29% and reach a market size of USD 55.76 Bn by 2023.
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The factors that drive the market growth are machine learning, artificial intelligence (AI), cloud computing services, radio-frequency identification (RFID) and others. The radio-frequency identification allows providing real-time information that supports in decision making and creating a secure and reliable smart hospital management information system. The real-time patient management system helps in automating and streamlining patient identification processes.
The global smart hospital market is bifurcated on the basis of products (smart pills, mHealth, telemedicine, electronic health record and others), application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging, and medical assistance) and artificial intelligence (offering and technology) and regions. The technologies used are AI, cloud computing, radio frequencies identification, wearable technologies, zigbee technologies, Internet of Things (IoT) and others. The regions include North America, Europe, Asia-Pacific, Latin America, and The Middle East and Africa.
Almost all operating room and intensive care unit (ICU) devices such as blood pressure cuffs, ventilators and intravenous pumps can be interconnected for automatic error detection by introducing IoT in them, so that these devices help provide better care to patients in hospitals. This is driving the market for outpatient vigilance during the forecast period.
Key growth factors
- Initiatives taken by governments for the implementation of IT solutions in healthcare, rise in government expenditure on healthcare systems and increase in the number of skilled IT experts are the major factors favouring the adoption of healthcare IT solutions in not only developed regions but also in emerging markets. The factors that drive the market growth are machine learning, artificial intelligence, cloud computing services, RFID and others.
- The growth of smart hospitals is attributed to the increasing prevalence of chronic diseases, rising need for better patient care, and efficient and accurate solutions. In addition, the benefits of a smart hospital such as the decreased cost of treatment, improved outcomes of treatment, enhanced patient experience, reduced errors and improved disease management boost the growth of the smart hospital market.
The major players in the smart hospital market are Medtronic (Ireland), Philips (Netherlands), Microsoft (US), GE Healthcare (US), Qualcomm Life (US), Honeywell Life Care Solutions (US), SAP (Germany), Siemens AG (Germany), STANLEY Healthcare (US), Cerner Corporation (US) and McKesson (US).
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Table of Contents
Chapter 1: Executive summary
Chapter 2: Global smart hospital market - overview
Chapter 3: North America smart hospital market - market overview
Chapter 4: Europe smart hospital market - market overview
Chapter 5: Asia-Pacific smart hospital market - market overview
Chapter 6: Latin America smart hospital market - market overview
Chapter 7: The Middle East and Africa smart hospital market - market overview
Chapter 8: Competitive landscape
8.1. Medtronic
Company snapshot
Product offerings
Growth strategies
Initiatives
Geographical presence
Key numbers
Chapter 9: Conclusion
Chapter 10: Appendix
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