Home Artificial Intelligence Smart Hospitals Market Value Anticipated To Reach US$ 109.9 Bn By 2027:...

Smart Hospitals Market Value Anticipated To Reach US$ 109.9 Bn By 2027: Acumen Research and Consulting

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LOS ANGELES, Jan. 12, 2021 (GLOBE NEWSWIRE) — Acumen Research and Consulting recently published report titled Smart Hospitals Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”, forecasts that the market for Smart Hospitals market is expected to grow at a CAGR of around 18.9% from 2020 to 2027 and reach the market value of over US$ 109.9 Mn by 2027.

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Smart hospitals are those that are heavily relied on the optimized and automated processes built on an ICT environment of interconnected assets. Specifically, the overall concept is based on the Internet of things (IoT), in order to improve existing patient care procedures and to introduce new capabilities.

The smart hospitals market is segmented on the basis of components, technology, application, connectivity, and geography. Based on components, the market is divided into, hardware, systems and software, and services. On the basis of technology, market segments include cloud computing, artificial intelligence, wearable technologies, radio frequencies identification, and others. Smart hospitals have applications across remote medicine management, medical connected imaging, medical assistance, electronic health record & clinical workflow, and outpatient vigilance. Additionally, based on connectivity, smart hospitals are divided into wired and wireless.

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In 2019, North America held the major share (%) of the global smart hospitals market, and the region is also projected to maintain its dominance over the forecast timeframe. The well-established hospital infrastructure and early adoption of advanced technology solutions in the market are supporting the dominating share of the regional market. The presence of major players including Qualcomm Life, GE Healthcare, Oracle, Microsoft, and others is further bolstering the regional market growth.

Asia Pacific is estimated to experience the fastest growth with major CAGR (%) over the forecast period from 2020 to 2027 in the smart hospitals market. The region is anticipated to gain potential growth on account of its emerging economies including China and India, as these economies are under rapid development in the healthcare sector along with the heavy investments and increasing disposable income. The increasing spending power of people in the region is supporting the demand for smart hospital solutions in the market. The presence of a huge population base coupled with the increasing number of people with chronic diseases is additionally proliferating the regional market value.

Some of the leading competitors are Accenture, Cognizant, GE Healthcare, IBM, IQVIA, MaxisIT, Medtronic, Microsoft, Oracle, Philips, Qualcomm Life, SAS Institute Inc., SCIOInspire, Corp., TAKE Solutions Limited, and Wipro Limited among others. Smart Hospital companies have announced mergers and acquisitions, partnership & collaboration, and new product development to uplift their position in the smart hospital industry. Major market players are also moving into new regions with their advanced technologies for gaining the competitive advantage.

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Some of the key observations regarding smart hospitals industry include:

  • Founder of Johari Digital Healthcare (an Indian medical device manufacturer), Satyendra Johari has mentioned that the government should focus on the modernization of hospitals and healthcare systems in ongoing digitalization, which will enhance healthcare experience and will also give a major boost to the economy.
  • In December 2020, a new Dh1.5 billion Fakeeh University Hospital has opened in Silicon Oasis, Dubai with the availability of 350 beds and five specialized centers. The complete campus is spread in an area of 1 million square feet. Patients’ rooms include tablets in order to allow patients to interact with the surrounding and the medical staff. Additionally, patients can also verify their credentials through the hospital’s app. Moreover, Dubai Silicon Oasis Authority (DSOA) and Saudi Arabia’s Fakeeh Care have announced that the official launch of all departments of the hospital or ‘Centres of Excellence’ is planned to be completely operational in the first quarter of 2021.
  • The Montreal Children’s Hospital is likely to become one of the first medical institutions on the planet to monitor the vital signs of its tiny patients with wireless equipment. This strategic move is intended to improve the children’s quality of life as well as to simplify the tasks of health professionals. As a part, the hospital is planning to eliminate all the wiring used to monitor premature infants in intensive care.
  • Huawei Technologies (Thailand) Co. Ltd. and Siriraj Hospital, under Mahidol University, have signed an MoU (Memorandum of Understanding) in December 2020 to enable 5G Powered Smart Hospital by applying integrated digital technologies using 5G infrastructure, artificial intelligence (AI), big data, and cloud edge computing, in order to offer enhanced services.

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