Press release
New innovation in Global smart hospital market Market: remarkable growth with latest technology trends by top players such as Philips (Netherlands), Microsoft (US), GE Healthcare (US), Qualcomm Life (US)
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 customized to individual patients' needs. According to Netscribes, 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 favoring 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.
Threats and key players
The smart hospital has cyber-attacks as the major threat. The increasing number of ransomware cases and distributed denial of security (DDoS) attacks is just a glimpse of things to come. The introduction of Internet of Things (IoT) components in the hospital ecosystem increases the attack, rendering hospitals even more vulnerable to cyber-attacks. Also, smart hospitals have robotic process automation in which security issues may arise when a particular susceptibility is introduced in the programming system of a medical robot. This can significantly compromise healthcare quality.
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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Chapter 1: Executive summary
1.1. Market scope and segmentation
1.2. Key questions answered
1.3. Executive summary
Chapter 2: Global smart hospital market - overview
2.1. Global market overview - market trends, drivers and challenges, market attractiveness analysis, geography wise market revenue (USD Bn)
2.2. Value chain analysis
2.3. Porters five forces analysis
2.4. Market size - by product (smart pill, mHealth, telemedicine, electronic health record and others)
2.4. a. Revenue from smart pills - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.4. b. Revenue from mHealth - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.4. c. Revenue from telemedicine - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.4. d. Revenue from electronic health record - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.4. e. Revenue from others - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.5. Market size - by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging, and medical assistance)
2.5. a. Revenue from remote medicine management - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.5. b. Revenue from electronic health record and clinical workflow - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.5. c. Revenue from outpatient vigilance - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.5. d. Revenue from medical connected imaging - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.5. e. Revenue from medical assistance - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.6. Market size - by artificial Intelligence (offering and technology)
2.6. a. Revenue from offering - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
2.6. b. Revenue from technology - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
Chapter 3: North America smart hospital market - market overview
3.1. Global market overview - market trends, drivers and challenges, market attractiveness analysis, geography wise market revenue (USD Bn)
3.2. Market size - by product (smart pill, mHealth, telemedicine, electronic health record and others)
3.2. a. Revenue from smart pills - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.2. b. Revenue from mHealth - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.2. c. Revenue from telemedicine - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.2. d. Revenue from electronic health record - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.2. e. Revenue from others - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.3. Market size - by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging, and medical assistance)
3.3. a. Revenue from remote medicine management - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.3. b. Revenue from electronic health record and clinical workflow - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.3. c. Revenue from outpatient vigilance - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.3. d. Revenue from medical connected imaging - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.3. e. Revenue from medical assistance - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.4. Market size - by artificial Intelligence (offering and technology)
3.4. a. Revenue from offering - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
3.4. b. Revenue from technology - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
Chapter 4: Europe smart hospital market - market overview
4.1. Global market overview - market trends, drivers and challenges, market attractiveness analysis, geography wise market revenue (USD Bn)
4.2. Market size - by product (smart pill, mHealth, telemedicine, electronic health record and others)
4.2. a. Revenue from smart pills - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.2. b. Revenue from mHealth - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.2. c. Revenue from telemedicine - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.2. d. Revenue from electronic health record - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.2. e. Revenue from others - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.3. Market size - by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging, and medical assistance)
4.3. a. Revenue from remote medicine management - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.3. b. Revenue from electronic health record and clinical workflow - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.3. c. Revenue from outpatient vigilance - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.3. d. Revenue from medical connected imaging - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.3. e. Revenue from medical assistance - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.4. Market size - by artificial Intelligence (offering and technology)
4.4. a. Revenue from offering - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
4.4. b. Revenue from technology - Historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), key observations
……
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