Smart Hospitals Market In-Depth Industry Analysis on Size, Cost Structure and Prominent Key Players Analysis | Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Capsule Technologies, Inc.

Smart Hospitals Market Report evaluated the historical and current performance of the market, especially highlighting the key trends and growth opportunities. Smart Hospitals market report discussed this scenario of market size with reference to volume and share. Smart Hospitals market report contains the expansion pattern by the corporate, applications, types, and regions from 2020 -2025. Smart Hospitals market report also covers an in-depth analysis of the competitive landscape, future development trends, and key manufacturers of the industry. The recovery from COVID-19 is also being shared through this report discussed with the expertise in the industry.

The combination of technological advancements in medical devices (wired or wireless) for patient’s safety and efficacy within hospitals or connected through software to clinical information systems, becomes smart hospitals. Internet of Things (IoT) plays a significant role in building the smart hospitals through devices, system components and networks. Smart hospitals is transforming the healthcare industry as electronic devices are collecting information of patients’ vital signs and transferring it too physicians and patients itself to track the records. Major players are continuously building an innovative technologies for the betterment of the market.

Major players operating in the global smart hospitals market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Capsule Technologies, Inc., Stanley Healthcare, Siemens AG, athenahealth, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, McKesson Corporation, SAP SE, Samsung Group, and Honeywell International Inc.

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The global smart hospitals market is estimated to be valued at US$ 29.6 billion in 2020 and is expected to exhibit a CAGR of 19.6% during the forecast period (2020-2027).

Increasing product launches by market players is expected to propel the market growth during the forecast period

Market players are focusing on launching advanced software to facilitate outpatient vigilance which is expected to drive growth of the global smart hospitals market during the forecast period. For instance, in January 2019, Medtronic plc. launched MyCareLink Heart, a mobile app to support Medtronic’s BlueSync technology-enabled pacemakers. MyCareLink Heart is developed to wirelessly send and receive data from the Medtronic CareLink network and eliminate the need for a dedicated bedside monitor or other remote monitoring hardware.

Adoption of inorganic strategies is expected to drive the market growth during the forecast period

Collaborations and partnerships by key players are expected to boost the market growth during the forecast period. For instance, in January 2020, KT Corporation, a South Korea based telecommunications company, and Samsung Medical Center (SMC) have developed an innovative, 5G-powered medical service to establish 5G smart hospital. KT Corporation and Samsung Medical Center signed a memorandum of understanding in September 2019.

Global Smart Hospitals Market – Impact of Coronavirus (COVID-19) Pandemic

The coronavirus disease (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020.

According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 30.6 million cases and 950,000 deaths due to coronavirus disease (COVID-19) were reported on September 20, 2020 across the globe.

In order to deal with the COVID-19 pandemic, market players are launching various Medicare management services and patient engagement technologies to provide best healthcare services and limit the spread of coronavirus. For instance, on April 2, 2020, MD Revolution, Inc. announced the launch of RevUp Now, a full care management platform developed to help medical practices maintain financial viability and connection with patients during this national shutdown. The RevUp Now platform includes chronic care management, remote patient monitoring, annual wellness visits, COVID-19 screening, and other features.

Global Smart Hospitals Market: Restraints

However, lack of awareness related to smart healthcare products is expected to hinder the growth of the global smart hospitals market during the forecast period.

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The study objectives of Smart Hospitals Market report are:

To analyze and forecast the market size of Smart Hospitals, in terms of value and volume.
To provide strategic profiling of key players within the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
To classify and forecast Global Smart Hospitals based on the product, application, distribution, and regional distribution.
To provide past, present and forecast revenue of the market segments and sub-segments of four main geographies and their countries- North America, Europe, Asia, etc. and the rest of the world
To conduct the pricing analysis for Smart Hospitals.
To provide country-level analysis of the marketplace for segment by application, product type, and sub-segments.

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