[COVID-19] Smart Hospitals Market 2021 - See Incredible Growth

Smart hospital maximizes productivity due to digital transformation of the healthcare industry and provides better patient satisfaction and flexibility. Smart hospitals are playing a major role during the COVID-19 pandemic situation. Technology can aid social distancing between non-infected and infected patients and has been helpful in limiting the growth and spread of the virus. For instance, in July 2020, KT Corporation collaborated with the Asan Medical Center, South Korea, and Hyundai Robotics Co., to develop contactless medical services such as real-time health care tracking using wearables and remote diagnosis.

Market Dynamics

Key players are entering long term collaborations and agreements with healthcare providers in order to provide better and advanced healthcare services and facilities. This is expected to propel the growth of the global smart hospitals market during the forecast period. For instance, in 2017, Humber River Hospital started a Hospital Command Centre with GE Healthcare to monitor and manage the flow of patients at every stage of their care and treatment.

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Key players in the market are focusing on launching new applications in order to establish smart hospitals through artificial intelligence, which is expected to drive the growth of global smart hospitals market during the forecast period. For instance, in May 2020, NVIDIA Corporation, an American multinational technology company, introduced Clara Guardian, an application developed to accelerate development and deployment of smart sensors with multimodal Artificial Intelligence (AI) anywhere in the hospital. NVIDIA Clara Guardian delivers AI-powered video and audio data, which enables the organizations to transform themselves into smart hospitals.

Market players entered into strategies such as collaboration and partnership in order to expand its product portfolio, which is expected to drive the growth of the market over the forecast period. For instance, in October 2020, Siemens Healthineers partnered with Imbio, a healthcare technology company, to expand access to Imbio AI algorithms worldwide. As a result of this partnership, physicians would now be able to apply Imbio's automated AI for quantitative image analysis directly through the Open Apps interface on Siemens syngo.via platform.

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The coronavirus (COVID-19) pandemic is expected to drive the growth of the global smart hospitals market over the forecast period.

COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 146 million cases and 3.1 million deaths due to coronavirus (COVID-19) were reported up till April 25, 2021 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, in August 2020, Zyter, a leading digital health and IoT-enablement platform, announced the launch of Zyter COVID-19 Suite, a suite consisting of four integrated digital screening, thermal imaging, contact tracing, and monitoring tools to help organizations keep personnel safe from spreading the COVID-19 virus in their work environment. Furthermore, in December 2020, Zyter, a leading digital health and IoT-enablement platform, announced the launch of Zyter Virtual Rounding, a virtual cloud based telehealth solution, where the healthcare professional can conduct virtual hospital rounds and address various patients which are quarantined due to COVID-19 infections.

Moreover, the COVID-19 pandemic is driving the demand for telemedicine in healthcare facilities due to the need of maintaining social distancing to reduce the spread of COVID-19 infection globally. Therefore various healthcare facilities are adopting various smart technologies to interact with patients and avoid close contact with individuals to reduce the spread of COVID-19 infections. For instance, in 2020, UCHealth University of Colorado Hospital, U.S. has initiated the use of Pointr’s Deep Location technology, which allows the patients to book their appointments online and guide patients away from quarantine areas, allow them to tell doctors if they will be late and notify staff when they arrive using location-based notifications, powered by geofencing technology.

Market players and healthcare organizations are collaborating to build smart hospitals. For instance, in May 2020, Capsule Technologies, Inc. collaborated with Yale New Haven Health System (YNHHS), U.S., to deploy Capsule’s Ventilated Patient Surveillance (VPS) workstation to provide safe and effective patient care to its COVID-19 ventilated patients. Similarly, in April 2020, Aden Group, an integrated facility management (IFM) company announced that along with Dassault Systèmes, a company operating in collaborative 3D virtual environments, will develop and launch AKILA Care, a modular smart hospital.

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