Smart Hospital Market: a Long-term Investment Will Bring Potential Growth Opportunities for Key Players: Medtronic, Philips, Microsoft, GE Healthcare, Qualcomm Life

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 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 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).

The factors that drive the market growth are machine learning, artificial intelligence (AI), cloud computing services, radio-frequency identification (RFID), and others. Radio-frequency identification allows providing real-time information that supports in decision-making and creates 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, the 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.

The report contains the latest coverage of the impact of COVID-19 on the Smart Hospital industry. This outbreak affects almost every aspect of the business domain. This outbreak had a major impact on the current business environment and subsequently on manufacturers and buyers. This study evaluates current scenarios and predicts future outcomes of pandemics in the global economy.

Get an analysis of the impact of COVID-19 on the Smart Hospital industry at https://www.worldwidemarketreports.com/covidimpact/251176

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 is not only in 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, the 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.

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