According to BlueWeaves Consulting, Global Smart
Hospital Market worth is expected to be USD 116.49 billion by 2026 from
USD 25.8 billion in 2019, at a CAGR of 24.03 % from 2020 to 2026. Improved
healthcare infrastructure, rising need of cost-effective solutions, the influx
of internet of things (IoT) supported devices and technologies, increasing
prevalence of chronic diseases and acceptance of connected devices &
appliances are the factors driving the growth of the Smart Hospital Market.
Besides, state governments are increasingly allocating outlays in the
healthcare sector, thereby creating tremendous new opportunities for the market
growth in the forthcoming period. However, the rising cost of connected devices
and lack of awareness about IoT-enabled solutions may restrict the growth of
smart hospitals.
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Smart
hospitals are meant to improve, redesign, or rebuild hospitals with integrated
clinical processes, infrastructure, and management systems using the digitized
networking infrastructure. Application of the digital solutions helps make a
hospital paperless by completely aligning clinical procedures & management
systems. Smart hospitals deliver extensive services with better healthcare
infrastructure and operational productivity. The Smart Hospital Market holds
tremendous market prospects with multiple opportunities in different domains
such as remote medicine management, outpatient vigilance, electronic health
record, clinical workflow, connected medical imaging and medical assistance
markets.
A smart hospital can have Wired or Wireless connectivity for
carrying out its operations. Wireless connectivity segment dominates the market
and is anticipated to lead the market during 2019-2026 due to advanced
technological services. Numerous advancements such as RFID, Wi-Fi, Bluetooth,
etc. help in building a smart system without bundle of wires and with least
technological error percentage. The wired segment is also anticipated to
exhibit a modest growth rate during the forecast period due to the high connectivity
ratio.
Use of cloud computing in smart hospitals enables easy
accessiblity of information by concerned doctors, patients and staff and also
facilitates use of wearable devices to get timely health alerts. The deployment
and benefits of cloud computing are expected to drive the market during the
projected period.
The accelerated technological
progressions in the healthcare sector and increasing need for cost-effective
solutions are some of the main factors propelling the market growth during the
appraisal period. Moreover, the growing investments in the healthcare sector,
particularly in developing countries, are additionally creating lucrative
prospects in the market across the sphere.
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North America
controls the smart hospital market because of advanced healthcare
infrastructure and the growing adoption of artificial intelligence-enabled
devices. At the same time, Asia-Pacific is also expected to register high
growth rate on the backdrop of improved healthcare infrastructure and growing
number of surgical centers and hospitals during the forecast period of 2020 to
2027.
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