Global Smart Hospitals Market, by Component (Hardware, Software System, and Services), by Technology (Cloud Computing, Artificial Intelligence, Wearable Technologies, Radio Frequency Identification, and Others), by Application (Remote Medicine Management, Medical Connected Imaging, Medical Assistance, Electronic Health Record, and Outpatient Vigilance), by Connectivity (Wired and Wireless), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 28,200.1 million in 2021 and is expected to exhibit a CAGR of 20.7% during the forecast period (2021-2028).

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.

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

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.

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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.

Browse 39 Market Data Tables and 22 Figures spread through 260 Pages and in-depth TOC on Global Smart Hospitals Market by Component (Hardware, Software System, and Services), by Technology (Cloud Computing, Artificial Intelligence, Wearable Technologies, Radio Frequency Identification, and Others), by Application (Remote Medicine Management, Medical Connected Imaging, Medical Assistance, Electronic Health Record, and Outpatient Vigilance), by Connectivity (Wired and Wireless), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).

The increasing adoption of technologies such as artificial intelligence in the detection of the chronic diseases such as cancers is expected to drive the global smart hospital market growth. According to the data findings published in the European Association of Urology congress in Copenhagen in March 2018, Chinese scientist and clinicians have developed a learning artificial intelligence system which can diagnose and identify cancerous prostate samples as accurately as any pathologist. Moreover, the software can accurately classify the level of malignancy of the cancer, thereby eliminating the variability which can slow down diagnosis in patients.

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Various healthcare facilities are focusing on converting into smart hospitals to provide high quality medical services which is expected to boost the market growth during the forecast period. For instance, in January 2020, West China Second University Hospital, affiliated to Sichuan University, China, launched 5G medical private network, purpose built-in hospitals enhanced with mobile edge computing (MEC) devices which provides full integration among cloud, networks, and services. The 5G medical private network provides low latency, high data rates, and massive connectivity for personalized network services in hospitals.

Key Takeaways of the Smart Hospitals Market:

The global smart hospitals market is expected to exhibit a CAGR of 20.7% over the forecast period (2021-2028), owing to growth in potential markets, especially in Europe. While, North America is accounted for the major market share.

Market players are indulged in launch of new software, which is expected to drive the growth of the global smart hospitals market over the forecast period. For instance, in January 2020, Medtronic Plc announced the launch of Efficio, a cloud-based data management software for use with the SynchroMed II intrathecal drug delivery system, which will allow clinicians to more efficiently manage their targeted drug delivery pump practices to treat patients with chronic pain, cancer pain, and severe spasticity. In March, 2020, Medtronic plc launched two new solutions including Respiratory Infectious Disease Health Check and the COVID-19 Virtual Care Evaluation and Monitoring solution. These are designed to help, assess, monitor, and triage support for patients who may be concerned about COVID-19 and their respiratory symptoms.

Some of the major players operating in the global Smart hospitals market include Medtronic Plc., Koninklijke Philips N.V., GE Healthcare, Stanley Healthcare, Siemens AG, Athenahealth, Allscripts Healthcare Solutions, Inc., Microsoft Corporation, SAP SE, Samsung Healthcare, and Honeywell International Inc.

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