Global smart hospital market to reach $111.2 billion by 2026

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Editing: 7; Published: February 2022
Executive Pool: 18336
Companies: 46 – Players covered include AdhereTech Inc.; Capsule Technologies, Inc.; Cerner Company; GE Healthcare; Honeywell International Inc.; Koninklijke Philips NV; McKesson Corporation; Medtronic plc; SAP SE; Siemens AG; STANLEY Healthcare and others.
Blanket: All major geographies and key segments
segments: Component (Services, Hardware, Systems & Software); Application (Remote Medicine Management, Electronic Health Record and Clinical Workflow, Medical Assistance, Ambulatory Vigilance, Connected Medical Imaging)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia Pacific; Rest of the world.

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ABSTRACT-

Global smart hospital market to reach $111.2 billion by 2026
Smart hospitals refer to hospital configurations that are redesigned, optimized and, although not necessarily, but can establish new clinical processes and management systems and sometimes even new infrastructures, all made possible by a digitized network infrastructure. Digitization helps by interconnecting all hospital assets, helping smart hospitals achieve greater operational efficiency and experience, and deliver improved patient care. The smart configuration adds three important elements in the form of data, access and hospital information, which helps to improve the quality of care. With artificial intelligence, data collection, and automation deeply embedded in new smart hospital setups, nearly everyone, including doctors, nurses, support staff, and patients, has everything they need. to earn. Smart hospitals require continuous teamwork where doctors, nurses, and management must work together to detect any potential issues early so that relevant solutions are quickly identified, piloted, and implemented. This would ensure that clinical processes, quality of care and patient experience remain uncompromised, while the hospital enjoys optimal operational efficiency and keeps costs under control. Smart hospitals are considered the future of healthcare due to their ability to meet future healthcare challenges.

Amid COVID-19 Crisis, Global Smart Hospital Market Estimated at US$46.3 billion in 2022, is expected to reach a revised size of US$111.2 billion by 2026, growing at a CAGR of 23.4% over the analysis period. Services, one of the segments analyzed in the report, is expected to grow at a CAGR of 22.3% to reach US$73.6 billion at the end of the analysis period. After an in-depth analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Hardware segment is readjusted to a revised CAGR of 23.8% for the next 7-year period. This segment currently accounts for a 23.9% share of the global smart hospital market.

The US market is estimated at $13.7 billion in 2022, when China is expected to reach $15.2 billion by 2026
The smart hospital market in the United States is estimated at US$13.7 billion in 2022. The country currently accounts for a 29.46% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$15.2 billion in 2026 with a CAGR of 26.9% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 19.8% and 22.6% respectively over the analysis period. In Europe, Germany is expected to grow around 21.9% CAGR while the rest of the European market (as defined in the study) will reach US$18.4 billion at the end of the analysis period.

The exponential growth of COVID-19 cases around the world has placed a huge burden on hospitals and medical personnel. The situation has prompted various healthcare institutions to rely on artificial intelligence (AI)-based sensors to support triage effectively. The scenario has also led various companies to leverage AI to develop non-contact infrared detection devices to identify feverish people in crowds. These devices are increasingly being deployed by hospitals to replace manual screening options to reduce unnecessary exposure of medical staff to COVID-19 patients. Various hospitals have implemented AI systems to intercept people with specific symptoms of COVID-19 among visiting patients. The technology relies on cameras deployed at entrances to perform facial thermal scans and identify infected patients based on specific signs such as discoloration and sweating. In addition to screening, AI technology is being used to monitor patient symptoms, offer CT scan decision support, and automate hospital operations. Some healthcare facilities have also deployed AI-powered robots that can attend to patients and offer minor treatments. Intelligent robots intended to deliver food or medicine to patients reduce doctors’ exposure to infected people.

Segment of systems and software to be reached $21.2 billion by 2026
In the global Systems & Software segment, United States, Canada, Japan, China and Europe will drive the CAGR of 26% estimated for this segment. These regional markets representing a combined market size of US$3.8 billion will reach a projected size of US$19.4 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$2.3 billion by 2026. Continued

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