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Adoption of AI in clinical workflow applications enables smart hospitals to offer new healthcare services

Demand for humanoid robots gaining momentum for contactless patient care amid COVID-19 to open up new avenues

Shift toward personalized care delivery approaches by healthcare providers to spur growth of smart hospitals market

ALBANY, N.Y., July 22, 2021 /PRNewswire/ — Transparency Market Research: The smart hospital framework is taking shape to redefine the health system. A slew of cutting-edge technologies, notably AI, ML, telemedicine, robotics, and 5G have soared in popularity. Hospitals are leaning on leveraging these technologies to improve the existing care delivery paradigm and boost clinical care outcomes. The recurrent focus on holistic health management encompasses technology enablement for greater precision in diagnostics and therapeutics. Furthermore, the adoption of personalized care delivery approaches has opened up new opportunities for stakeholders in the smart hospitals market, as it has helped in reducing cost and improving patient experience.

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The thrust toward setting up smart hospitals has mainly come from the pressing need for remote healthcare delivery to COVID-19 patients. Robotics such as humanoids played a seminal role in meeting the medical needs remotely and contactless patient care in some countries to combat the surge in COVID-19 cases. With risks of viral diseases likely in the near future, investments in the smart hospitals market have become imminent. The TMR projects the smart hospitals market to expand at a CAGR of ~23% between 2020 and 2030. 

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Smart Hospitals Market Study Key Findings

  • Remote Patient-centric Care Services Gain Popularity: Smart hospitals have extended the idea of remote medical management. The connected wireless technology framework such as IoT being deployed in remote healthcare delivery and management of diseases, mainly chronic conditions, has helped expand the size of the smart hospitals market. Hospitals in developed countries have been early adopters of the connected healthcare IT ecosystem to boost remote care delivery.

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  • New Tech to Define Hospital 4.0 Framework: A vast assortment of innovative technologies with artificial intelligence and machine learning technologies have enabled the health system to address patient needs. Big Data is another technology that is being incorporated to advance healthcare infrastructure. Stakeholders in the smart hospitals market are leveraging Big Data analytics for changing the care delivery paradigm. For instance, the use of vast volumes of electronic health records data to improve the precision of diagnosis of certain diseases has gained traction in recent years. All the aforementioned factors are expected to strengthen the role of the Hospital 4.0 framework in improving clinical outcomes.
  • Right Design, Its Implementation to Help Overcome Challenges: In spite of substantial attractiveness of smart hospitals, its implementation is full of challenges. The lack of top management support for strategic measures has stridently marred smart hospital initiative. Moreover, the inadequate focus on management buy-in has emerged as another bottleneck in setting up smart hospitals. The research report on the smart hospitals market contends that such concerns can be circumvented by designing a phased implementation of a smart ecosystem.

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Smart Hospitals Market: Drivers

  • Prevalence of chronic diseases and risks of epidemics have spurred investments in the smart hospitals market
  • Need of hospitals to leverage advanced technologies such as telemedicine to meet customer expectations is constantly attracting investments from businesses
  • Strides taken by medical tourism have positively influenced the smart hospitals market dynamics

Smart Hospitals Market: Regional Growth Dynamics

  • North America led the global smart hospitals market in 2019 as a result of high need for technology integrations with care delivery to meet various medical requirements
  • Growing integration of electronic health records to improve patient care services will offer lucrative opportunities
  • Asia Pacific emerges as a market with unmet need, underpinned by the prevalence of various diseases, particularly cancer
  • Steady initiatives to boost medical tourism in some emerging economies make Asia Pacific smart hospitals market replete with opportunities for technology providers

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Smart Hospitals Market: Key Industry Players

  • GE Healthcare
  • SAP SE
  • Microsoft Corporation
  • McKesson Corporation
  • STANLEY Healthcare
  • Honeywell International, Inc.
  • Koninklijke Philips N.V.

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