According to Coherent Market Insights the global smart hospitals market is estimated to be valued at US$ 29.6 billion in 2020 and is expected to exhibit a CAGR of 19.6% during the forecast period (2020-2027).
Key Trends and Analysis of the Global Smart Hospital Market:
Key trends in the global smart hospitals market include product launches and adoption of inorganic strategies such as partnerships and agreements by market players.
Launch of new programs by market players in order to provide advanced healthcare services is expected to boost growth of the global smart hospitals market during the forecast period. For instance, in August 2020, Keva Health, a U.S. based provider of products and services, launched a Remote Care Platform, developed to capture a consistent and accurate remote care data of patients outside the physician’s office or hospital.
Furthermore, market players are focusing on various inorganic strategies such as partnerships and agreements which is also expected to propel the market growth during the forecast period. For instance, in March 2019, Huawei Technologies Co., Ltd., a Chinese technology company, entered a partnership agreement with the Guangdong Provincial People's Hospital to build a hospital with 5G healthcare applications in China.
Similarly, in April 2019, Royal Philips announced a seven year partnership agreement with the Hong Duc General Hospital, in Vietnam, to provide latest medical imaging and healthcare IT solutions to the newly built hospital and also design, consulting and financing services.
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Key Market Takeaways:
The global smart hospitals market is expected to exhibit a CAGR of 19.6% during the forecast period owing to strategic agreements and acquisitions by market players. For instance, in March 2019, Hill-Rom Holdings, Inc. entered a definitive agreement to acquire Voalte, Inc., a clinical communication software company. Through this acquisition, Hill-Rom Holdings, Inc. will strengthen its connected solutions portfolio which includes smart hospital beds, vital signs monitors and others.
Among regions, North America is expected to hold dominant position in the global smart hospitals market during the forecast period, owing to increasing product launches by market players in the region. For instance, in January 2018, Royal Philips launched a Patient Monitoring solution in the U.S. The next-generation Patient Monitoring solution developed by the Royal Philips consists of bedside, transport, mobile and central station monitoring technology to improve critical care monitoring during in-hospital patient transport.
Key players operating in the global smart hospitals market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Capsule Technologies, Inc., Stanley Healthcare, Siemens AG, athenahealth, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, McKesson Corporation, SAP SE, Samsung Group, and Honeywell International Inc.
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Global Smart Hospitals Market, By Component:
Systems and Software
Global Smart Hospitals Market, By Technology:
Radio Frequencies Identification
Global Smart Hospitals Market, By Application:
Remote Medicine Management
Medical Connected Imaging
Electronic Health Record & Clinical Workflow
Global Smart Hospitals Market, By Connectivity:
Global Smart Hospitals Market, By Region:
Rest of Latin America
Rest of Europe
Rest of Asia Pacific
Rest of Middle East
Related Market Intelligence Report:
Healthcare Mobility Solutions Market, By Type (Mobile Devices, Mobile Applications, Enterprise Mobility Platforms), By Application (Enterprise Solutions, mHealth Applications), By End User (Payers, Providers, Patients), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
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Senior Client Partner – Business Development
Coherent Market Insights
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