Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The combination of technological advancements in medical devices (wired or wireless) for patient’s safety and efficacy within hospitals or connected through software to clinical information systems, becomes smart hospitals. Internet of Things (IoT) plays a significant role in building the smart hospitals through devices, system components and networks. Smart hospitals is transforming the healthcare industry as electronic devices are collecting information of patients’ vital signs and transferring it too physicians and patients itself to track the records. Major players are continuously building an innovative technologies for the betterment of the market.
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).
Figure 1. Global Smart Hospitals Market Share (%) in Terms of Value, By Region, 2020
Increasing product launches by market players is expected to propel the market growth during the forecast period
Market players are focusing on launching advanced software to facilitate outpatient vigilance which is expected to drive growth of the global smart hospitals market during the forecast period. For instance, in January 2019, Medtronic plc. launched MyCareLink Heart, a mobile app to support Medtronic’s BlueSync technology-enabled pacemakers. MyCareLink Heart is developed to wirelessly send and receive data from the Medtronic CareLink network and eliminate the need for a dedicated bedside monitor or other remote monitoring hardware.
Smart Hospitals Market Report Coverage
||Market Size in 2019:
||US$ 29.6 Bn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 103.6 Bn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Component: Hardware, Systems and Software, Services.
- By Technology: Cloud Computing, Artificial Intelligence, Wearable Technologies, Radio Frequencies Identification, Others.
- By Application: Remote Medicine Management, Medical Connected Imaging, Medical Assistance, Electronic Health Record & Clinical Workflow, Outpatient Vigilance.
- By Connectivity: Wired, Wireless.
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.
- Product launches by market players
- Adoption of inorganic growth strategies by key players
|Restraints & Challenges:
- Lack of awareness related to smart healthcare products
Adoption of inorganic strategies is expected to drive the market growth during the forecast period
Collaborations and partnerships by key players are expected to boost the market growth during the forecast period. For instance, in January 2020, KT Corporation, a South Korea based telecommunications company, and Samsung Medical Center (SMC) have developed an innovative, 5G-powered medical service to establish 5G smart hospital. KT Corporation and Samsung Medical Center signed a memorandum of understanding in September 2019.
Figure 2. Global Smart Hospitals Market Share (%) in Terms of Value, By Component, 2020
Global Smart Hospitals Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus disease (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020.
According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 30.6 million cases and 950,000 deaths due to coronavirus disease (COVID-19) were reported on September 20, 2020 across the globe.
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, on April 2, 2020, MD Revolution, Inc. announced the launch of RevUp Now, a full care management platform developed to help medical practices maintain financial viability and connection with patients during this national shutdown. The RevUp Now platform includes chronic care management, remote patient monitoring, annual wellness visits, COVID-19 screening, and other features.
Global Smart Hospitals Market: Restraints
However, lack of awareness related to smart healthcare products is expected to hinder the growth of the global smart hospitals market during the forecast period.
Major 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.