The development of smart healthcare is due to the risingoccurrence of chronic diseases, increasing need for advanced patient care, and efficient &precise solutions. Moreover, smart hospital offers advantages such as reduced cost, improved treatment results, upgraded patient experience, lessened errors, and improved disease management is likely to foster growth of the market.
Governments’ initiatives undertaken in the healthcare sector such as implementation of IT solutions, infrastructure improvement, and increase in the number of skilled IT experts are some of the factors that encourage the adoption of healthcare IT solutions in emerging countries.
The smart healthcare market includes hardware, systems & software, and services. The market for systems &software is projected to witness the highest growth over the coming years.
Healthcare IT systems &instruments are fairly costly solutions and so is their maintenance & software update. Support &maintenance administrations, which involve software updates according to users’ demand, represent a repeated expenditure accounting for 30% of the total cost of ownership.
In addition, the absence of internal IT expertise in the healthcare market makes it important for end-users to receive propertraining to ensure smooth functioning of systems& procedures. High cost of such connected systems, rising interoperability risk, and absence of governance standards are the major factors limiting industry growth.
Services Offered Insights:
Amongst all the services offered, the demand for super specialty hospitals is anticipated to grow at the highest CAGR over the coming years. Super specialty hospitals provide specialized care & treatment to patients suffering from illness.The main reason behind the high growth of this segment is the necessity for patients’ wellbeing, quality of medication, and increased insurance ceiling on family members of insured persons for super-speciality treatment at certain hospitals.
Connectivity of healthcare systems through the Internet of Things (IoT) places importance on the patients’ needs. Pervasive healthcare services are highly multifaceted, with numerous applications concentrating on interoperability with the existing hospital resources, security & protection of sensitive information, and convenience to end users.
Super specialty hospitals render proficient operations for saving lives of patients with the help of diagnostics, therapeutic procedures, and skilled staff. Moreover, the preciseness of these devices &instruments is very high due to the fact that an error might put a patient’s life in danger.
Artificial Intelligence Insights:
On the basis of artificial intelligence the market is divided into offerings and technology. Offerings include hardware, software, and other services. The outpatient vigilance technology enables healthcare facilities to adequately monitor every patient without the use of multiple connecting cables, leads, and sensors.
The growth of smart hospitals is attributed to the increasing application in delivering accurate and fast results. The outpatient vigilance application is likely to grow at the highest CAGR over the next few years. Operating room and ICU instruments such as blood pressure cuffs and intravenous pumps can be interconnected for programmed error detection by through IoT. These devices provide advanced care to patients in hospitals.
North America accounts for the major share of the smart hospital market. The Asia Pacific region is anticipated to grow at the highest CAGR on account of the increasing number of hospitals, clinics, and surgicalcentres in this region.
Advancement in healthcare infrastructure, increasing number of start-up companies, and mergers & acquisitions in the healthcare domain has contributed to growth of this industry in China, Japan, India, and South Korea.
End Use Landscape:
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to use smart hospital services. Few of the major consumers of this market are Cleveland Clinic, Karolinska University Hospital, and North York General Hospital.
The major players of the smart hospital market includes Philips (The Netherlands), Siemens AG (Germany), Medtronic (Ireland), Qualcomm Life (U.S.), Allengers (India), AdhereTech (U.S.), Cerner Corporation (U.S.), GE Healthcare (U.S.), McKesson (U.S.), St. Jude Medical (U.S.), Samsung (South Korea), Athenahealth (U.S.), Renesas Electronics Corporation (Japan), and Honeywell Life Care Solutions (U.S.).
Some of the solution providers are SAP (Germany), Microsoft (US), Allscripts (U.S.), CitiusTech Inc. (U.S.), Infor (U.S.), Athenahealth (U.S.), PhysIQ (US), Diabetizer (Germany), AdhereTech (U.S.), Epic (U.S.), Stanley Healthcare (U.S.), and Oracle (U.S.).
In February 2011, Andover, announced its new contribution to Stryker's new wireless smart bed to connect patient data from Stryker smart beds directly into hospitals Electronic Medical Records (EMR).
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