By Panchali Mallik / Special to Healthcare Facilities Today

The Global Smart Hospitals Market is likely to gain from increasing incidence of chronic diseases and further rising demand for hospitals, finds Fortune Business Insights in a report, titled “Smart Hospitals Market Size, Share and Global Trend By Component (Software, Hardware, Services), Application (Electronic Health Records (EHR), Remote Medicine Engagement, Clinical Workflow, Medical Assistance), Connectivity (Wired, Wireless), Technology (Artificial Intelligence, Internet of Things, Cloud Computing, Big Data) and Geography Forecast till 2026.” 

According to the report, North America emerged dominant in the global market in 2018. The region is likely to witness promising growth during the forecast period 2019-2026. Integration of advanced computing application and increasing workload pressure on hospitals are some factors anticipated to drive the North America market. Moreover, rising need to manage abundance of patient’s data with utmost security is foreseen to fuel the demand for smart hospitals. Besides this, Middle East & Africa region is expected to expand at a relatively higher CAGR.

The rapidly developing healthcare infrastructure in the gulf nations is likely to contribute towards market expansion. High per capita healthcare spending in the gulf nations and governments funding for improving healthcare infrastructure are some factors anticipated to enable growth in the market. The smart hospitals market in Asia Pacific is likely to expand over the forecast period. Owing to increasing demand for intelligent system in nations such as China and India, is foreseen to propel growth. 

Longer hospital stays to drive the market

Increasing hospital stays and increasing demand for workflow efficiency are some factors anticipated to drive the global market. Moreover, rising need to improve clinical procedure and rising willingness among people to spend on quality healthcare services are factors expected to fuel demand for smart hospitals. 

Technological advancements and upgrades are likely to facilitate rapid adoption of smart hospitals. For instance, EIR Healthcare designed the world’s first application of modular technology and prefabrication of hospital rooms in 2018. The application is developed to facilitate minimal budget and faster delivery.

Factors expected to restrain the global market are high cost of software development and deployment and increasing concern about data security. Moreover, complex user interface and slow adoption of hospital-based software are factors likely to hamper the growth in the market.

The global smart hospitals market is progressing at an impressive pace. Opportunities prevalent in the market are attracting new players. Key players are adopting innovative strategies to attain a strong brand presence in the market. Some players are involved in mergers and acquisition also to gain a higher share in the market. For instance, Berkshire Hathaway, JP Morgan Chase & Co., and Amazon got into a collaboration in 2018, to offer healthcare services to their employees working in the U.S. This is expected to fuel the demand for smart hospitals in the market. 

Panchali Mallik is heading the content writing/ editing team at Fortune Business Insights.