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Global Smart Hospitals Market to Reach USD 221.3 Billion by 2030 Due to Proliferation of ML, AI and IoT

By HospiMedica International staff writers
14 Jul 2021

IllustrationThe global smart hospitals market is expected to reach USD 221.3 billion by the end of 2030 due to health professionals increasing their usage of electronic health records and connected medical assistance.

Such digital technologies are increasing the availability of safe, effective, and patient-centric care services in hospitals. Clinical and administrative services are becoming more personalized and precise. These are the latest findings of Transparency Market Research (Albany, NY, USA), a provider of custom market research services.

The high prevalence of active COVID-19 (coronavirus) cases in the US, India, Brazil, and Russia has triggered innovations in humanoid robots. Even though the idea of humanoid robots felt like a distant possibility, the coronavirus pandemic made it a reality since these robots are capable of cleaning & disinfection activities, measuring a patient’s temperature and deliver medicines. Companies in the smart hospitals market are increasing their R&D to innovate in humanoid robots, as these machines hold promising potentials to offset the losses made in 2020. Healthcare facilities looking to eliminate costs associated with human staff are showing interest in humanoid robots.

Technological enablement, automation, and digitization are impacting the smart hospitals market in a profound ways. Hospitals are transitioning from mere implementation of new technologies to adopting comprehensive strategies to scale business opportunities. As such, the concept of smart infrastructure is growing popular in the smart hospitals market. This involves the proliferation of artificial intelligence (AI), Big Data, and the IoT (Internet of Things) to create more integrated and efficient hospital spaces that suit the needs of clinicians and other occupants. Smart hospitals are improving care delivery on the global level. Connected technologies are making it possible for patients to consult doctors from any part of the world. This has led to the business model of telemedicine, which is predicted to grow exponentially.

Electronic health records and clinical workflow applications are anticipated to hold the lion’s share in terms of revenue of the smart hospitals market. This explains why Big Data is improving service planning and clinical decision making in hospitals. As such, machine learning (ML) is emerging as a solution to manage huge volumes of healthcare data. The healthcare industry’s next technological revolution holds lucrative opportunities in the exploitation of an unprecedented amount of data combined with cloud computing services. Companies in the smart hospitals market are increasing their focus in ML, AI, and IoT, which offer expert insights about the future of digital healthcare. As such, data analytics and AI are expected to improve medical outcomes.

However, hospitals face several hurdles in accomplishing their smart hospital initiatives. For instance, lack of management buy-in can be de-motivating for stakeholders. A bureaucratized and hierarchical management may show resistance in being adaptive and agile toward smart hospital initiatives, such as setting up connected medical imaging facilities or establishing the IoT in remote medical management. In order to overcome these challenges, consultancy companies in the smart hospitals market should help stakeholders to execute their initiatives in a comprehensive way by increasing emphasis on real business use cases.

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