Market Trends of Smart Hospital Industry
This section covers the major market trends shaping the Smart Hospital Market according to our research experts:
Software Segment is Expected to Show Significant Growth
- One of the most challenging tasks for the hospital's staff includes reducing the wait time for any patient. Implementing various software would help optimize workflows, improve patient care, and reduce staff burnout. Therefore, vendors are focusing on developing software and solutions to enhance hospitals' efficiency.
- AI, 3-D rendering, and cloud-based technology are digital solutions to the medical device industry's most pressing issues. They can be implemented during the forecast period. Many medical device organizations will take up such digital solutions in the near future. These technologies will not replace workers by any measure but will help medical workers operate in conjunction with the workforce.
- The market studied is witnessing strategic investments, acquisitions, and product innovation. For instance, in July 2022, the University Hospital Essen in Northwestern Germany announced a collaboration with NVIDIA to implement AI in clinical care. The collaboration aimed to bolster efficiency and add new data dimensions for the medical decision-making process.
- According to the National Institutes of Health, while clinicians spend 35% of their time on documentation, only 19% of it is spent on patient care. Therefore, smart platforms are expected to help doctors serve patients much better.
- For instance, Hamilton Health Sciences (HHS) witnessed a 61 % reduction in code blues (calls signaling the risk of a cardiac arrest) with the help of ThoughtWire's EarlyWarning. The EarlyWarning application also addresses some of the biggest challenges for health systems, which include the rising cost of healthcare, clinician burnout, the inability to operationalize data quickly, disconnected data silos, etc. Such applications are expected to boost the market.
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Europe Occupies the Largest Market Share
- European countries, such as Germany, the United Kingdom, Sweden, and the Netherlands, have advanced infrastructure to deploy next-generation health informatics applications and build smart hospitals. These countries use AI for smart medical services, and IoT to connect devices to transfer patient data and reduce health risks.
- With wide-scale involvement for businesses, consumers, and workers, the rapid implementation of Industry 4.0 in the United Kingdom is a revolutionary step for the country, thereby leading to the development of smart hospitals.
- While several regulatory constraints were posed due to the Brexit scenario, Europe has managed to be one of the top smart device manufacturers. Also, the steady flow of investments into the healthcare sector, primarily due to starting projects previously in the pipeline, is expected to create opportunities for the market studied.
- Many companies in the region are witnessing the introduction of technologies, such as Internet of Medical Things (IoMT), which is expected to propel the well-established healthcare industry. For instance, in October 2021, Royal Philips announced that with the release of its new device drivers that enable integration and interoperability, Philips Capsule Medical Device Information Platform (MDIP) exceeded the milestone of integrating more than 1,000 unique medical device models.
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