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According to the latest report by IMARC Group, titled "Smart Hospitals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart hospitals market size is anticipated to grow at a CAGR of 17.3% during 2022-2027. A smart hospital refers to an interconnected ecosystem that uses a range of integrated hardware and software systems to systematically address various clinical operations. It employs wired and wireless technologies, including data analytics, artificial intelligence (AI), and the Internet of Things (IoT) solutions. These devices streamline, automate and optimize patient care, revenue cycle management, clinical workflow, and communication channels amongst doctors, patients, and nurses. Apart from this, smart hospitals aid in developing cognitive care systems, enhancing supply chain efficiency, delivering insightful data to stakeholders for making complex decisions, computerizing physicians' order entry, and mitigating electronic medical records (EMR) errors. As a result, the smart hospital framework is extensively deployed in the healthcare sector to offer better clinical outcomes and reduce workload.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Hospitals Market Trends:
One of the prime factors currently driving the market is the increasing need for IoT integrated solutions in the healthcare infrastructure to optimize various clinical procedures, workflow efficiency, and improve patient health management. Additionally, the increasing prevalence of several chronic disorders and the rising awareness amongst healthcare practitioners regarding the multiple smart hospital benefits, including improved patient data storage and streamlined operations, are acting as another growth-inducing factor. In line with this, the advent of artificial intelligence (AI), cloud computing, picture archiving and communication systems (PACS), and big data solutions and their integration with radio frequency identification (RFID), Zigbee, and near field communication (NFC) solutions is contributing to the market growth. Moreover, the implementation of nationwide lockdown by governments, owing to the COVID-19 pandemic, has facilitated the widespread adoption of remote patient monitoring services, such as mHealth, to provide digital assistance to patient from remote areas, which in turn, is supporting the product demand. Other factors, such as the substantial improvement in the healthcare infrastructure, ongoing research and development (R&D) activities, and strategic collaborations amongst key players to engineer different technologies for augmenting hospital services, are positively stimulating the market growth.
Market Summary:
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