Smart hospital market value to reach $59bn globally by 2026

Smart hospital market value to reach $59bn globally by 2026
A new study by Juniper Research has found that the smart hospitals market will be worth $59 billion (€50.6bn) by 2026, up from $29bn in 2021; representing an average annual growth of 15%. The concept of the smart hospital includes analytics, connected devices, and healthcare platforms to improve care, productivity, and operational efficiency.

The research forecasts that the US and China will grow to account for over 60% of global smart hospital spending by 2026. It predicts that these countries’ pre-existing smart hospital services, allied with the formulation of favourable reimbursement structures, will provide an ideal basis for further smart hospital roll-outs.

However, it cautioned that the need for pre-existing digital infrastructure, such as electronic health records, will limit smart hospital roll-outs to developed regions. As a result, it anticipates that Latin America, Africa, and the Middle East will represent less than 5% of global smart hospital spending by 2026.

Juniper Research’s report outlined how a current lack of interoperability between devices and platforms has resulted in a high degree of fragmentation that will require regulatory intervention on a country-level basis.

Research author Adam Wears explained: “Vendor lock-in and high investment requirements are the most prevalent issues for healthcare providers in adopting smart hospital services. At a time when healthcare industries are still feeling the impacts of the global pandemic, the long-term benefits of smart hospital services must be demonstrated to foster confidence in these services’ ability to secure a return on investment.”

 

 






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