Smart Hospitals Market, By Component (Hardware, Software System, and Services), By Technology (Cloud Computing, Artificial Intelligence, Wearable Technologies, Radio Frequency Identification, and Others), By Application (Remote Medicine Management, Medical Connected Imaging, Medical Assistance, Electronic Health Record, and Outpatient Vigilance), By Connectivity (Wired and Wireless), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Published In : Sep 2023

Code : CMI4211

Pages :260

Formats :

Excel and PDF

Industry : Healthcare IT

Market Challenges And Opportunities

Global Smart Hospitals Market – Driver

Increasing Prevalance of Chronic disorder: The increasing prevalence of chronic diseases such as cancer and others that require the usage of radiological image tracking is expected to drive market growth over the forecast period, as RIS (radiology information system) is used for tracking radiology imaging orders and billing information and often along with PACS (picture archiving and communication systems) and VNAs (vendor neutral archives) to manage image archives, record-keeping, and billing. For instance, in February 2021, according to a report published by Globocan, a worldwide database of cancer incidence and mortality rates, 19.3 million new cancer cases were reported worldwide in 2020. Female breast cancer had surpassed lung cancer as the most commonly diagnosed cancer, with an estimated 2.3 million new cases globally in 2020, followed by lung cancer, colorectal, prostate, and stomach cancers.
Increasing inorganic growth strategies such as agreement by the market players: Increasing inorganic growth strategies, such as agreements, by the market players to strengthen their market presence are expected to foster the market growth over the forecast period. For instance, in January 2021, eHealth, Inc., an online health insurance company, announced that an affiliate of H.I.G. Capital, a leading global alternative investment firm, had signed a binding agreement to invest US$225 million in eHealth, Inc. by purchasing convertible preferred stock. This agreement will further assist the eHealth, Inc., in investing in its in-house telesales team, broadening its strategic partner channel, and increasing member engagement and retention.

Global Smart Hospitals Market: Restraints

Cyber-attacks associated with software systems such as RIS and PACS: Radiology information systems (RIS) and Picture Archiving and Communication Systems (PACS) are prone to cyber-attacks, which increases concerns regarding data safety in the healthcare sector, which in turn is expected to hinder the growth of the global Smart Hospitals market over the forecast period. For instance, in August 2020, according to the report published in the National Center for Biotechnology Information, in 2019, several cyber-attacks were published that specifically aim at medical network protocols and file formats, in particular digital imaging and communications in medicine. This can be overcome by implementing guidelines for generic IT (information technology) cybersecurity and integrating healthcare enterprise integration profiles and test tools