Smart Hospitals to Invest over $11 billion in Cloud Computing and Data Analytics
December 8, 2017 | Frost & SullivanEstimated reading time: 2 minutes
By 2025, 10% of hospitals across the globe will become or will have started implementations to become smart hospitals. Frost & Sullivan’s market research, “Future of Smart Hospitals,” projects significant market growth and billions of dollars in revenues for four key segments, including:
- Pharmacy automation
- Mobile asset tracking
- Data analytics
- Cloud computing
Frost & Sullivan’s “Future of Smart Hospitals” research analyzes how smart hospitals operate, how they differ from digital hospitals, their regional growth, and roadmaps for hospitals wishing to transition. Case studies and current market dynamics are also discussed.
Frost & Sullivan forecasts the market opportunity totals approximately $11. billion, with the data analytics market for smart hospitals reaching revenues of $5.9 billion in 2018. The cloud computing market is expected to hit revenues of $5.1 billion.
There is currently ambiguity around the term “smart”. Transformational Health Industry Analyst Siddharth Shah says a true smart hospital acknowledges digitization as only the first step, and focuses on three major areas—operational efficiency, clinical excellence, and patient-centricity—with technological advances leveraged for these three areas to derive smart insights.
“Not every hospital needs to become smart in a single step. Instead, the approach they need to take is to implement smart solutions, one by one, and then allow newer solutions to integrate with existing ones in the journey toward becoming smart,” said Shah. “This allows hospitals to implement solutions with limited financial investments, reap rewards and ROI, and then implement the next solution.”
As for companies, some of the most advanced solution sets are being developed by GE Healthcare for patient flow, including its “Command Center” solution for the Johns Hopkins Hospital. Also noteworthy is the ThoughtWire Ambiant platform, which has customized features, such as the Code Blue events reduction solution developed for Hamilton Health Sciences in Canada. IBM is developing, and now marketing, the “SmartRoom” concept along with the University of Pittsburgh Medical Center. Omnicell has developed pharmacy automation solutions in use by several hospitals and health systems across the world.
In terms of regional readiness for the adoption of the smart hospital concept, North America leads, followed by Europe and Asia Pacific regarding technological sophistication, regulatory landscape, spending power, and end-user readiness. However, the hotspots for current smart hospitals are concentrated in the Asia Pacific region, including Dubai, South Korea, Singapore and Australia, some of which cater to the medical tourism industry as well. Canada and Finland are also hotspots.
“The two largest challenges obstructing hospitals from achieving the smart hospital vision are interoperability and cybersecurity. To truly achieve a 'smart' status by deriving intelligent insights, various devices, systems and networks in the hospital must 'talk' to one another in ways that are coherent and complete for a holistic analysis,” observed Shah. “Digitization brings in additional vulnerabilities in a hospital for hackers to target, making cybersecurity a challenge.”
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion
Suggested Items
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
Guerrilla RF Completes Strategic Acquisition of GaN Device Portfolio from Gallium Semiconductor
04/29/2024 | BUSINESS WIREGuerrilla RF, Inc. has finalized the acquisition of Gallium Semiconductor's entire portfolio of GaN power amplifiers and front-end modules. Effective April 26th, 2024, GUER acquired all previously released components as well as new cores under development at Gallium Semiconductor.
Amphenol Reports Q1 2024 Results, Announces New Stock Repurchase Program
04/26/2024 | BUSINESS WIREAmphenol Corporation reported first quarter 2024 results. In addition, the Company is announcing a new three-year, $2 billion stock repurchase program.
Chinese Smartphone Market Maintains its Recovery Momentum at 6.5% Growth in 1Q24,
04/26/2024 | IDCAccording to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, China smartphone shipments grew 6.5% year over year (YoY) to 69.3 million units in 1Q24.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).