Smart Hospital Market Value to Reach $59 Billion Globally by 2026, as US and China Lead Growth
Hampshire, UK – 26th October 2021: A new study by Juniper Research has found that the smart hospitals market will be worth $59 billion by 2026, up from $29 billion in 2021; representing an average annual growth of 15%. The concept of the smart hospital includes healthcare providers leveraging advanced analytics, connected devices, and healthcare platforms to improve care, productivity, and operational efficiency.
The new report Smart Hospitals: Technologies, Global Adoption & Market Forecasts 2021-2026, identified the US and China as leading smart hospital adopters; accounting for $17 billion of market value in 2021. It highlighted digital healthcare initiatives implemented in light of the COVID-19 pandemic and high levels of existing digitalisation within healthcare infrastructure as key to these countries’ positions as leaders.
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US & China to Lead Growth
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.
Interoperability Is Vital to Unlocking Value
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.”
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.
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