Demand for pharmacy automation and mobile asset tracking
are set for significant market growth
SANTA CLARA, Calif.,
Dec. 7, 2017 /PRNewswire/ -- By 2025,
10 percent 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.
To access more information on this analysis, please visit:
http://frost.ly/213
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."
Future of Smart Hospitals is part of Frost
& Sullivan's Advanced Medical Technologies Growth
Partnership Service program.
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
Future of Smart Hospitals
K1FF-54
Contact:
Mariana Fernandez
Corporate Communications – North
America
P: +1 (210) 348 1012
E: Mariana.Fernandez@frost.com
http://ww2.frost.com
Twitter: @FS_Healthcare
LinkedIn: Transform Health
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SOURCE Frost & Sullivan