The smart hospital market is set to grow to $59 billion in the next five years, with special growth expected in the Internet of Things — defined by devices that can collect, process and exchange information over the internet — IOT reported Jan. 4.
The report, conducted by U.K.-based research firm Juniper, defines a smart hospital as one that "leverages contemporary advances in data analytics, networking, and the IoT (Internet of Things) to support care delivery, staff productivity, resource management, and overall operational efficiency." EHRs, workflow management systems and computer-aided diagnostics are all technologies that contribute to smart hospitals.
Three things to know:
- In 2021, the smart hospital market was $29 billion and is set to increase to $59 billion by 2026.
- By 2026, the U.S. and China will account for more than 60 percent of the global smart hospital market.
- Around 7.4 million Internet of Things devices are expected to be present in global hospitals, with 3,850 per smart hospital by 2026.