The Smart Healthcare Market size was USD 166 Billion in 2023 and is expected to Reach USD 441.30 Billion by 2031 and grow at a CAGR of 13% over the forecast period of 2024-2031.
The Smart Healthcare Market refers to the application of information technology and innovative solutions to enhance the efficiency, quality, and effectiveness of healthcare delivery. It involves the integration of advanced technologies, such as artificial intelligence (AI), the Internet of Things (IoT), big data analytics, robotics, and wearable devices, into various healthcare processes and systems.
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The goal of the smart healthcare market is to improve patient care, optimize operational workflows, reduce healthcare costs, and enable better decision-making for healthcare providers. This market encompasses a wide range of solutions and services, including electronic health records (EHR), telemedicine, remote patient monitoring, medical asset tracking, predictive analytics, healthcare mobility solutions, and smart medical devices. Electronic Health Records are the Digital systems that store and manage patient health records, making them easily accessible to healthcare professionals. Telemedicine is the use of telecommunications technology to provide remote clinical services, such as video consultations, virtual diagnosis, and remote patient monitoring. Remote Patient Monitoring is the utilization of IoT devices and wearables to monitor patients' vital signs and health conditions remotely, enabling timely interventions and reducing hospital readmissions. Predictive Analytics is Analysing large volumes of healthcare data to identify patterns, predict outcomes, and improve decision-making in diagnosis, treatment, and population health management.
Health Information Exchange is the Secure sharing of patient health information among healthcare providers, enabling better coordination and continuity of care. Healthcare Mobility Solutions is the Mobile applications and devices that allow healthcare professionals to access patient data, communicate, and make informed decisions on the go. Smart Medical Devices the IoT-enabled devices and sensors that collect real-time data, improving the accuracy of diagnostics, monitoring, and treatment. The smart healthcare market has the potential to revolutionize the healthcare industry by enhancing patient engagement, improving clinical outcomes, and streamlining healthcare operations. It aims to create a more connected and efficient healthcare ecosystem, benefiting patients, healthcare providers, and other stakeholders.
DRIVERS:
Smart healthcare solutions are now possible because of the rapid improvements in information technology, including AI, IoT, big data analytics, and cloud computing.
The primary driver of this market is the increasing demand for high-quality healthcare.
Globally, there is a rising need for healthcare services of higher quality. In order to fulfil the increased demands of consumers and healthcare professionals, smart healthcare solutions have the potential to improve healthcare delivery's effectiveness, accessibility, and cost.
RESTRAIN:
Data privacy and security are issues that are brought up by the growing usage of digital healthcare systems and the gathering of sensitive patient data.
The primary barrier to this market's growth is interoperability and integration challenges.
It might be challenging to integrate diverse smart healthcare technologies and systems. Interoperability is difficult because various healthcare providers and systems sometimes follow distinct standards and norms. The installation and efficacy of smart healthcare systems may be hampered by a lack of smooth data sharing and integration.
OPPORTUNITY:
Smart healthcare technologies have the potential to significantly improve healthcare outcomes by enabling early detection, personalized treatments, and proactive interventions.
Enhanced Patient Engagement is significant commercial potential.
Smart healthcare solutions empower patients to actively participate in their healthcare journey. Through access to personal health data, mobile health applications, and remote monitoring devices, patients can monitor their health, manage chronic conditions, and communicate effectively with healthcare providers. Increased patient engagement leads to better treatment adherence, improved patient satisfaction, and ultimately better health outcomes.
CHALLENGES:
The integration of various smart healthcare technologies and systems can be challenging due to the lack of interoperability and standardized protocols.
The greatest obstacles facing this sector are regulations and legal compliance.
Data protection legislation, patient consent, and ethical concerns are only a few of the laws and compliance requirements that apply to the smart healthcare business. Healthcare organizations and technology developers may find it difficult and time-consuming to comply with these laws, particularly in a worldwide setting.
Due to the war between Ukraine and Russia, has been found to see different types of damage, the healthcare sector has also not remained untouched by this war, when it comes to the smart healthcare sector, then these are the state-of-the-art healthcare systems that can help every country in time. Along with this, the need is increasing. Although Russia is a very developed country and the healthcare system there is also smart to a great extent, the amount of research and development done in the healthcare sector is very less, after the war between Ukraine and Russia, there has been a lot of change in the situation. Due to the war between Ukraine and Russia, a lot of tension has arisen among the people, due to which they are not able to execute their work properly, as a result of which the growth of this smart healthcare market increased to a great extent in both the countries.
Supply chain management also has a significant place in the smart healthcare market. The availability of these energy sources and the steep increase in pricing have been problems for the European Union as well. Russia is the major source of energy imports for the EU. Additionally, 32-35% of its imports of natural gas, 18-20% of its imports of crude oil, and 35-42% of its imports of coal come from Russia. In all this data smart healthcare market service price is increasing due to this war.
IMPACT OF ONGOING RECESSION
For many years, the healthcare sector has been described as recession-proof. When a significant amount of healthcare expenses are covered by insurance, patients are less price sensitive. The occupational licensing rules for healthcare practitioners prevent healthcare responsibilities from being transferred to other workers as a result of budgetary constraints. However, the smart healthcare industry enables low-cost patient care. In wealthy nations, the market share for smart healthcare has grown by 4-5% during the past several years.
By Product Type
Electronic Health Records
mHealth
Smart Pills and Syringes
Telemedicine
Smart RFID Cabinets
By Application
Inventory Management and Storage
Treatment
Monitoring
Other
By End User
Home Care Settings
Hospitals
Other
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSIS
North America: In 2023, North America held a revenue share of approximately 36.2% and led the smart healthcare market. This is linked to government initiatives that encourage the use of digital health and infrastructure that is readily available and highly digitally literate. Additionally, the existence of significant market players, rising awareness of linked healthcare, high internet and smartphone penetration, and the use of health-related applications are some of the major drivers behind the expansion of the market for smart healthcare. Due to its accessibility and improved healthcare value, the American Hospital Association (AMA) reported in 2021 that roughly 78% of hospitals in the U.S. employ telehealth to communicate with patients and consult practitioners.
Asia Pacific: Over the course of the projection, the smart healthcare market in Asia Pacific is anticipated to develop profitably. Due to their established healthcare IT infrastructure and rising investments in smart healthcare, nations like Japan, Australia, and India show tremendous promise. It is anticipated that a growth in the number of government digitization initiatives in developing countries like China and India would accelerate the use of digital healthcare solutions like health services. Companies are spending more and more on telemedicine services as the number of COVID-19 cases in the area rises. Huawei praised the availability of wireless networks, video conferencing, and smartphones in Thailand, Bangladesh, and Malaysia in 2020. In order to battle the COVID-19 epidemic in the area, this is meant to encourage the usage of telemedicine techniques.
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Some major key players in Smart Healthcare Market are OLYMPUS CORPORATION, Allscripts Healthcare, Cerner Corporation, GENERAL ELECTRIC (U.S.), Cisco Systems Inc., LogiTag Medical Solutions, IBM, Siemens, SAMSUNG, and other players.
Intuitive MB: In 2022, Intuitive MB introduced its smart hospital and medical office building operating system. It makes use of the Internet of Things (IoT), artificial intelligence (AI), and machine learning technology.
In 2022: A new smart terminal called Smart Health, introduced by Commonwealth Bank, assisted all significant Australian private health insurance in streamlining payments and claim processes.
| Report Attributes | Details |
| Market Size in 2023 | US$ 166 Bn |
| Market Size by 2031 | US$ 441.30 Bn |
| CAGR | CAGR of 13 % From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Electronic Health Records, mHealth, Smart Pills and Syringes, Telemedicine, and Smart RFID Cabinets) • By Application (Inventory Management and Storage, Treatment, Monitoring, Other) • By End User (Home Care Settings, Hospitals, Other) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | OLYMPUS CORPORATION, Allscripts Healthcare, Cerner Corporation, GENERAL ELECTRIC (U.S.), Cisco Systems Inc., LogiTag Medical Solutions, IBM, Siemens, SAMSUNG |
| Key Drivers | • Smart healthcare solutions are now possible because of the rapid improvements in information technology, including AI, IoT, big data analytics, and cloud computing. • The primary driver of this market is the increasing demand for high-quality healthcare. |
| Market Restraints | • Data privacy and security are issues that are brought up by the growing usage of digital healthcare systems and the gathering of sensitive patient data. • The primary barrier to this market's growth is interoperability and integration challenges. |
Ans: The Smart Healthcare Market is to grow at a CAGR of 13% over the forecast period 2024-2031.
Ans: The Smart Healthcare Market size is estimated to reach US$ 441.30 Billion by 2031.
Ans: The increased usage of mHealth, government attempts to digitise healthcare, and the prevalence of chronic diseases are key drivers that are fueling the expansion of the smart healthcare market. These factors are also projected to increase demand for smart healthcare systems.
Ans: The projection period for the Smart Healthcare market is 2024 to 2031.
Ans: In 2023, North America held a share of more than 37.6% of the global market for smart healthcare. This is due to government regulations that encourage the use of digital health and infrastructure that is readily available and highly digitally literate.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Healthcare Market Segmentation, By Product Type
8.1 Electronic Health Records
8.2 mHealth
8.3 Smart Pills and Syringes
8.4 Telemedicine
8.5 Smart RFID Cabinets
9. Smart Healthcare Market Segmentation, By Application
9.1 Inventory Management and Storage
9.2 Treatment
9.3 Monitoring
9.4 Other
10. Smart Healthcare Market Segmentation, By End User
10.1 Home Care Settings
10.2 Hospitals
10.3 Other
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Smart Healthcare Market by Country
11.2.2 North America Smart Healthcare Market by Product Type
11.2.3 North America Smart Healthcare Market by Application
11.2.4 North America Smart Healthcare Market by End User
11.2.5 USA
11.2.5.1 USA Smart Healthcare Market by Product Type
11.2.5.2 USA Smart Healthcare Market by Application
11.2.5.3 USA Smart Healthcare Market by End User
11.2.6 Canada
11.2.6.1 Canada Smart Healthcare Market by Product Type
11.2.6.2 Canada Smart Healthcare Market by Application
11.2.6.3 Canada Smart Healthcare Market by End User
11.2.7 Mexico
11.2.7.1 Mexico Smart Healthcare Market by Product Type
11.2.7.2 Mexico Smart Healthcare Market by Application
11.2.7.3 Mexico Smart Healthcare Market by End User
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Smart Healthcare Market by Country
11.3.1.2 Eastern Europe Smart Healthcare Market by Product Type
11.3.1.3 Eastern Europe Smart Healthcare Market by Application
11.3.1.4 Eastern Europe Smart Healthcare Market by End User
11.3.1.5 Poland
11.3.1.5.1 Poland Smart Healthcare Market by Product Type
11.3.1.5.2 Poland Smart Healthcare Market by Application
11.3.1.5.3 Poland Smart Healthcare Market by End User
11.3.1.6 Romania
11.3.1.6.1 Romania Smart Healthcare Market by Product Type
11.3.1.6.2 Romania Smart Healthcare Market by Application
11.3.1.6.4 Romania Smart Healthcare Market by End User
11.3.1.7 Turkey
11.3.1.7.1 Turkey Smart Healthcare Market by Product Type
11.3.1.7.2 Turkey Smart Healthcare Market by Application
11.3.1.7.3 Turkey Smart Healthcare Market by End User
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Smart Healthcare Market by Product Type
11.3.1.8.2 Rest of Eastern Europe Smart Healthcare Market by Application
11.3.1.8.3 Rest of Eastern Europe Smart Healthcare Market by End User
11.3.2 Western Europe
11.3.2.1 Western Europe Smart Healthcare Market by Country
11.3.2.2 Western Europe Smart Healthcare Market by Product Type
11.3.2.3 Western Europe Smart Healthcare Market by Application
11.3.2.4 Western Europe Smart Healthcare Market by End User
11.3.2.5 Germany
11.3.2.5.1 Germany Smart Healthcare Market by Product Type
11.3.2.5.2 Germany Smart Healthcare Market by Application
11.3.2.5.3 Germany Smart Healthcare Market by End User
11.3.2.6 France
11.3.2.6.1 France Smart Healthcare Market by Product Type
11.3.2.6.2 France Smart Healthcare Market by Application
11.3.2.6.3 France Smart Healthcare Market by End User
11.3.2.7 UK
11.3.2.7.1 UK Smart Healthcare Market by Product Type
11.3.2.7.2 UK Smart Healthcare Market by Application
11.3.2.7.3 UK Smart Healthcare Market by End User
11.3.2.8 Italy
11.3.2.8.1 Italy Smart Healthcare Market by Product Type
11.3.2.8.2 Italy Smart Healthcare Market by Application
11.3.2.8.3 Italy Smart Healthcare Market by End User
11.3.2.9 Spain
11.3.2.9.1 Spain Smart Healthcare Market by Product Type
11.3.2.9.2 Spain Smart Healthcare Market by Application
11.3.2.9.3 Spain Smart Healthcare Market by End User
11.3.2.10 Netherlands
11.3.2.10.1 Netherlands Smart Healthcare Market by Product Type
11.3.2.10.2 Netherlands Smart Healthcare Market by Application
11.3.2.10.3 Netherlands Smart Healthcare Market by End User
11.3.2.11 Switzerland
11.3.2.11.1 Switzerland Smart Healthcare Market by Product Type
11.3.2.11.2 Switzerland Smart Healthcare Market by Application
11.3.2.11.3 Switzerland Smart Healthcare Market by End User
11.3.2.1.12 Austria
11.3.2.12.1 Austria Smart Healthcare Market by Product Type
11.3.2.12.2 Austria Smart Healthcare Market by Application
11.3.2.12.3 Austria Smart Healthcare Market by End User
11.3.2.13 Rest of Western Europe
11.3.2.13.1 Rest of Western Europe Smart Healthcare Market by Product Type
11.3.2.13.2 Rest of Western Europe Smart Healthcare Market by Application
11.3.2.13.3 Rest of Western Europe Smart Healthcare Market by End User
11.4 Asia-Pacific
11.4.1 Asia-Pacific Smart Healthcare Market by Country
11.4.2 Asia-Pacific Smart Healthcare Market by Product Type
11.4.3 Asia-Pacific Smart Healthcare Market by Application
11.4.4 Asia-Pacific Smart Healthcare Market by End User
11.4.5 China
11.4.5.1 China Smart Healthcare Market by Product Type
11.4.5.2 China Smart Healthcare Market by End User
11.4.5.3 China Smart Healthcare Market by Application
11.4.6 India
11.4.6.1 India Smart Healthcare Market by Product Type
11.4.6.2 India Smart Healthcare Market by Application
11.4.6.3 India Smart Healthcare Market by End User
11.4.7 japan
11.4.7.1 Japan Smart Healthcare Market by Product Type
11.4.7.2 Japan Smart Healthcare Market by Application
11.4.7.3 Japan Smart Healthcare Market by End User
11.4.8 South Korea
11.4.8.1 South Korea Smart Healthcare Market by Product Type
11.4.8.2 South Korea Smart Healthcare Market by Application
11.4.8.3 South Korea Smart Healthcare Market by End User
11.4.9 Vietnam
11.4.9.1 Vietnam Smart Healthcare Market by Product Type
11.4.9.2 Vietnam Smart Healthcare Market by Application
11.4.9.3 Vietnam Smart Healthcare Market by End User
11.4.10 Singapore
11.4.10.1 Singapore Smart Healthcare Market by Product Type
11.4.10.2 Singapore Smart Healthcare Market by Application
11.4.10.3 Singapore Smart Healthcare Market by End User
11.4.11 Australia
11.4.11.1 Australia Smart Healthcare Market by Product Type
11.4.11.2 Australia Smart Healthcare Market by Application
11.4.11.3 Australia Smart Healthcare Market by End User
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Smart Healthcare Market by Product Type
11.4.12.2 Rest of Asia-Pacific Smart Healthcare Market by Application
11.4.12.3 Rest of Asia-Pacific Smart Healthcare Market by End User
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Smart Healthcare Market by Country
11.5.1.2 Middle East Smart Healthcare Market by Product Type
11.5.1.3 Middle East Smart Healthcare Market by Application
11.5.1.4 Middle East Smart Healthcare Market by End User
11.5.1.5 UAE
11.5.1.5.1 UAE Smart Healthcare Market by Product Type
11.5.1.5.2 UAE Smart Healthcare Market by Application
11.5.1.5.3 UAE Smart Healthcare Market by End User
11.5.1.6 Egypt
11.5.1.6.1 Egypt Smart Healthcare Market by Product Type
11.5.1.6.2 Egypt Smart Healthcare Market by Application
11.5.1.6.3 Egypt Smart Healthcare Market by End User
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Smart Healthcare Market by Product Type
11.5.1.7.2 Saudi Arabia Smart Healthcare Market by Application
11.5.1.7.3 Saudi Arabia Smart Healthcare Market by End User
11.5.1.8 Qatar
11.5.1.8.1 Qatar Smart Healthcare Market by Product Type
11.5.1.8.2 Qatar Smart Healthcare Market by Application
11.5.1.8.3 Qatar Smart Healthcare Market by End User
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Smart Healthcare Market by Product Type
11.5.1.9.2 Rest of Middle East Smart Healthcare Market by Application
11.5.1.9.3 Rest of Middle East Smart Healthcare Market by End User
11.5.2 Africa
11.5.2.1 Africa Smart Healthcare Market by Country
11.5.2.2 Africa Smart Healthcare Market by Product Type
11.5.2.3 Africa Smart Healthcare Market by Application
11.5.2.4 Africa Smart Healthcare Market by End User
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Smart Healthcare Market by Product Type
11.5.2.5.2 Nigeria Smart Healthcare Market by Application
11.5.2.5.3 Nigeria Smart Healthcare Market by End User
11.5.2.6 South Africa
11.5.2.6.1 South Africa Smart Healthcare Market by Product Type
11.5.2.6.2 South Africa Smart Healthcare Market by Application
11.5.2.6.3 South Africa Smart Healthcare Market by End User
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Smart Healthcare Market by Product Type
11.5.2.7.2 Rest of Africa Smart Healthcare Market by Application
11.5.2.7.3 Rest of Africa Smart Healthcare Market by End User
11.6 Latin America
11.6.1 Latin America Smart Healthcare Market by Country
11.6.2 Latin America Smart Healthcare Market by Product Type
11.6.3 Latin America Smart Healthcare Market by Application
11.6.4 Latin America Smart Healthcare Market by End User
11.6.5 Brazil
11.6.5.1 Brazil America Smart Healthcare Market by Product Type
11.6.5.2 Brazil America Smart Healthcare Market by Application
11.6.5.3 Brazil America Smart Healthcare Market by End User
11.6.6 Argentina
11.6.6.1 Argentina America Smart Healthcare Market by Product Type
11.6.6.2 Argentina America Smart Healthcare Market by Application
11.6.6.3 Argentina America Smart Healthcare Market by End User
11.6.7 Colombia
11.6.7.1 Colombia America Smart Healthcare Market by Product Type
11.6.7.2 Colombia America Smart Healthcare Market by Application
11.6.8.3Colombia America Smart Healthcare Market by End User
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Smart Healthcare Market by Product Type
11.6.8.2 Rest of Latin America Smart Healthcare Market by Application
11.6.8.3 Rest of Latin America Smart Healthcare Market by End User
12. Company profile
12.1 LLC
12.1.1 Company Overview
12.1.2 Financials
12.1.3 Product/Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 OLYMPUS CORPORATION
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Allscripts Healthcare
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Cerner Corporation
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 GENERAL ELECTRIC
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Cisco Systems Inc.
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 LogiTag Medical Solutions
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 IBM
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Siemens
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 SAMSUNG
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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