Global Smart Hospitals Market is Likely to Grow at a CAGR Value of 24.10% By 2028

27-Jul-2022 | Zion Market Research

The global smart hospitals market size was worth USD 23.10 billion in 2021 and is estimated to grow to USD 84.33 billion by 2028, with a compound annual growth rate (CAGR) of approximately 24.10 percent over the forecast period. The report analyzes the smart hospitals market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the smart hospitals market.

Smart hospitals are medical facilities outfitted with cutting-edge hardware and software to lessen workloads and keep costs for all hospital treatments to a minimum. In general, the internet of things and artificial intelligence are used in smart hospitals. Integrating medical device developments (wired or wireless) for patient safety and effectiveness in hospitals or connected via software to clinical information systems. Smart hospitals are those that fit this description. Using devices, system components, and networks, the Internet of Things (IoT) significantly contributes to the development of smart hospitals. Electronic equipment is gathering data on patients' vital signs, transmitting it to doctors, and allowing patients to follow their records in smart hospitals, revolutionizing the healthcare sector. Major firms are always creating cutting-edge technology to improve the industry. The global smart hospitals market is expanding as a result of rising healthcare technology improvements and a rise in the need for affordable hospital solutions. However, the industry's expansion is constrained by a lack of governance norms and skill in installing IoT technologies in hospitals. Additionally, the growth in healthcare sector investments, particularly in developing economies, opens up lucrative market opportunities.

Global Smart Hospitals Market

Smart hospitals use technology and data to enhance patient care and operational efficiency. They work in a setting that is highly mechanized and optimized. These healthcare institutions use data analytics, AI, and linked equipment. Each hospital's smart rooms will have a unique design, but they will have the same functions: enhancing patient experience, optimizing clinical operations, and promoting collaboration. Patients want medical facilities to accommodate their requirements, and smart hospitals are motivated by this notion. The word "customer" implies a proactive and more demanding buyer. Thus, smart hospitals try to provide a special experience rather than just concentrating on treatments.

The global smart hospitals market is segregated based on component, product, connectivity, application, and region. Based on component, the market is divided into hardware, system & software, and services. Among these, the hardware segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on product, the market is classified into smart pills, m health, telemedicine, and electronic health record. In 2021, the electronic health record category dominated the global market. Based on connectivity, the market is classified into wired and wireless. The wired segment dominated the market in 2021. Based on application, the market is classified into remote medicine management, medical assistance, medical connected imaging, electronic health record & clinical workflow, and others. The electronic health record & clinical workflow category dominated the market in 2021.

The global smart hospitals market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Due to healthcare institutions' growing use of cutting-edge technology, North America is anticipated to have a dominating position in the worldwide market for smart hospitals. The healthcare and medical systems in the North American area are well-established and include the most recent technological advancements. Large corporations have made significant investments in the U.S. smart hospital sector, and this expansion is anticipated to continue. Additionally, between 2022 and 2028, the market in Asia Pacific is anticipated to develop at the greatest CAGR. The region's growing hospital and surgery center population is what's causing the rise. In addition, the modernization of the healthcare infrastructure, a surge in start-up firms, and acquisitions & mergers in the healthcare sector have all aided in the growth of the healthcare sectors in China, Japan, India, and South Korea.

Key players in the global smart hospitals market include Alphabet Inc. (Google Inc.), Enlitic Inc., Intel Corporation, GE healthcare, General Vision, Microsoft Corporation, Nvidia Corporation, Next IT Corp., and Welltok Inc.

Recent Development:

  • April 2019: Hong Duc General Hospital in Vietnam and Koninklijke Philips N.V. struck a multi-year strategic cooperation deal. As part of this collaboration, Philips would offer the most recent patient monitoring, medical imaging, and healthcare IT technologies to Hong Duc General Hospital. Philips would also provide training programs to improve the hospital's clinical skills to improve clinical results.

Browse the full Smart Hospitals Market By Component (Hardware, System & Software, Services), By Product (Smart Pills, M Health, Telemedicine, Electronic Health Record), By Connectivity (Wired, Wireless), By Application (Remote Medicine Management, Medical Assistance, Medical Connected Imaging, Electronic Health Record & Clinical Workflow, Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/smart-hospitals-market

Global Smart Hospitals Market is segmented as follows:

By Component

  • Hardware
  • System & Software
  • Services

By Product

  • Smart Pills
  • M Health
  • Telemedicine
  • Electronic Health Record

By Connectivity

  • Wired
  • Wireless

By Application

  • Remote Medicine Management
  • Medical Assistance
  • Medical Connected Imaging
  • Electronic Health Record & Clinical Workflow
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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