The global smart hospitals market size was worth USD 23.10 million in 2021 and is estimated to grow to USD 84.38 million by 2028, with a compound annual growth rate (CAGR) of approximately 24.10 percent over the forecast period.
Smart Hospitals Market
The global smart hospitals market size was worth USD 23.10 million in 2021 and is estimated to grow to USD 84.38 million 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 the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the smart hospitals market.
Smart hospitals are those that use cutting-edge equipment, software, and digital infrastructure to lighten patient loads, cut costs, and improve operational effectiveness. The emergence of IoT technologies in healthcare and the expanding need for high-quality medical services are propelling the market's expansion. The number of individuals suffering from diseases has increased as a result of a sedentary lifestyle and deteriorating ecosystems. The infrastructure of the healthcare system is under strain as a result of the rising number of sick people who must be treated while also lowering treatment costs. Hospitals are being encouraged to adopt cutting-edge technologies such as artificial intelligence, robotics, precision medicine, augmented reality, and genomics, among others, as a result of the transition from traditional drugs and therapeutics to patient-centered medical treatments for better clinical outcomes and quality care. By utilizing eco-friendly flooring, paints, furnishings, and furnishing, smart hospitals are also built to minimize pollutants and their negative environmental effects.
The exponential increase in COVID-19 cases worldwide has placed a heavy load on medical and healthcare personnel. Several healthcare institutions are now using artificial intelligence (AI)-based sensors to help triage efficiently. The situation has also prompted several businesses to use AI to create contactless infrared sensor gadgets for spotting ill persons in crowds. Hospitals are using these tools more frequently in place of manual screening methods to limit medical personnel's unwanted exposure to COVID-19 patients. In addition, many hospitals have implemented AI algorithms to identify patients with particular COVID-19 symptoms among incoming patients.
Over the past ten years, the field of digital health has grown as more and more healthcare authorities look to technological innovations for answers to challenging market issues. Including all other expanding industries, the market for smart hospitals is being pushed by technical advancements like machine learning, cloud-based services, artificial intelligence, and big data. COVID-19 has changed the global healthcare landscape, and as a result, there has been a significant shift in desire for technology-driven healthcare, which has fueled the growth of the global smart hospitals market.
The lack of awareness for smart healthcare products to hinder the global market growth in the coming years. GE Healthcare and other medical device companies offer adherence programs, remote monitoring services, and other smart patient services. Still, Accenture, a multinational American Irish corporation that sells consulting and processing services, claims that healthcare professionals are not aware of these services. According to the business, over 55% of healthcare professionals working in France, Germany, the United Kingdom, and the United States are ignorant of the different smart hospital technologies that pharmaceutical companies are offering.
The healthcare sector has enormous potential for using new technologies, notably in terms of reducing operational efficiency, improving the quality of service, and increasing patient participation. Additionally, the expansion of government assistance and spending in the healthcare industry, particularly in emerging nations, generates profitable potential pockets in the market.
The global smart hospitals market has been segmented into components, products, connectivity, applications.
Based on component, the hardware, system & software, and service are segments of the global smart hospitals market. Due to technological breakthroughs like the Internet of Things, artificial intelligence, electronic health records, and robotic technology to create smart hospitals, the systems & software segment for these facilities accounted for a sizeable market share. However, due to the rapid adoption of technologically advanced goods like the Hybrid Operating Room, the hardware category is expected to increase significantly over the projected period. To continue to lead the global market, players concentrate on providing cutting-edge healthcare services and innovating with hardware launches.
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 worldwide smart hospital market is segmented into remote medicine management, outpatient surveillance, electronic health records & clinical workflow, and others based on application type. The clinical workflow & electronic health records are anticipated to have the highest share in this market. Access to patient records is made possible via the Electronic Health Record & Clinical Workflow, which also makes it possible for patients and clinics to securely share electronic data. The electronic health record (EHR) systems maintain a digital copy of the patient's medical history, which includes all essential administrative information connected to their care, such as prescriptions, progress notes, vital signs, laboratory results, and others. The capacity of clinicians to make judgments quickly and accurately, thanks to the availability of patient medical data, improves patient care. The growing requirement to incorporate individuals' medical histories for better treatment options is likely to drive the segment expansion.
|Historic Years||2018 - 2022|
|Forecast Years||2023 - 2030|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2023 to 2030|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Due to its existing healthcare infrastructure, rising acceptance of new technologies, use of artificial intelligence software, growth in healthcare spending, and the spike in expenditures in cutting-edge smart hospitals, North America dominates the market for smart hospitals. However, the Asia Pacific is expected to have rapid expansion over the next years as a result of growing digital technology and healthcare infrastructure that will provide affordable healthcare to the region's low- and middle-income population. Furthermore, due to inorganic growth tactics, including partnerships and agreements, Europe is predicted to have considerable growth in the worldwide market for smart hospitals throughout the forecast period.
Some of the main competitors dominating 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.
The main reasons anticipated to propel the Smart Hospitals Market during the forecast period are expanding acceptance of healthcare IT solutions, increased government support and investments in the healthcare sector, and real-time patient management systems.
According to the report, the global smart hospitals market was worth USD 23.10 million in 2021 and is estimated to grow to USD 84.38 million by 2028, with a compound annual growth rate (CAGR) of approximately 24.10 percent over the forecast period.
North America is anticipated to continue leading the worldwide market throughout the projected period. The well-established healthcare infrastructure and growing use of artificial intelligence-based software and equipment in hospitals are credited with this.
Some of the main competitors dominating 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.