USD 36.9 billion
Report ID: SQMIG35G2150 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 90 | Figures: 76
Global Smart Hospitals Market size was valued at USD 36.9 billion in 2021 and is poised to grow from USD 37.6 billion in 2022 to USD 240.13 billion by 2030, growing at a CAGR of 30.3% during the forecast period (2023-2030).
The global market for smart hospitals is driven by the integration of advanced equipment and software within healthcare facilities, aiming to streamline processes and reduce costs. This growth is primarily attributed to the advancement of healthcare technologies and the rising demand for cost-efficient solutions in medical settings. However, challenges related to governance standards and the implementation of Internet of Things (IoT) solutions hinder the expansion of the market. Nevertheless, promising opportunities are emerging due to increasing investments in the healthcare sector, especially in developing economies. Two key factors propel the growth of smart hospitals: technological advancements and the necessity for cost-effective healthcare solutions. Cutting-edge technologies like the Internet of Things (IoT), Artificial Intelligence (AI), big data, and machine learning are revolutionizing healthcare by providing real-time monitoring, predictive analytics, and automating routine tasks. These technologies empower smart hospitals to optimize operations, reduce expenses, and enhance patient outcomes. For instance, IoT devices can continuously monitor patient vitals, enabling healthcare professionals to respond promptly to changes in health status. AI-powered chatbots can triage patients and address common inquiries, alleviating the workload on hospital staff.
The healthcare industry is witnessing various trends that drive the market growth. Telehealth is becoming increasingly prevalent as the demand for remote patient monitoring, telemedicine, and virtual care rises. Wearable technology is another trend gaining momentum, as patients utilize smartwatches, fitness trackers, and medical sensors to monitor their health. Robotics is also driving the adoption of technology in healthcare, with smart hospitals leveraging automation to streamline tasks and improve efficiency. The global smart hospitals market demonstrates growth across multiple regions. North America holds a dominant position due to its advanced healthcare infrastructure and high adoption rates of new technologies. Notably, the United States has a well-established healthcare system with substantial investments in smart hospitals. As smart hospitals embrace personalized treatment plans based on individuals' genetic makeup and medical history, they utilize technologies like AI and machine learning to provide tailored recommendations. The importance of data security and privacy is increasing as digital technologies become more integral to smart hospitals. Healthcare providers are expected to implement robust security measures to safeguard patient data from cyber threats and ensure compliance with privacy regulations.
Global Market Size
USD 36.9 billion
To get more reports on the above market click here to Buy The Report
Global Smart Hospitals Market is segmented by component, application, end-user and region. Based on component, the market can be segmented into hardware, and software. Based on application, the market is segmented into electronic health records (EHR), remote monitoring, inventory management, and medical assistance. Based on end-user, the market is segmented into hospitals, specialty clinics, ambulatory surgical centers, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Component
By component, the market can be segmented into hardware and software. The hardware segment is a dominating component in the smart hospitals market. Hardware devices and equipment play a crucial role in the implementation and functioning of smart hospital systems. These components include sensors, RFID tags, monitors, wearables, and medical devices. The dominating position of hardware in the smart hospitals market can be attributed to several factors. Firstly, the increasing demand for advanced medical devices and equipment with integrated smart features has fueled the adoption of hardware components in hospitals. These devices enable real-time monitoring of patients' vital signs, remote patient care, and efficient data collection.
The software segment is the fastest growing component. Software solutions in smart hospitals include electronic health records (EHR) systems, clinical decision support systems, remote monitoring software, and data analytics tools. The rapid growth of the software segment can be attributed to several factors. Firstly, the increasing need for seamless data integration, interoperability, and efficient management of patient information has driven the adoption of software solutions in smart hospitals. EHR systems, for instance, enable digitization of patient records, improving accessibility, accuracy, and efficiency in healthcare delivery.
Analysis by Application
By application, the market can be segmented into electronic health records (EHR), remote monitoring, inventory management, and medical assistance. The electronic health records (EHR) segment dominated the smart hospitals market. EHR systems enable the digitization, storage, and sharing of patient health records, providing healthcare providers with easy access to comprehensive and up-to-date medical information.
The remote monitoring segment is the fastest growing application in the smart hospitals market. Remote monitoring involves the use of connected devices and wearables to continuously monitor patients' health conditions, collect real-time data, and enable remote care management.
To get detailed analysis on other segments, Request For Sample Report
North America emerges as the dominating region in the global smart hospitals market. It holds a significant market share due to its advanced healthcare infrastructure and high adoption rates of new technologies. The United States, in particular, stands out with its well-developed healthcare system and substantial investments in smart hospitals. The region's strong emphasis on technological innovation, coupled with a favorable regulatory environment, has propelled the growth of smart hospitals in North America. The presence of major healthcare technology companies and collaborations between healthcare providers and technology firms further contribute to the region's dominance. North America is witnessing an increasing integration of IoT solutions, AI-powered systems, and big data analytics into healthcare facilities, enabling streamlined processes, improved patient outcomes, and cost reduction.
Asia Pacific emerges as the fastest-growing region in the global smart hospitals market. The region's rapid economic growth, expanding healthcare infrastructure, and increasing investments in healthcare technologies have fueled the adoption of smart hospitals. Countries like China, India, and Japan are at the forefront of this growth, driven by the rising demand for advanced healthcare solutions and the need for cost-efficient medical services. The increasing prevalence of chronic diseases, aging populations, and a shift towards personalized healthcare are also contributing factors. Furthermore, government initiatives promoting digital healthcare, telemedicine, and IoT integration are accelerating the growth of smart hospitals in the region. The Asia Pacific region is witnessing collaborations between healthcare providers, technology companies, and research institutions to develop innovative solutions for efficient healthcare delivery. The adoption of wearable technology, telehealth platforms, and AI-powered healthcare systems is on the rise, enabling improved access to healthcare services and enhanced patient care outcomes.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Increasing adoption of advanced healthcare technologies
Challenges associated with governance standards and the implementation of IoT solutions
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
The global smart hospitals market is characterized by the presence of numerous companies striving to offer innovative solutions and gain a competitive edge. These companies are focusing on research and development activities to develop advanced technologies such as IoT integration, AI-powered systems, and big data analytics. Strategic collaborations, partnerships, and mergers and acquisitions are common strategies employed by market players to expand their product portfolios and enhance their market presence. Additionally, companies are investing in marketing initiatives to create awareness and establish themselves as leaders in the rapidly evolving smart hospitals market.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global smart hospitals market analysis, the market is experiencing significant growth driven by advancements in healthcare technologies and the demand for cost-effective solutions. Integration of IoT, AI, big data, and machine learning in healthcare facilities enables streamlined operations, reduced costs, and enhanced patient outcomes. While challenges related to governance standards and IoT implementation exist, increasing investments in the healthcare sector offer promising opportunities. The market is characterized by intense competition, with companies focusing on research and development, strategic collaborations, and marketing initiatives. Key trends include the adoption of telehealth and remote patient monitoring, wearable technology, and robotics. North America dominates the market, while Asia Pacific emerges as the fastest-growing region.
|Market size value in 2021||USD 36.9 billion|
|Market size value in 2030||USD 37.6 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Smart Hospitals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Hospitals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Hospitals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Hospitals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.