USD 364.42 billion
Global Smart Hospitals Market Size, Share, Growth Analysis, By Component(Hardware and Software), By Application(Electronic Health Records (EHR), Remote Monitoring), By End-user(Hospitals, Specialty Clinics) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2150 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
90 |
Figures:
76
Global Smart Hospitals Market Insights
Global Smart Hospitals Market size was valued at USD 364.42 billion in 2022 and is poised to grow from USD 391.5 billion in 2023 to USD 694.6 billion by 2031, growing at a CAGR of 7.43% in the forecast period (2024-2031).
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.
US Smart Hospitals Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
7.43% CAGR
Global Smart Hospitals Market ($ Bn)
Country Share for North America Region (%)
Global Smart Hospitals Market By Component ($ Bn)
Global Smart Hospitals Market By Component (%)
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Global Smart Hospitals Market Segmental Analysis
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.
Global Smart Hospitals Market By Component, 2022 (%)
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Global Smart Hospitals Market Regional Insights
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.
Global Smart Hospitals Market By Geography, 2024-2031
- Largest
- Fastest
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Global Smart Hospitals Market Dynamics
Drivers
Increasing adoption of advanced healthcare technologies
- One key driver behind the growth of the global smart hospitals market is the increasing adoption of advanced healthcare technologies. The integration of Internet of Things (IoT) solutions, Artificial Intelligence (AI), big data analytics, and machine learning in healthcare facilities enables efficient operations, cost reduction, and improved patient outcomes. These technologies provide real-time monitoring, predictive analytics, and automation of routine tasks, empowering healthcare providers to deliver personalized, high-quality care. The demand for these advanced technologies and their potential to revolutionize healthcare processes drives the expansion of the smart hospitals market.
Restraints
Challenges associated with governance standards and the implementation of IoT solutions
- A significant restraint hindering the growth of the global smart hospitals market is the challenges associated with governance standards and the implementation of IoT solutions in healthcare facilities. The integration of advanced technologies requires adherence to strict regulations and standards to ensure patient safety, data privacy, and interoperability. The complexity of implementing IoT infrastructure and the need for skilled professionals proficient in managing and securing these systems pose barriers to market expansion. Overcoming these challenges and establishing robust governance frameworks are crucial for the widespread adoption of smart hospitals.
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Global Smart Hospitals Market Competitive Landscape
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
- Philips (Netherlands)
- GE Healthcare (US)
- Siemens Healthineers (Germany)
- Cerner Corporation (US)
- Allscripts Healthcare Solutions (US)
- IBM Corporation (US)
- Honeywell Life Care Solutions (US)
- Microsoft Corporation (US)
- Medtronic (Ireland)
- Qualcomm Life (US)
- Cisco Systems (US)
- McKesson Corporation (US)
- Abbott Laboratories (US)
- Koninklijke DSM N.V. (Netherlands)
- Agfa-Gevaert Group (Belgium)
- Terumo Corporation (Japan)
- Olympus Corporation (Japan)
- Ascom (Switzerland)
- Capsule Technologies (US)
- Smart Medical Systems Ltd. (UK)
Recent Developments
-
In February 2024, in a groundbreaking collaboration, the College of Healthcare Information Management Executives (CHIME) and care.ai, a leading healthcare AI technology firm, embarked on a project to craft the "Smart Hospital Maturity Model." By combining their efforts to address the critical need for structure to focus a strategic approach toward building a "Smart Hospital," CHIME and care.ai aim to offer clarity in a healthcare technology environment that is becoming increasingly complex.
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In February 2024, Artisight, Inc., a Smart Hospital Platform powered by industry-defining artificial intelligence to provide virtual care, quality improvement, and care coordination solutions, announced a systemwide expansion of its collaboration with WellSpan Health. The new program will bring the remote nursing, remote observation, and AI services of Artisight's Smart Hospital Platform to just over 1,000 total beds across the WellSpan Health system.
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In December 2023, China Medical University Hospital (CMUH) in Taiwan announced its collaboration with Google Cloud. Using Google Cloud's generative AI technology, including MedLM, which is a large language model built on Med-PaLM 2, CMUH has developed a comprehensive artificial intelligence (AI)-assisted Physician system which aims to assist healthcare professionals in disease diagnosis, treatment planning, patient education, and medical research, etc.
Global Smart Hospitals Key Market Trends
- A key market trend in the global smart hospitals market is the increasing focus on telehealth and remote patient monitoring. The growing demand for accessible and convenient healthcare services has led to the adoption of telemedicine solutions and remote monitoring technologies. Smart hospitals are leveraging telehealth platforms to provide virtual consultations, remote diagnosis, and monitoring of patients in real-time. This trend is driven by factors such as technological advancements, the need for personalized healthcare, and the ability to overcome geographical barriers, resulting in improved healthcare access and patient outcomes.
Global Smart Hospitals Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 364.42 billion |
| Market size value in 2031 | USD 694.6 billion |
| Growth Rate | 7.43% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Smart Hospitals Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Smart Hospitals Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
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.
Global Smart Hospitals Market Report Snapshots
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