Report Overview

Increasing demand for effective medical services, advancements in the healthcare industry, and the rise of IoT technologies could boost the growth of Global Smart Hospital Market during the forecast period between 2023 and 2029.

Global Smart Hospital Market - Industry Trends & Forecast Report, 2029

Global smart hospital market size was estimated at USD 47.03 billion in 2022. During the forecast period between 2023 and 2029, the global smart hospital market size is expected to grow at a CAGR of 27.1% reaching a value of USD 246.16 billion by 2029. The growing realization of the benefits of smart hospitals among physicians and patients directly affects the growth of the market. The initiatives for better healthcare infrastructure, the rising need for cost-effective solutions, the introduction of internet of things (IoT) supported devices and technologies, increasing the number of cases of chronic diseases, and acceptance of connected devices and appliances are the critical factors that are expected to contribute to the development of the smart hospital market during the projection period. Besides, the government is investing hugely in the healthcare sector, creating numerous new opportunities for the growth of the smart hospital market in the future.

Global Smart Hospital Materials Market - Overview

Smart hospitals are healthcare facilities outfitted with cutting-edge hardware and software to lessen workloads and keep costs for all hospital procedures to a minimum. Artificial intelligence and the internet of things are typically essential to smart hospitals. With recent technological advancements, hospitals are now becoming smarter. Smart software and high-tech equipment are used to coordinate staff, surgeries, and even patient records. Because everything is now online, operating a hospital is much simpler, and the hospital is making more money as a result, which is what is driving the market for smart hospitals.

Growth Drivers

Increasing Use of Digital Technologies in Hospitals

Rising adoption of E-Health and government initiatives to digitize healthcare are likely to push the demand for smart healthcare systems. Digitalization has transformed the healthcare industry. Mobile health has been accepted widely over the past few years majorly due to the growing usage of smartphones and the internet. According to United Healthcare Consumer Sentiment Survey, approximately 37% of US citizens relied on the internet or mobile apps for their health and illness concerns.

Growing popularity of cloud computing in smart hospitals

Smart hospitals offer thorough information about the patient's lifespan, which is stored securely in the cloud and is accessible to doctors, pharmacy staff, and patients. They also wearable smart devices extensively for up-to-date displays, treatment plans, journaling, and others besides getting timely alerts in case the patient is undergoing an asthmatic or cardiac situation. They also track and give information on treating symptoms, enabling efficient treatment for patients. The use of Cloud computing in hospitals makes all things possible and advantageous to all the stakeholders and is expected to drive the smart hospital market during the period in analysis.

Technology Advancements and Growing Investment in Healthcare

Adopting advanced technologies in the healthcare sector and an increasing need for cost-effective solutions are crucial factors propelling the market growth during the forecast period. Also, the growing investments in the healthcare sector, particularly in developing countries, are additionally creating lucrative prospects in the market across the globe. Moreover, the increasing penetration of instruments and connected devices among hospitals and healthcare progressions is a significant development contributing to the growth of the smart hospital market.

Restraints

Lack of Awareness

During the forecast period, it is anticipated that a lack of awareness of smart healthcare products could restrain the growth of the global smart hospitals market. For instance, Accenture, a multinational consulting and services company, claimed in 2017 that healthcare professionals were not aware of smart patient services like adherence programs and remote monitoring programs and services offered by various medical device companies like GE Healthcare and others. According to the company, about 55% of healthcare professionals working in France, Germany, the UK, and the US were unaware of the various smart hospital technologies that pharmaceutical companies were offering.

Impact of COVID-19 on Global Smart Hospital Market

The exponential increase in COVID-19 cases around the world placed a heavy burden on hospitals and medical personnel. Several healthcare facilities were using artificial intelligence (AI)-based sensors to support triage efficiently. The situation also prompted several businesses to use AI to create contactless infrared sensor devices for spotting infected people in crowds. Hospitals are using these tools more frequently in place of manual screening methods to limit unnecessary exposure of the medical staff to COVID-19 patients. Many hospitals put AI systems in place to identify patients with particular COVID-19 symptoms among incoming patients.

Global Smart Hospital Market

Segmental Coverage

Global Smart Hospital Market - By Application Type

Global smart hospital market is divided into Remote Medicine Management, Electronic Health Record & Clinical Workflow, Outpatient Vigilance, Medical Connected Imaging, and Medical Assistance segments. Outpatient Vigilance is expected to lead the market during the forecast period, due to technological progressions in vigilance services. However, the highest growth rate is expected to be exhibited by the medical assistance segment during the forecast period due to the surging adoption of advanced services among healthcare professionals and patients due to their high precision and technological advancement. The ample availability of technically progressive equipment, products and services, and cures and rising demand for precise and smart diagnoses are likely to push the growth of the global smart hospital market in the forecast years.

Global Smart Hospital Market - By Connectivity

On basis of connectivity, global smart hospital market is divided into Wired and Wireless segments. The wireless segment is expected to hold a higher market share, due to the increasing popularity of various wireless technologies, including Bluetooth, internet, and cloud-based servers. The adoption of wireless connectivity in smart hospitals around the world is boosted by the availability of wireless communication, simple data transfer, and remote access to stakeholders.

Global Smart Hospital Market – By Component

On basis of component, global smart hospital market is divided into Hardware and Software & Services segments. Because of technological advancements such as the Internet of Things, artificial intelligence, electronic health records, and robotic technology to develop smart hospitals, the software & services smart hospitals segment accounted for a significant market share. However, due to the increasing adoption of technologically advanced products such as Hybrid Operating Rooms, the hardware segment is expected to grow at the fastest rate during the forecast period. To maintain their global Smart Hospital Market leadership, the companies focus on advanced healthcare services and innovate in hardware launches.

Global Smart Hospital Market – By Region

On basis of geography, global smart hospital market covers five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Due to its well-established healthcare infrastructure, increased adoption of technological advancements, artificial intelligence software, an increase in healthcare spending, and a surge in investments in cutting-edge smart hospitals, North America currently holds a dominant position in the global smart hospitals market. However, the Asia Pacific region is expected to experience rapid growth in the coming 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. Due to inorganic growth strategies like partnerships and agreements, Europe is predicted to experience significant growth in the global market for smart hospitals during the forecast period.

Competitive Landscape

Global smart hospital market is fiercely competitive. Major players in the market include Alphabet Inc. (Google LLC), Enlitic Inc., General Vision, Intel Corporation, IBM Corporation, Microsoft Corporation, Nvidia Corporation, Next IT Corp., Welltok Inc., and GE healthcare. Other players include Adheretech, Allscripts, Cerner Corporation, Diabetizer, Medtronic, Proteus Digital Health, and Qualcomm Life. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Development

• In February 2022 - GE Healthcare, a subsidiary of General Electric Company, collaborated with AWS to provide AI-enabled diagnostic imaging cloud solutions for healthcare organizations. The company focused on providing better clinical insights and transforming healthcare quality by including accessories, such as sensor readings, genomics, and lab tests.

• In January 2022 - Francisco partners acquired IBM healthcare data and analytics assets to enhance the platform for hybrid cloud and AI strategy in the healthcare market.

Scope of the Report

By Application Type

• Remote Medicine Management

• Electronic Health Records & Clinical Workflow

• Outpatient Vigilance

• Medical Connected Imaging

• Medical Assistance

By Connectivity

• Wired

• Wireless

By Component

• Hardware

• Software & Services

By Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa