Global Smart Hospitals Market to Grow at 15.26% During 2024-2032, Propelled by Increasing Demand for IoT-enabled Healthcare Solutions

July 18, 2022 | Healthcare

According to the latest report by IMARC Group, titled "Smart Hospitals Market Report by Component (Hardware, Software, Services), Product (mHealth, Telemedicine, Smart Pills, Electronic Health Record, and Others), Services Offered (General Services, Specialty, Super Specialty), Connectivity (Wireless, Wired), Technology (Artificial Intelligence, Internet of Things, Cloud Computing, Big Data, and Others), Application (Remote Medicine Management, Electronic Health Record & Clinical Workflow, Outpatient Vigilance, Medical Connected Imaging, Medical Assistance, and Others), and Region 2024-2032," the global smart hospitals market is anticipated to grow at a CAGR of 15.26% during 2024-2032. A smart hospital refers to an interconnected ecosystem that uses a range of integrated hardware and software systems to systematically address various clinical operations. It employs wired and wireless technologies, including data analytics, artificial intelligence (AI), and the Internet of Things (IoT) solutions. These devices streamline, automate and optimize patient care, revenue cycle management, clinical workflow, and communication channels amongst doctors, patients, and nurses. Apart from this, smart hospitals aid in developing cognitive care systems, enhancing supply chain efficiency, delivering insightful data to stakeholders for making complex decisions, computerizing physicians' order entry, and mitigating electronic medical records (EMR) errors. As a result, the smart hospital framework is extensively deployed in the healthcare sector to offer better clinical outcomes and reduce workload.

Global Smart Hospitals Market Trends:

One of the prime factors currently driving the market is the increasing need for IoT integrated solutions in the healthcare infrastructure to optimize various clinical procedures, workflow efficiency, and improve patient health management. Additionally, the increasing prevalence of several chronic disorders and the rising awareness amongst healthcare practitioners regarding the multiple smart hospital benefits, including improved patient data storage and streamlined operations, are acting as another growth-inducing factor. In line with this, the advent of artificial intelligence (AI), cloud computing, picture archiving and communication systems (PACS), and big data solutions and their integration with radio frequency identification (RFID), Zigbee, and near field communication (NFC) solutions is contributing to the market growth. Moreover, the implementation of nationwide lockdown by governments, owing to the COVID-19 pandemic, has facilitated the widespread adoption of remote patient monitoring services, such as mHealth, to provide digital assistance to patient from remote areas, which in turn, is supporting the product demand. Other factors, such as the substantial improvement in the healthcare infrastructure, ongoing research and development (R&D) activities, and strategic collaborations amongst key players to engineer different technologies for augmenting hospital services, are positively stimulating the market growth.

Market Summary:

  • Based on the component, the market has been segregated into hardware (stationary, implanted, wearable external medical devices and others), software and services (professional and managed services).
  • On the basis of the product, the market has been segmented into mHealth, telemedicine, smart pills, electronic health record and others.
  • Based on the service offered, the market has been classified into general services, specialty and super specialty.
  • On the basis of the connectivity, the market has been bifurcated into wireless [Wi-Fi, radio frequency identification (RFID), Bluetooth, Zigbee, near field communication (NFC) and others], and wired.
  • On the basis of technology, the market has been categorized into artificial intelligence, internet of things, cloud computing, big data and others.
  • Based on the application, the market has been divided into remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging, medical assistance and others.
  • On a regional basis, the market has been segmented into North America (the United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, along with the profiles of the key players. Some of these players include Adheretech Inc., Capsule Technologies, Inc. (Francisco Partners), Cerner Corporation, GE Healthcare Inc. (General Electric Company), Intel Corporation, Koninklijke Philips NV, McKesson Corporation, Medtronic Inc. (Medtronic Public Limited Company), Microsoft Corporation, SAP SE, Siemens Healthineers AG (Siemens Aktiengesellschaft) and STANLEY Healthcare (Stanley Black & Decker Inc.).

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Product, Service Offered, Connectivity, Technology, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Turkey, Saudi Arabia
Companies Covered Adheretech Inc., Capsule Technologies, Inc. (Francisco Partners), Cerner Corporation, GE Healthcare Inc. (General Electric Company), Intel Corporation, Koninklijke Philips N.V. , McKesson Corporation, Medtronic, Inc.(Medtronic Public Limited Company), Microsoft Corporation, SAP SE, Siemens Healthineers AG (Siemens Aktiengesellschaft) and STANLEY Healthcare (Stanley Black & Decker Inc.)
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Global Smart Hospitals Market to Grow at 15.26% During 2024-2032, Propelled by Increasing Demand for IoT-enabled Healthcare Solutions
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