Smart Hospitals Market

Market Overview 2023-2028:

The global smart hospitals market is expected to exhibit a growth rate (CAGR) of 17.1% during 2023-2028. The rising prevalence of chronic and acute indications, the increasing preference for outpatient stay due to its lower costs and convenience, and the widespread health consciousness represent some of the key factors driving the market. 

Smart hospitals refer to healthcare facilities which leverage technology and data-driven approaches to provide high-quality patient care by enhancing existing patient care procedures. By utilizing electronic medical records (EMRs), they store patient information digitally, allowing easy access to patient data by healthcare providers as well as timely coordination of care. Smart hospitals also use AI-powered solutions for decision-making and resource management and advanced medical devices with the Internet of Things (IoT) integration that provide real-time data for monitoring, analysis, and diagnosis. They operate via sustainable technologies, such as energy-efficient lighting, heating, and cooling systems, to reduce energy consumption and carbon footprint. These hospitals also provide remote care and enable remote consultation with healthcare providers via mobile apps, patient portals, and digital wayfinding systems. Some of the advantages of smart hospitals include improved patient outcomes, enhanced efficiency and communication, better patient experience, and sustainable development. 

Smart Hospitals Market Trends:

The market is majorly driven by the escalating demand for advanced healthcare solutions with an enhanced focus on patient safety resulting in continuous upgradation of the existing healthcare infrastructures. In line with this, continual technological advancements in healthcare information technology (IT) services are creating lucrative growth opportunities in the market. Moreover, the increasing integration of the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) leading to the advent of high-end automated medical procedures is providing an impetus to the market. Besides this, the rising need for reducing healthcare expenditure by optimizing hospital resource utilization is also resulting in a higher uptake of smart hospitals. The market is further driven by the sudden outbreak of COVID-19, which is resulting in the development of innovative healthcare systems with remote patient monitoring and telemedicine facilities. Additionally, a considerable rise in the geriatric population that is prone to a wide range of complex ailments is driving the demand for more advanced and personalized medical care services. Apart from this, the increasing investments by government bodies and private agencies in numerous healthcare modernization plans using robotics technology are further creating a positive outlook for the market. Some of the other factors contributing to the market include rapid urbanization, the emergence of smart cities, increasing adoption of cloud computing and big data analytics, rising incidences of chronic diseases and extensive research and development (R&D) activities.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart hospitals market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, product, service offered, connectivity, technology and application.

Component Insights: 

• Hardware
  • Stationary Medical Devices
  • Implanted Medical Devices
  • Wearable External Medical Devices
  • Others
• Software
• Services
  • Professional Services
  • Managed Services
     

The report has provided a detailed breakup and analysis of the smart hospitals market based on the component. This includes hardware (stationary medical devices, implanted medical devices, wearable external medical devices, and others), software, and services (professional services and managed services). According to the report, services represented the largest segment. 

Product Insights: 

• mHealth
• Telemedicine
• Smart Pills
• Electronic Health Record
• Others
   

The report has provided a detailed breakup and analysis of the smart hospitals market based on the product. This includes mHealth, telemedicine, smart pills, electronic health record, and others. According to the report, telemedicine represented the largest segment. 

Service Offered Insights: 

• General Services
• Specialty
• Super Specialty
   

The report has provided a detailed breakup and analysis of the smart hospitals market based on the service offered. This includes general services, specialty, and super specialty. According to the report, general services represented the largest segment. 

Connectivity Insights: 

• Wireless
  • Wi-Fi
  • Radio Frequency Identification (RFID)
  • Bluetooth
  • Zigbee
  • Near Field Communication (NFC)
  • Others
• Wired
   

The report has provided a detailed breakup and analysis of the smart hospitals market based on the connectivity. This includes wireless (Wi-Fi, Radio Frequency Identification (RFID), bluetooth, zigbee, Near Field Communication (NFC), and others) and wired. According to the report, wireless represented the largest segment. 

Technology Insights: 

• Artificial Intelligence
• Internet of Things
• Cloud Computing
• Big Data
• Others
   

The report has provided a detailed breakup and analysis of the smart hospitals market based on the technology. This includes artificial intelligence, Internet of Things, cloud computing, big data, and others.

Application Insights: 

• Remote Medicine Management
• Electronic Health Record & Clinical Workflow
• Outpatient Vigilance
• Medical Connected Imaging
• Medical Assistance
• Others
   

A detailed breakup and analysis of the smart hospitals market based on the application has also been provided in the report. This includes remote medicine management, electronic health record & clinical workflow, outpatient vigilance, medical connected imaging, medical assistance, and others. According to the report, electronic health record & clinical workflow accounted for the largest market share. 

Regional Insights: 

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • Others
     

The report has also provided a comprehensive analysis of all the major regional markets, which include 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, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa (Turkey, Saudi Arabia, and others). According to the report, North America was the largest market for smart hospitals. Some of the factors driving the North America smart hospitals market included the aging population, continual technological advancements, high healthcare expenditure, etc.  

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global smart hospitals market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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), STANLEY Healthcare (Stanley Black & Decker Inc.), etc.  Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report. 

Report Coverage:

Key Questions Answered in This Report:

• How has the global smart hospitals market performed so far, and how will it perform in the coming years? 
• What are the drivers, restraints, and opportunities in the global smart hospitals market? 
• What is the impact of each driver, restraint, and opportunity on the global smart hospitals market? 
• What are the key regional markets? 
• Which countries represent the most attractive smart hospitals market? 
• What is the breakup of the market based on the component? 
• Which is the most attractive component in the smart hospitals market? 
• What is the breakup of the market based on the product? 
• Which is the most attractive product in the smart hospitals market? 
• What is the breakup of the market based on service offered? 
• Which is the most attractive service offered in the smart hospitals market? 
• What is the breakup of the market based on connectivity? 
• Which is the most attractive connectivity in the smart hospitals market? 
• What is the breakup of the market based on technology? 
• Which is the most attractive technology in the smart hospitals market? 
• What is the breakup of the market based on application? 
• Which is the most attractive application in the smart hospitals market? 
• What is the competitive structure of the global smart hospitals market? 
• Who are the key players/companies in the global smart hospitals market? 

Key Benefits for Stakeholders:  

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the smart hospitals market from 2017-2028.  
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global smart hospitals market.  
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region. 
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the smart hospitals industry and its attractiveness. 
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.