The market for Smart Hospitals was valued at US$ 22490 million in 2021, and it is anticipated to increase to US$ 56270 million by 2027, with a CAGR of 13.9% during 2022 and 2027.
Smart Hospitals Market Overview
The smart hospital concept entails combining intelligence algorithms with healthcare processes in order to improve patient care, revenue cycle management, clinical workflow, and communication channels among doctors, nurses, and patients using developing knowledgeable technology. These technologies are able to provide stakeholders with insightful information that will help them make challenging decisions. The cognitive care system being developed by IBM Corporation will be able to respond to user-specific queries and carry out requests. The Internet of Things (IoT) and cognitive care systems will work together to engage with patients, learn about their routines and needs, and provide assistance to them.
Technological enablement, automation, and digitization are all having a significant impact on the smart hospitals business. Hospitals are moving away from only implementing new technologies and toward embracing comprehensive business potential strategies. As a result, the idea of smart infrastructure is gaining popularity in the market for smart hospitals. In order to develop more integrated and effective hospital settings that meet the demands of clinicians and other users, artificial intelligence (AI), Big Data, and the Internet of Things (IoT) are being widely used. Globally, smart hospitals are enhancing healthcare delivery. With the help of connected technologies, patients can now consult doctors from anywhere in the world. This has given rise to the telemedicine business model, which is expected to expand rapidly. The global market for smart hospitals is expanding due to factors such as the growing requirement to optimize clinical workflow efficiency, track clinical resources, enhance patient experience, enhance care and support services, and optimize patient data storage.
Industry News and Updates
November 28, 2021: GE Healthcare Unveils New AI and Digital Technologies and Solutions to Help Solve Healthcare’s Most Pressing Problems --
At the Radiological Society of North America’s (RSNA) 2021 Annual Meeting, GE Healthcare unveiled around 60 innovative technology solutions spanning the healthcare spectrum including patient screening, diagnostics, therapy planning, guidance, and monitoring. Amidst a global pandemic and mounting pressure on the industry, the company accelerated innovations underpinned by artificial intelligence (AI) and digital solutions to help transform healthcare delivery, making it easier and more efficient for clinicians and health systems, and more personalized and precise for patients.
What are the major Applications, Types and Regions for Smart Hospitals Market?
Market is segmented based on the type, applications, companies and regions.
By Type, it is segmented into
- General Services
- Specialty
By Application, it is segmented into
- Electronic Health Record & Clinical Workflow
- Remote Medicine Management
- Medical Connected Imaging
- Outpatient Vigilance
- Medical Assistance
Smart Hospitals Market Regional Analysis
North America dominated the global smart hospital market in 2018 as a result of the integration of advanced computer applications and intelligent sensor networks, an increase in strain on hospital procedures due to the prevalence of chronic diseases and an ageing population, and the necessity for smart healthcare inventory systems to manage massive amounts of data. Due to rising demand for intelligent technologies and rising indirect and direct costs as a result of the shortcomings of traditional clinical processes, Asia Pacific has enormous potential for the worldwide market for smart hospitals. Due to the GCC countries' rapidly expanding hospital infrastructure, increased per capita healthcare spending, and rising government investment in the area for improvements, the Middle East and Africa region is expected to experience a CAGR that is somewhat higher from 2019 to 2026.
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- Latin America
The Smart Hospitals Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Smart Hospitals Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
What is our Smart Hospitals Market report scope?
Report Attributes
|
Report Details
|
Forecast Period 2022 to 2027 CAGR
|
CAGR of 13.9% over the forecast period (2022-2027)
|
By Type
|
- General Services
- Specialty
|
By Application
|
- Electronic Health Record & Clinical Workflow
- Remote Medicine Management
- Medical Connected Imaging
- Outpatient Vigilance
- Medical Assistance
|
By Companies
|
Medtronic, Koninklijke Philips, GE Healthcare, Siemens AG, Qualcomm Life, Honeywell Life Care Solutions, Allengers, Cerner Corporation, AdhereTech, McKesson Corporation, STANLEY Healthcare, Capsule Technologies, Inc., Microsoft, SAP SE, Alphabet Inc, SAMSUNG, Renesas Electronics Corporation, Allscripts (U.S.), CitiusTech Inc. (U.S.), PhysIQ (U.S.), Diabetizer
|
Regions Covered
|
- North America
- Europe
- Asia-Pacific
- Rest of the World
|
Countries Covered
|
- US
- Canada
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
|
Base Year
|
2022
|
Historical Year
|
2017 to 2021
|
Forecast Year
|
2022 to 2027
|
Number of Pages
|
102
|
Customization Available
|
Yes, the report can be customized as per your needs
|
Key Takeaways from this Smart Hospitals Market Report
- Evaluate Smart Hospitals market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.
- Analyze the sales and distribution channels across geographies to enhance top-line revenues.
- Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the Smart Hospitals market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the import-export statistics, supply-demand and competitive landscape for more than top 20 countries globally for the market.
Frequently Asked Questions
What is the growth rate of Smart Hospitals Market?
The Smart Hospitals Market is growing at a CAGR of 13.9% over the next 5 years.
Who are the key players in Smart Hospitals Market?
Medtronic, Koninklijke Philips, GE Healthcare, Siemens AG, Qualcomm Life, Honeywell Life Care Solutions, Allengers, Cerner Corporation, AdhereTech, McKesson Corporation, STANLEY Healthcare, Capsule Technologies, Inc., Microsoft, SAP SE, Alphabet Inc, SAMSUNG, Renesas Electronics Corporation, Allscripts (U.S.), CitiusTech Inc. (U.S.), PhysIQ (U.S.), Diabetizer
What are the significant types of Smart Hospitals Market?
General Services, Specialty
What are the major end-use applications of Smart Hospitals Market?
Electronic Health Record & Clinical Workflow, Remote Medicine Management, Medical Connected Imaging, Outpatient Vigilance, Medical Assistance
All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
