The smart hospitals market involves the integration of advanced technologies such as artificial intelligence (AI), Internet of Things (IoT) and cloud computing solutions in hospital management. Smart hospitals offer numerous advantages such as improved patient care and treatment quality, reduced medical errors, automated workflows and enhanced financial performance. With growing healthcare expenditures and increasing need for better health outcomes, adoption of smart hospital solutions is gaining significant traction.
The Global Smart Hospitals Market is estimated to be valued at US$ 47.24 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the smart hospitals market are Silvert€TMs Adaptive Clothing & Footwear, Izzy Camilleri, NBZ Apparel International, Able2Wear, Adaptions by Adrian, Professional Fit Clothing, Adaptive Clothing Showroom, Creation Confort, Buck & Buck, PVH Corp. and Lycra Company. The growing chronic diseases and rising geriatric population are driving significant demand for smart hospital solutions globally. North America dominated the global market in 2020 and Asia Pacific is expected to grow at the fastest rate during the forecast period.
Market Key Trends
The integration of AI into Global Smart Hospitals Market Demand is a major trend driving market growth. AI technologies assist clinicians in diagnosing diseases more accurately, enable drug discovery and facilitate personalized treatment recommendations. For instance, AI algorithms can analyze patient health records, radiological scans and patient vitals to identify health patterns, predict the risk of diseases and streamline clinical workflows. This is positively impacting treatment outcomes and quality of care. Growing investments by private and public organizations into digital health startups are further expected to boost the adoption of AI-based solutions in smart hospitals over the coming years.
Porter’s Analysis
Threat of new entrants: High capital requirements and government regulations create barriers for new companies.
Bargaining power of buyers: Individual end-user buyers have low bargaining power, but healthcare institutions buy in bulk which increases their bargaining power.
Bargaining power of suppliers: The market has several technology and equipment suppliers, reducing individual supplier bargaining power.
Threat of new substitutes: New technologies like artificial intelligence and telemedicine are potential Smart Hospitals Market Size And Trends substitutes, but they also create opportunities for new offerings and business models in smart hospitals.
Competitive rivalry: Competition is high among existing players as they focus on digital solutions, remote monitoring, and enhancing customer experience to gain customers and market share.
Geographical Regions
North America holds the largest share of the smart hospitals market currently due to growing healthcare expenditure, increasing hospital investments, and rapid adoption of new technologies in countries like the United States.
Asia Pacific region is expected to grow the fastest during the forecast period owing to rising medical tourism, improving healthcare infrastructure, and growing ranks of hospitals dedicated to implementing smart facilities and systems across developing nations such as India and China.
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
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