The Global Smart Hospitals Market is estimated to be valued at US$ 41 Bn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart hospitals integrate healthcare data such as medical records and patient information with tools that use advanced computing, secure networks and cloud computing. This allows healthcare providers to make more informed decisions and deliver improved patient care and outcomes.
Market key trends:
The increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) in healthcare is a major trend fueling the growth of the smart hospitals market. IoT enables interconnecting medical devices and sharing data across diverse information systems. AI assists in automating routine tasks, analyzing medical imaging more efficiently and providing personalized care. Widespread deployment of such technologies improves clinical outcomes and operational efficiency of hospitals.
Segment analysis:
One of the major trends gaining significance in the smart hospitals market is the shift towards the adoption of IoT-based healthcare systems and solutions. IoT has enabled the integration of diverse medical systems and equipment with centralized digital platforms, allowing remote monitoring of patients as well as collection and analysis of large healthcare datasets. Growing volumes of data generated from connected medical devices, EHR systems, and patient engagement platforms are driving the transition to smart hospital infrastructure for efficient data management and insights. Furthermore, the growing need to improve clinical outcomes and quality of care while optimizing resource usage has accelerated investments into deploying IoT systems across departments in hospitals.
SWOT Analysis
Strength:
– Allows remote patient monitoring and management thereby improving access and lower costs.
– IoT integration enables data-driven decision making and personalized care plans using actionable insights.
Weakness:
– High initial investments required for upgrading existing infrastructure with smart solutions.
– Concerns around data privacy and security with large volumes of sensitive patient information.
Opportunity:
– Growth in telehealth and remote care models during pandemic has increased focus on digitization.
– Emerging applications of artificial intelligence in areas like drug discovery, diagnostics, and predictive analysis.
Threats:
– Integration challenges with legacy equipment and non-interoperability between different vendor solutions.
– Lack of common standards may lead to integration issues hampering long-term objectives.
Key Takeaways
The Global Smart Hospitals Market Size is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing focus on upgrading healthcare infrastructure and making it more patient-centric with IoT and data-driven methodologies.
Regional analysis: North America accounted for the largest share in the global smart hospitals market in 2023 due to developed healthcare infrastructure, higher adoption of digital health solutions among care providers as well as patients in the region. Asia Pacific market is expected to witness fastest growth over the forecast period supported by initiatives for modernizing hospitals, growing medical tourism, and increasing investments from both public and private players in countries like China and India.
Key players operating in the smart hospitals market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Stanley Healthcare, Siemens Healthineers AG, Athenahealth, Allscripts Healthcare Solutions, Inc., Microsoft Corporation, SAP SE, Samsung Healthcare, Honeywell International Inc., Qualcomm Technologies, Inc., Itrex Group, CitiusTech Inc., and TERSO SOLUTIONS, INC. These companies have established infrastructure and are focusing on collaborations and new product launches to consolidate their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
