NEW YORK, July 29, 2022 /PRNewswire/ — As per Zion Market Research study, The global smart hospitals market size was worth USD 23.10 billion in 2021 and is estimated to grow to USD 84.33 billion by 2028, with a compound annual growth rate (CAGR) of approximately 24.10 percent over the forecast period.
Smart Hospitals Market: Overview
Smart hospitals are those that use cutting-edge equipment, software, and digital infrastructure to lighten patient loads, cut costs, and improve operational effectiveness. The emergence of IoT technologies in healthcare and the expanding need for high-quality medical services are propelling the market’s expansion. The number of individuals suffering from diseases has increased as a result of a sedentary lifestyle and deteriorating ecosystems. The infrastructure of the healthcare system is under strain as a result of the rising number of sick people who must be treated while also lowering treatment costs. Hospitals are being encouraged to adopt cutting-edge technologies such as artificial intelligence, robotics, precision medicine, augmented reality, and genomics, among others, as a result of the transition from traditional drugs and therapeutics to patient-centered medical treatments for better clinical outcomes and quality care. By utilizing eco-friendly flooring, paints, furnishings, and furnishing, smart hospitals are also built to minimize pollutants and their negative environmental effects.
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Key Industry Insights & Findings of the Smart Hospitals Market Reports:
- As per the analysis shared by our research analyst, the Smart Hospitals Market is expected to grow annually at a CAGR of around 24.10 % (2022-2028).
- Through the primary research, it was established that the Smart Hospitals Market was valued at approximately USD 23.10 billion in 2021 and is projected to reach roughly USD 84.38 billion by 2028.
- Healthcare infrastructure, rising acceptance of new technologies, use of artificial intelligence software, growth in healthcare spending, and the spike in expenditures in cutting-edge smart hospitals, North America dominates the market for smart hospitals.
- Asia Pacific is expected to have rapid expansion over the next years as a result of growing digital technology and healthcare infrastructure that will provide affordable healthcare to the region’s low- and middle-income population.
- According to the business, over 55% of healthcare professionals working in France, Germany, the United Kingdom, and the United States are ignorant of the different smart hospital technologies that pharmaceutical companies are offering.
- The market for smart hospitals is being pushed by technical advancements like machine learning, cloud-based services, artificial intelligence, and big data. COVID-19 has changed the global healthcare landscape, and as a result, there has been a significant shift in desire for technology-driven healthcare, which has fueled the growth of the global smart hospitals market.
Zion Market Research published the latest report titled “Smart Hospitals Market By Component (Hardware, System & Software, Services), By Product (Smart Pills, M Health, Telemedicine, Electronic Health Record), By Connectivity (Wired, Wireless), By Application (Remote Medicine Management, Medical Assistance, Medical Connected Imaging, Electronic Health Record & Clinical Workflow, Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.“ into their research database.
Smart Hospitals Market: Growth Drivers
- An Increase in healthcare technological advancements to drive market growth.
Over the past ten years, the field of digital health has grown as more and more healthcare authorities look to technological innovations for answers to challenging market issues. Including all other expanding industries, the market for smart hospitals is being pushed by technical advancements like machine learning, cloud-based services, artificial intelligence, and big data. COVID-19 has changed the global healthcare landscape, and as a result, there has been a significant shift in desire for technology-driven healthcare, which has fueled the growth of the global smart hospitals market.
Smart Hospitals Market: Restraints
- Lack of awareness for smart healthcare products to hinder the market growth.
The lack of awareness for smart healthcare products to hinder the global market growth in the coming years. GE Healthcare and other medical device companies offer adherence programs, remote monitoring services, and other smart patient services. Still, Accenture, a multinational American Irish corporation that sells consulting and processing services, claims that healthcare professionals are not aware of these services. According to the business, over 55% of healthcare professionals working in France, Germany, the United Kingdom, and the United States are ignorant of the different smart hospital technologies that pharmaceutical companies are offering.
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Smart Hospitals Market: Opportunity
- Government funding and interest in digital healthcare infrastructure to present market opportunities.
The healthcare sector has enormous potential for using new technologies, notably in terms of reducing operational efficiency, improving the quality of service, and increasing patient participation. Additionally, the expansion of government assistance and spending in the healthcare industry, particularly in emerging nations, generates profitable potential pockets in the market.
Global Smart Hospitals Market: Segmentation
- The global smart hospitals market has been segmented into components, products, connectivity, applications.
Based on component, the hardware, system & software, and service are segments of the global smart hospitals market. Due to technological breakthroughs like the Internet of Things, artificial intelligence, electronic health records, and robotic technology to create smart hospitals, the systems & software segment for these facilities accounted for a sizeable market share. However, due to the rapid adoption of technologically advanced goods like the Hybrid Operating Room, the hardware category is expected to increase significantly over the projected period. To continue to lead the global market, players concentrate on providing cutting-edge healthcare services and innovating with hardware launches.
Based on product, the market is classified into smart pills, m health, telemedicine, and electronic health record. In 2021, the electronic health record category dominated the global market. Based on connectivity, the market is classified into wired and wireless. The wired segment dominated the market in 2021.
Based on application, the worldwide smart hospital market is segmented into remote medicine management, outpatient surveillance, electronic health records & clinical workflow, and others based on application type. The clinical workflow & electronic health records are anticipated to have the highest share in this market. Access to patient records is made possible via the Electronic Health Record & Clinical Workflow, which also makes it possible for patients and clinics to securely share electronic data. The electronic health record (EHR) systems maintain a digital copy of the patient’s medical history, which includes all essential administrative information connected to their care, such as prescriptions, progress notes, vital signs, laboratory results, and others. The capacity of clinicians to make judgments quickly and accurately, thanks to the availability of patient medical data, improves patient care. The growing requirement to incorporate individuals’ medical histories for better treatment options is likely to drive the segment expansion.
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List of Key Players in Smart Hospitals Market:
- Alphabet Inc. (Google Inc.)
- Enlitic Inc.
- Intel Corporation
- GE healthcare
- General Vision
- Microsoft Corporation
- Nvidia Corporation
- Next IT Corp.
- Welltok Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Smart Hospitals Market?
- What are the key driving factors propelling the Smart Hospitals Market forward?
- What are the most important companies in the Smart Hospitals Market Industry?
- What segments does the Smart Hospitals Market cover?
- How can I receive a free copy of the Smart Hospitals Market sample report and company profiles?
Market size value in 2021
USD 23.10 Billion
Revenue forecast in 2028
USD 84.38 Billion
CAGR of almost 24.10 % 2022-2028
2016 – 2021
2022 – 2028
By Product Type, By Application, And By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Alphabet Inc. (Google Inc.), Enlitic Inc., Intel Corporation, GE healthcare, General Vision, Microsoft Corporation, Nvidia Corporation, Next IT Corp., and Welltok Inc.
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
- August 2020: The Indian government has begun a project to establish health ID cards for residents all throughout the country as part of the National Digital Health Blueprint, which aims to use technology to enhance healthcare delivery throughout the country which will enhance the smart hospitals market growth in the country.
- September 2020: Patients utilizing Science 37’s technological platform may now link their health records directly, removing the need for paper documentation and expediting information exchange across platforms. Science 37 is a clinical research company with U.S. headquarters.
- North America dominated the smart hospitals market in 2021.
Due to its existing healthcare infrastructure, rising acceptance of new technologies, use of artificial intelligence software, growth in healthcare spending, and the spike in expenditures in cutting-edge smart hospitals, North America dominates the market for smart hospitals. However, the Asia Pacific is expected to have rapid expansion over the next years as a result of growing digital technology and healthcare infrastructure that will provide affordable healthcare to the region’s low- and middle-income population. Furthermore, due to inorganic growth tactics, including partnerships and agreements, Europe is predicted to have considerable growth in the worldwide market for smart hospitals throughout the forecast period.
Global Smart Hospitals Market is segmented as follows:
Smart Hospitals Market: By Component Outlook (2022-2028)
- System & Software
Smart Hospitals Market: By Product Outlook (2022-2028)
- Smart Pills
- M Health
- Electronic Health Record
Smart Hospitals Market: By Connectivity Outlook (2022-2028)
Smart Hospitals Market: By Application Outlook (2022-2028)
- Remote Medicine Management
- Medical Assistance
- Medical Connected Imaging
- Electronic Health Record & Clinical Workflow
Smart Hospitals Market: By Region Outlook (2022-2028)
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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