Smart Hospitals Market Size, Share, Growth Analysis, Forecast Report 2022-2028

Industry Perspective:

The Global Smart Hospitals Market Size was valued at USD 23.10 million in 2021 and is estimated to grow to USD 84.38 million by 2028, with a compound annual growth rate (CAGR) of approximately 24.10% percent over the forecast period. The report analyzes the smart hospitals market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the smart hospitals market.

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.

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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.

COVID-19 Impact:

The exponential increase in COVID-19 cases worldwide has placed a heavy load on medical and healthcare personnel. Several healthcare institutions are now using artificial intelligence (AI)-based sensors to help triage efficiently. The situation has also prompted several businesses to use AI to create contactless infrared sensor gadgets for spotting ill persons in crowds.

Hospitals are using these tools more frequently in place of manual screening methods to limit medical personnel's unwanted exposure to COVID-19 patients. In addition, many hospitals have implemented AI algorithms to identify patients with particular COVID-19 symptoms among incoming patients.

Key Insights

• As per the analysis shared by our research analyst, the global smart hospitals market value to grow at a CAGR of 24.10% over the forecast period.
• In terms of revenue, the global smart hospitals market market size was valued at around USD 23.10 million in 2021 and is projected to reach USD 84.38 million, by 2028.
• The growing technological advancements in healthcare industry coupled with the growing need for cost-effectiveness solutions across the globe are the major factors driving the growth of the market.
• By component, the hardware category dominated the market in 2021.
• By application, the electronic health records and clinical workflow category dominated the market in 2021.
• North America dominated the global smart hospitals market in 2021.

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.

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.

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.

Recent Developments

• 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.

Smart Hospitals Market: Report Scope

Smart Hospitals Market: Regional Landscape

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.

Smart Hospitals Market: Competitive Landscape

Some of the main competitors dominating the global smart hospitals market include-

• Alphabet Inc.
• Enlitic Inc.
• Intel Corporation
• GE healthcare
• General Vision
• Microsoft Corporation
• Nvidia Corporation
• Next IT Corp.
• Welltok Inc.

Global Smart Hospitals Market is segmented as follows:

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

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa