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:
The smart hospitals market comprises hospitals that are implementing advanced technologies like artificial intelligence, cloud computing, and Internet of Things (IoT) to deliver enhanced patient care services. These smart hospitals offer improved patient engagement and management, increased workflow efficiency, and better health outcomes to attract more patients.
Market key trends:
One of the key trends driving the growth of the smart hospitals market is the increasing adoption of healthcare artificial intelligence. Artificial intelligence is helping hospitals to improve operations, enhance clinical outcomes, manage healthcare costs, and deliver personalized care to patients. For instance, AI is being utilized for disease identification, treatment recommendations, predictive healthcare, and drug discovery. AI-powered hospital management systems are automating routine tasks of care providers to boost efficiency.
Segment Analysis
Global smart hospitals market is segmented based on component, artificial intelligence, connectivity, and application. The smart hospitals solution segment accounted for the largest market share in 2023. This is attributed to the increasing adoption of smart hospital solutions such as remote patient monitoring, medical assistance, and electronic health record among others across the globe to improve patient care and medical staff efficiency.
Key Takeaways
The Global Smart Hospitals Market Sizeis expected to witness high growth, exhibiting 20% CAGR over the forecast period, due to increasing focus on patient-centric healthcare delivery and cost optimization.
Regional analysis
North America dominated the smart hospitals market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to high healthcare expenditure, presence of advanced healthcare infrastructure, and increasing investments by hospitals to incorporate smart hospital solutions in the region. Asia Pacific is expected to witness the fastest growth over the forecast period, owing to growing medical tourism, increasing healthcare expenditure, and expanding healthcare infrastructure in emerging countries such as China and India.
Key players
Key players operating in the smart hospitals market are Medtronic Plc, Koninklijke PhilipsN.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. Medtronic Plc and Koninklijke Philips N.V. are the most dominant players in the market due to their extensive product portfolio of smart hospital offerings.
Smart Hospitals Market: IntroductionAccording to the report, the global smart hospitals market was valued at US$ 22.43 Bn in 2019.
The global smart hospitals market is driven by a rise in the prevalence of various diseases, sudden outbreak of infectious diseases in year 2020, and technological advancements such as biotelemetry and block chain technology.
This, in turn, is also expected to boost the smart hospitals market during the forecast period.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=48588North America dominated the global smart hospitals market in 2019, followed by Europe and Asia Pacific.
North America’s dominance can be ascribed to technological advancements, adoption and development of smart healthcare models, robotic technology, privatization of hospitals, and investment by key players.Technological Advancements to Drive Global MarketTechnological advancements offer various technically advanced solutions, which further enhance services provided to patients.
The data is shared with the physician to track the physical development of patients.Various systems and software ease the implementation of smart hospitals concept and offer an opportunity to create new possibilities during clinical practise and management.
As per research, every year, the U.S. spends around 17% of its GDP on healthcare.
Research Nester has released a report titled “Asia Pacific Smart Hospitals Market: Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.The World Bank, in one of its statistics, stated that the current health expenditure (% of GDP) in India, China, Japan, Korea Republic, and Australia was 3.54%, 5.35%, 10.95%, 7.56%, and 9.28% respectively in the year 2018.The Asia Pacific region has witnessed a surge in government expenditure in the healthcare sector over the past few years.
Such factors are anticipated to drive the growth of the Asia Pacific smart hospitals market.Download Sample of This Strategic Report: https://www.researchnester.com/sample-request-3046The Asia Pacific smart hospitals market is anticipated to witness growth by a CAGR of 25.28% during the forecast period, i.e., 2020-2028, and further garner USD 61289.56 Million by 2028 from a revenue of USD 8244.18 Million in 2019.
The market is segmented by technology into artificial intelligence, wearable technology, blockchain, augmented reality, radio frequency identification (RFID), and others, out of which, the artificial intelligence segment is projected to hold the largest market share in the year 2021 and attain a revenue of USD 4041.69 Million in the year 2021.
The numerous benefits associated with the artificial intelligence technologies in a healthcare setting is one of the major factors anticipated to contribute to the growth of the segment during the forecast period.The smart hospitals market in China is projected to grow with a CAGR of 26.47% during the forecast period.
The market in the nation also held the largest market share of 50.7% in 2019, backed by the increasing rate of population and the need for improving the capacity of the healthcare service providers.
Moreover, numerous favorable initiatives of the government that focuses on the development of the healthcare infrastructure, is also anticipated to drive the market growth.“The Final Report will cover the impact analysis of COVID-19 on this industry.”Download/Request Sample Copy of Strategic Report: https://www.researchnester.com/sample-request-3046However, the challenge of dealing with smart technologies by the healthcare staffs owing to the lack of knowledge and information to operate these technologies is anticipated to act as a key restraint to the growth of the Asia Pacific smart hospitals market during the forecast period.This report also provides the existing competitive scenario of some of the key players of the Asia Pacific smart hospitals market, which includes company profiling of Siemens Aktiengesellschaft (ETR: SIE), Microsoft Corporation (NASDAQ: MSFT), athenahealth, Inc., Samsung (KRX: 005930), Cerner Corporation (NASDAQ: CERN), Koninklijke Philips N.V. (AMS: PHIA), Medtronic plc (NYSE: MDT), and others.The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments.
