Global Smart Hospitals Market, by Component (Hardware, Software System, and Services), by Technology (Cloud Computing, Artificial Intelligence, Wearable Technologies, Radio Frequency Identification, and Others), by Application (Remote Medicine Management, Medical Connected Imaging, Medical Assistance, Electronic Health Record, and Outpatient Vigilance), by Connectivity (Wired and Wireless), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 41 Billion in 2023 and is expected to exhibit a CAGR of 20.7% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing growth strategies such as initiatives for the development of smart hospitals by key market players are expected to drive the market growth over the forecast period. For instance, in January 2020, KT Corporation, a South Korea-based telecommunications company, and Samsung Medical Center (SMC), a South Korea-based hospital, announced that it had jointly developed an innovative, 5G-powered medical service as an initial step to establishing a 5G smart hospital. These services include digital diagnostic pathology, access to proton therapy information, teaching surgery, artificial intelligence-enabled care for in-patients, and an autonomous robot for an operating room.
Global Smart Hospitals Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
During the COVID-19 pandemic, many hospitals are upgrading by using different platforms, which is expected to drive growth of the market over the forecast period. For instance, in October 2020, Digital Health Venture, a venture capital firm, and KareXpert Technologies Pvt. Ltd., a platform that provides patient-centric approach technology, jointly built a new cloud-based platform with built-in electronic health records (EHR) for the hospitals in India in order to maintain paperless records. This platform can perform specialty functions to support doctors, nurses, and patients on mobile and desktop devices, including computerized physician order entry (CPOE) and Medication Administration Request (MAR), telehealth, pharmacy management, and it also acts as a COVID-19 Outbreak Management Platform, which performs symptom monitoring, quarantine monitoring, risk/exposure monitoring assessment, etc.
Global smart hospitals market: Key Developments
On January 19, 2023, Grand River Hospital, a teaching community hospital in Canada, announced a partnership with Signal 1, a health start-up that helps hospitals enhance patient care with an AI-powered clinical decision support system, to explore a clinical decision support system powered by artificial intelligence. The solution is designed to support clinician judgment by predicting changes in patient needs and conditions to enable early interventions.
In December 2022, Zebra Technologies, a healthcare technology company, announced that the company was voted the top software vendor across 24 categories in the Retail Information Systems (RIS) 2023 Software LeaderBoard.
In March 2022, Milton Keynes University Hospital (MKUH), an organizational unit of National Health Services, announced a partnership with Haltian, a company developing a portfolio of smart sensors, to pilot its Empathic Building Smart Hospital solution, an innovative platform designed to improve productivity and efficiency through using data-driven insights. This partnership is able to access and monitor Building Information Management (BIM) and sensor data, with this information about to support the workforce in designing optimum space utilization.
In March 2022, GE Healthcare, a medical technology company, announced the launch of a digital health platform named Edison Digital Health Platform, a vendor-agnostic hosting and data aggregation platform with an integrated artificial intelligence (AI) engine.
Browse 44 Market Data Tables and 39 Figures spread through 190 Pages and in-depth TOC on “Global smart hospitals market”, by Component (Hardware, Software System, and Services), by Technology (Cloud Computing, Artificial Intelligence, Wearable Technologies, Radio Frequency Identification, and Others), by Application (Remote Medicine Management, Medical Connected Imaging, Medical Assistance, Electronic Health Record, and Outpatient Vigilance), by Connectivity (Wired and Wireless), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/smart-hospitals-market-4211
Key Takeaways of the Global Smart Hospitals Market:
- The global smart hospitals market is expected to exhibit a CAGR of 20.7% during the forecast period due to increasing organic growth strategies such as product launch by key market players to expand their product portfolio. For instance, in August 2021, Change Healthcare, a U.S.-based healthcare company, announced the launch of Change Healthcare Stratus Imaging PACS. The newly launched Change Healthcare Stratus Imaging PACS is a comprehensive cloud software as a service (SaaS) solution for radiology practices.
- Among component, the software systems segment is expected to be dominant in the global smart hospitals market, owing to increasing inorganic growth strategies such as partnerships by key market players to strengthen its market presence, which will expand the segment over the forecast period. For instance, in August 2020, Lunit, a South Korea-based medical AI (artificial intelligence) software company, partnered with Emergent Connect, a provider of cloud-based PACS software. This partnership will bring AI solutions to Emergent Connect's imaging cloud customer base, allowing AI to be more easily accessible to its clients.
- Among technology, the cloud computing segment is expected to be dominant in the global smart hospitals market, owing to increasing inorganic growth strategies such as partnerships by key market players to strengthen their market presence, which will expand the segment over the forecast period. For instance, in November 2021, AbbaDox, a U.S.-based software company, and Zadara, a cloud computing company, announced a partnership to offer a comprehensive PACS-as-a-Service with unlimited platform-edge compute power, low-latency network access, and storage.
- Among connectivity, the wireless segment is expected to be dominant in the global smart hospitals market, owing to increasing organic growth strategies such as product launch by key market players to strengthen their market presence, which will expand the segment over the forecast period. For instance, in October 2020, Stryker, a medical technology company, announced the launch of the completely wireless hospital bed ProCuity. This intelligent bed was designed to help reduce in-hospital patient falls at all acuity levels, improve nurse workflow efficiencies and safety and help lower hospital costs.
- Among regions, North America is expected to hold a dominant market share in the global Smart Hospitals market as market players operating in the region are focused on inorganic growth strategies such as partnerships. For instance, in December 2022, Charles River Community Health, Inc., a U.S.-based healthcare provider, announced that it had partnered with Epic Systems Corporation, a U.S-based privately held healthcare software company. Under the terms of the partnership, Epic Systems Corporation will provide Charles River Community Health with the necessary software and Epic Electronic Health Records (EHR) system.
- Major players operating in the global smart hospitals market include 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.
