by A smart hospital utilizes several digital and technological solutions to automate processes and enhance patient experience. It introduces concepts such as telemedicine, cloud computing, analytics, and mobility solutions to offer patients personalized care. Smart hospital technologies streamline workflows, reduce medical errors, improve staff productivity, and enable remote monitoring of patients. The global smart hospitals market is currently gaining rapid traction due to growing need for better healthcare services and focus on minimizing costs.
The global smart hospitals market is estimated to be valued at US$ 41 billion in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing Adoption of Digital Healthcare Technologies: Growing awareness about benefits of digital technologies in healthcare sector and focus on reducing healthcare costs is driving adoption of smart hospital solutions across the world. Emergence of advanced technologies like artificial intelligence, Internet of Things and cloud computing is enabling hospitals to enhance patient care and operational efficiency.
Focus on Personalized Care: Rising demand for high quality care and preference for personalized treatment plans tailored to individual needs and conditions is a key driver boosting investments in smart hospital infrastructure and systems. Healthcare providers are increasingly adopting digital tools to offer real-time, customized care to patients. This is expected to significantly propel the smart hospitals market over the forecast period.
Segment Analysis
This market can be segmented into hardware segment and software & services segment. The hardware segment dominated the market in 2020 with over 50% share. This segment includes medical equipment such as MRI machines, CT scanners, X-ray machines, ultrasound equipment and other monitoring equipment that are used in smart hospitals for diagnosis and treatment of diseases. The dominance of this segment can be attributed to growing acceptance of digitized and automated machines in hospitals for better patient care services.
PEST Analysis
Political: Governments across countries are supporting investments in digital healthcare infrastructure to provide quality and affordable care. They are undertaking initiatives to promote adoption of e-health and telemedicine practices in hospitals.
Economic: Rising healthcare costs are compelling hospitals to integrate smart solutions for improved operational efficiency and reduce expenses. Growing investments by private entities in developing digital healthcare is another key factor spurring the market growth.
Social: Increasing burden of chronic diseases and aging population is prompting people to opt for advanced treatment procedures. Also, the emergence of tech-savvy population is boosting demand for high-tech hospitals equipped with latest medical technologies.
Technological: Significant improvements in areas of IoT, AI, cloud computing and 5G networks are facilitating seamless data collection and sharing between lab tests and patient records. This is positively influencing doctors to take well-informed decisions.
Key Takeaways
Global Smart Hospitals Market Size is expected to witness high growth in the forecast period. The North America region currently holds the highest share mainly due to rapid technological advancements and increasing healthcare spending in the US and Canada.
Regional analysis
The North America region accounted for over 35% market share in 2020 led by availability of advanced digital infrastructure and rising need for cost-effective healthcare solutions. On the other hand, Asia Pacific region is projected to witness fastest growth during the forecast period supported by growing medical tourism industry in countries such as India, China and Japan.
Key players
Key players operating in the smart hospitals market are Shaw Sports Turf, Hellas Construction, SportGroup Holding, Controlled Products, and CoCreation Grass. These companies are focusing on introducing innovative smart solutions and services to facilitate improved patient management and staff productivity.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
