The smart hospitals market size is expected to reach US$ 118.82 billion by 2028 and is growing at a CAGR of 17.2% over the forecast period 2021 to 2030.
The smart hospitals market size is expected to reach US$ 118.82 billion by 2028 and is growing at a CAGR of 17.2% over the forecast period 2021 to 2030.
Growth Factors
The rising investments towards the advancements and digitization of the hospitals across the globe are a major factor that has contributed to the growth of the smart hospitals market. The introduction of various novel technologies such as artificial intelligence (AI), internet of medical things (IoMT), augmented realty, virtual reality, cloud computing, and wireless connectivity in the healthcare sector is driving the global smart hospitals market.
The rapidly growing prevalence of various chronic diseases and the increasing geriatric population is fueling the volume of hospital admissions across the globe. The growing government investments in the development of the smart hospitals to reduce the healthcare costs and provide quick treatment to the patients is fostering the need for the smart hospitals. The adoption of the digital technologies in the hospitals helps to efficiently manage and store patients’ data and improve the patient care services.
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Report Highlights:
- On the basis of components, the services is expected to be the most lucrative and the fastest-growing segment during the forecast period. This is attributable to the increased demand for the third-party service providers in the hospitals for efficiently handling the software and hardware resources of the smart hospitals as the healthcare professionals lacks in knowledge of technological equipment. The adoption of third party services providers results in the lower operational costs and smooth functioning of the digital resources.
- Based on the product, the telemedicine was the leading segment in the global smart hospitals market in 2020. T6he rapid spike in the demand for the telemedicine platforms among the consumers and the hospitals has led to the significant growth of the telemedicine segment in 2020. The telemedicine offers the patients to remotely access to the healthcare services conveniently and also allows the hospitals to offer quick care services. The surging penetration of the internet, rising awareness regarding the telehealth platforms, and emergence of numerous telemedicine apps across the globe are some of the prominent factors that has fueled the growth of this segment.
- On the basis of connectivity, the global smart hospitals market was dominated by the wireless segment in 2020. This growth is attributed to the rising adoption of automated and digital technologies in the hospitals. The surging adoption of the internet, cloud computing technologies, Bluetooth, and Wi-Fi in the smart hospitals has significantly contributed to the growth of the wireless segment growth in the global market.
- North America dominated the global smart hospitals market in 2020, owing to the presence of huge number of telehealth companies coupled with the higher consumer awareness regarding the telemedicine. The favorable government policies regarding the reimbursements for the treatments services availed from the telehealth platforms is another significant factor that has significantly augmented the growth of the North America smart hospitals market. Furthermore, the increased prevalence of various chronic diseases among the population and the high healthcare expenditure is fueling the demand for the smart hospitals in the region.
- Europe is estimated to be the fastest-growing market. Europe is witnessing an increased expenditure on the digitization and adoption of advanced technologies in the healthcare sector. The surging prevalence of chronic diseases and growing geriatric population is fueling the hospital admissions. The smart hospitals are being developed increasing across Europe to reduce healthcare costs and offer quick treatment services to the patients. Moreover, the government mandate regarding the maintenance and storage of patients’ data electronically to reduce the paper work has augmented the growth of the smart hospitals significantly.
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Future of Smart Hospitals Market
The surging adoption of the novel technologies like machine learning, IoT, artificial intelligence, and internet in the hospitals is expected to shape the future of the smart hospitals market in the forthcoming period. The growing government initiatives to promote the use of the electronic health records is another significant factor that will play a crucial role in the development of the smart hospitals market.
COVID-19 Impact Analysis:
- The outbreak of the COVID-19 has significantly boosted the adoption of the telehealth platforms among the consumers and smart hospitals gained a rapid traction across the globe.
- The healthcare sector is heavily investing in the digitization of the medical facilities as the COVID-19 pandemic has shown the importance of digital technologies.
Key Developments in the Marketplace:
- In January 2020, KT Corporation collaborated with Samsung Medical Center for developing a 5G Smart Hospital.
Segments Covered in the Report
By Component
- Software& systems
- Hardware
- Service
By Product
- Smart Pills
- Telemedicine
- M Health
- Electronic Health Record
By Connectivity
- Wireless
- Wired
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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