Smart Hospitals Market by Connectivity (Wired, Wireless), Operation (General, Specialty, Super Specialty), Component, Application, End-User - Global Forecast 2024-2030

Smart Hospitals Market by Connectivity (Wired, Wireless), Operation (General, Specialty, Super Specialty), Component, Application, End-User - Global Forecast 2024-2030

The Smart Hospitals Market size was estimated at USD 57.53 billion in 2023 and expected to reach USD 67.63 billion in 2024, at a CAGR 18.35% to reach USD 187.20 billion by 2030.

The smart hospitals market comprises healthcare institutions that utilize advanced integrated software, smart devices, and technology-based systems to improve and automate operations, patient care, and outcomes. These hospitals leverage Internet of Things (IoT) devices, artificial intelligence (AI), machine learning (ML), and big data analytics to facilitate remote monitoring, clinical workflow automation, and enhanced patient engagement, aiming for operational efficiency and superior healthcare delivery. Increasing pressure on existing healthcare systems to manage prevalent chronic health conditions, along with rising government initiatives for digitization in healthcare infrastructure, are driving market growth. Integration of IoT in healthcare systems is also contributing to market expansion. The high cost of connected systems, privacy, security issues associated with smart hospitals, and complex data and system integration hamper market growth. Integration of 5g and blockchain technologies in healthcare facilities, along with the proliferation of smart wearables and humanoid robots, represent significant areas for growth and innovation.

Regional Insights

In the Americas, particularly in the United States and Canada, there is a robust adoption of smart hospital technologies. Innovations in artificial intelligence (AI), the Internet of Things (IoT), and big data analytics are predominantly utilized for enhancing patient care, hospital management, and operational efficiency. The United States is at the forefront, championing telemedicine, remote monitoring, and electronic health records (EHR), fueled by favorable government policies and significant healthcare IT investments. South America, Brazil, Argentina, and Colombia are making strides in digitizing healthcare through electronic medical records (EMR), telehealth, and AI. Europe has significantly adopted technologies with an advanced smart hospital infrastructure, buoyed by strong regulatory frameworks, high healthcare spending, and widespread digital literacy. The Middle East is rapidly catching up, with significant investments in smart healthcare technologies in countries like the UAE and Saudi Arabia. In contrast, Africa is still in the early stages of adoption, with South Africa being one of the few countries showing substantial progress. The Asia-Pacific region is a dynamic and quickly evolving smart hospital market. Japan, South Korea, and Singapore are pioneers, leveraging cutting-edge technologies such as robotics, AI, and IoT to revolutionize patient care and hospital operations. China and India, with their vast populations and growing economies, are rapidly developing their healthcare infrastructure and integrating smart technologies. The region's growth is propelled by increasing healthcare expenditure, a strong focus on healthcare innovation by governments, and a burgeoning startup ecosystem driving technological advancements.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Smart Hospitals Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Increasing Pressure on Existing Healthcare System to Manage Prevailed Chronic Health Conditions
    • Rising Government Initiatives for Digitization in Healthcare Infrastructure
    • Integration of IoT in Healthcare Systems
    • Market Restraints
      • High Cost of Connected Systems
      • Market Opportunities
        • Integration of 5G and Blockchain Technologies in Healthcare Facilities
        • Proliferation of Smart Wearables and Humanoid Robots
        • Market Challenges
          • Privacy and Security Issues Associated with the Smart Hospitals
          • Complex Data and System Integration
          • Market Segmentation Analysis
            • Connectivity: Rising preference for wireless connectivity for telemedicine, wearable health devices, and patient engagement tools
            • End-User: Rising adoption of smart hospitals by patients for quicker diagnosis that cater to individual health needs seamlessly
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Smart Hospitals Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Smart Hospitals Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Artisight to Scale and Advance AI-driven Smart Hospital Platform with Oversubscribed USD 42 Million Series B Round
              
              Artisight, Inc. secured USD 42 million in a Series B funding round. Artisight's platform is reshaping patient care with its clinician-designed tool suite that employs AI-driven IoT sensors, facilitating virtual nursing, quality improvement, and care coordination. It is not only HIPAA-compliant but also robust with computer vision, voice recognition, vital sign monitoring, and more, aiming to alleviate the clinician's workload and cut administrative costs.
              
              Avisa Smart Hospitals launched a new era in healthcare with 300-hospital network
              
              Avisa Smart Hospitals launched a comprehensive network of 300 state-of-the-art smart hospitals across 14 cities, showcasing its unwavering commitment to healthcare innovation. This move exemplifies Avisa's mission to deliver superior, patient-centric care facilitated by technological breakthroughs, including smart integration of Electronic Medical Records (EMR), cutting-edge medical devices, and advanced Hospital Information Systems (HIS).
              
              Thonburi Hospital signs latest partnership to pursue smart hospital transformation
              
              Thailand's Thonburi Hospital reinforced its digital healthcare capabilities through an enduring partnership with Taiwan's Chunghwa Telecom as they work towards transforming Thonburi's 18 hospitals with advanced smart ward technologies. The memorandum of understanding leverages Chunghwa's expertise and integrates solutions like smart nursing stations and an AI-driven fall management system developed in collaboration with firms such as Imedtac and MD Healthcare. This move indicates a broader trend within the Thai healthcare system embracing digital innovation for improved healthcare delivery.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Smart Hospitals Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Smart Hospitals Market, highlighting leading vendors and their innovative profiles. These include AdhereTech, LLC, Advantech Co., Ltd., athenahealth, Inc., GE Healthcare Technologies Inc., Honeywell International Inc., Infor, Intel Corporation, International Business Machines Corporation, Koninklijke Philips N.V., Mckesson Corporation, Medtronic PLC, Microsoft Corporation, N. Harris Computer Corporation, NVIDIA Corporation, Oracle Corporation, Phoenix Mecano AG, physIQ, Qualcomm Incorporated, Reivr Fusion Ltd., Sanela Technologies Pvt. Ltd., SAP SE, Securitas AB, Siemens AG, Smart Hospital Manager, Sonar Technologies International, Techmetics Robotics, and Zyter, Inc..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Smart Hospitals Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Connectivity
              • Wired
              • Wireless
                • Bluetooth
                • Near Field Communication
                • RFID
                • Wi-Fi
                • Zigbee
                • Operation
                  • General
                  • Specialty
                  • Super Specialty
                  • Component
                    • Hardware
                      • Implanted Medical Devices
                      • Stationary & Supportive Medical Devices
                      • Wearable External Medical Devices
                      • Services
                        • Consulting Services
                        • Managed Services
                        • Professional Services
                        • Support & Maintenance
                        • Training & Education
                        • Software
                        • Application
                          • Electronic Health Record & Clinical Workflow
                          • Medical Assistance
                          • Medical Connected Imaging
                          • Outpatient Vigilance
                          • Patient Journey Management
                          • Remote Medicine Management
                          • End-User
                            • Patient
                            • Payer
                            • Provider
                            • Region
                              • Americas
                                • Argentina
                                • Brazil
                                • Canada
                                • Mexico
                                • United States
                                  • California
                                  • Florida
                                  • Illinois
                                  • New York
                                  • Ohio
                                  • Pennsylvania
                                  • Texas
                                  • Asia-Pacific
                                    • Australia
                                    • China
                                    • India
                                    • Indonesia
                                    • Japan
                                    • Malaysia
                                    • Philippines
                                    • Singapore
                                    • South Korea
                                    • Taiwan
                                    • Thailand
                                    • Vietnam
                                    • Europe, Middle East & Africa
                                      • Denmark
                                      • Egypt
                                      • Finland
                                      • France
                                      • Germany
                                      • Israel
                                      • Italy
                                      • Netherlands
                                      • Nigeria
                                      • Norway
                                      • Poland
                                      • Qatar
                                      • Russia
                                      • Saudi Arabia
                                      • South Africa
                                      • Spain
                                      • Sweden
                                      • Switzerland
                                      • Turkey
                                      • United Arab Emirates
                                      • United Kingdom
                                      
                                      
                                      Please Note: PDF & Excel + Online Access - 1 Year