Burlingame, Nov. 22, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global smart hospitals market size was valued at US$ 41 Billion in 2022 and is expected to surpass US$ 153.3 Billion by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 20.7% from 2023 to 2030. Increasing organic growth strategies, such as technological advancement to develop new cloud-based enterprise imaging platforms, by market players is expected to drive the growth of the global smart hospitals market over the forecast period. For instance, in May 2021, MediTelecare, a mental health service provider, launched MediTely, a direct-to-consumer mobile technology that is specially designed for a group of older individuals. Mobile health is the use of mobile devices such as smartphones and tablets to deliver healthcare and preventive health services. By using wearable devices such as Fitbit or Apple Watch, people are able to monitor heart rate and are informed of anything out of the ordinary.
Market Driver
The increasing adoption of various growth strategies such as product launch, agreement, acquisition, and others by the market players in order to strengthen their presence in the market is expected to drive the global smart hospitals market growth over the forecast period. For instance, in September 2022, SenseTime, a leading AI software company, announced the launch of Smart Hospital Solution to empower medical services with Artificial intelligence (AI) technology. The AI diagnostic assistance software helps doctors quickly detect lesions, analyze the patient’s conditions, and plan for future treatments. Doctors can also simulate and assess a surgical plan through 3D visualized models so as to better communicate with patients and families.
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The increasing adoption of various growth strategies such as collaboration and others by the market players in order to strengthen their presence in the market is expected to drive the global smart hospitals market growth over the forecast period. For instance, on April 17, 2023, Koninklijke Philips N.V., a multinational conglomerate corporation, announced its collaboration with Amazon Web Services (AWS), an IT service management company, for the availability of Philips HealthSuite Imaging on Amazon Web Services. Both companies expand its collaboration to advance AI (Artificial Intelligence) to accelerate the development of cloud-based generative AI applications that will provide clinical decision support, enable more accurate diagnoses, and automate administrative tasks.
Key Market Takeaways:
The global smart hospitals market is expected to exhibit a CAGR of 20.7% during the forecast period due to the increasing adoption of strategies such as partnerships by market players, which is expected to drive the market growth during the forecast period. For instance, in October 2022, Ottawa Hospital, a Canada-based hospital, announced a partnership with Becton, Dickinson, and Company, a medical device company, to improve care using artificial intelligence and connected devices. This partnership was expected to result in the development of new systems that do everything from assisting clinical decision-making using data and algorithms to improving medication adherence.
Among component, software systems segment is dominant due to the launch of eHealth software and services by public and private healthcare institutions to show their effectiveness, which is one way to expand the segment over the forecast period. For instance, on January 17, 2023, Dundalk Institute of Technology (DkIT), an institute of technology, initiated the start-up program for digital health companies in Ireland and Europe. eHealth Embark is a 10-week program hosted by DkIT and supported by Amazon Web Services (AWS). It is operated by the dConnect Digital Health Innovation Hub and the Connected Health and Wellbeing Cluster, both created by Dundalk Institute of Technology (DkIT).
Among connectivity, the wireless segment is dominant due to growth strategies such as product approval by regulatory authorities to expand key players product portfolios. For instance, in May 2020, Koninklijke Philips N.V., a leader in health technology, announced it had received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor (Philips Biosensor BX100) to help manage confirmed and suspected COVID-19 patients in the hospital.
Among region, North America is dominant due to increasing inorganic growth strategies, such as agreement among key market players, which is expected to drive the market growth over the forecast period. For instance, on March 20, 2023, Northwell Health, a U.S.-based not-for-profit healthcare provider, announced that it had signed an agreement with Epic Systems Corporation, a U.S.-based privately held healthcare software company. Under the terms of this agreement, Epic Systems Corporation will provide a next-generation electronic health record (EHR) system to Northwell Health for use in hospitals.
Key players operating in the global smart hospitals market are 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., TERSO SOLUTIONS, INC.
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Market Key Developments
On April 19, 2023, Ciox Health, a Datavant company, and Oscar Health, Inc., a health insurance company, announced that the company had renewed and expanded its digital services agreement under the expanded agreement. Oscar will have access to Datavant Switchboard via Ciox to securely request, retrieve, and digitally deliver clinical data, due to which medical record access is improved and turnaround time is reduced.
On April 18, 2023, Oracle, a computer technology company, and Zoom Video Communications, Inc., a communications technology company, announced that the comapny is expanding its collaboration to deliver faster, easier, and more effective teleHealth services. Under this collaboration, patients can have appointments more quickly and easily with the relevant patient electronic health record (EHR).
On March 29, 2023, Aevice Health, a Singapore-based MedTech company that specializes in developing remote respiratory monitoring solutions, announced that its medical device, the AeviceMD Monitoring System, has received approval from the Health Sciences Authority of Singapore (HSA). The AeviceMD Monitoring System’s wearable stethoscope can detect abnormal breath sounds, such as wheezing, and monitor vital signs, including heart rate and respiratory rate.
In December 2022, PaxeraHealth, a medical imaging and AI developer, announced the closure of its series A financing round led by Sopris Capital, a venture capital firm that focuses on technology-enabled healthcare solutions. The financing will enable PaxeraHealth to accelerate its enterprise medical imaging and AI (Artificial Intelligence) authoring platform capabilities, expand the company's offerings to more healthcare facilities, and continue providing best-in-class support and services for its fast-growing and high-profile client base.
In April 2022, Sleepiz (Ltd.), a MedTech startup, announced a collaboration with SMS Hospital, an India-based hospital, to introduce its innovative technology that can upgrade any general ward into a smart ward to enable early detection of Code Blue in the hospital and save lives. The device, Sleepiz One+, monitors three key vital signs of a patient: pulse rate, blood oxygen saturation, and respiration rate.
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Market Restraint
The major factor that can hamper the global smart hospitals market growth over the forecast period is the high cost of eHealth software. For instance, in October 2021, according to PostDICOM, a computer support and services company, traditional PACS systems can cost around US$ 5,000 to US$ 100,000, depending on the size of the practice. Furthermore, in September 2021, according to Purview, a leading digital cloud and data engineering company, the total cost of ownership of eHealth software can cost around US$ 40,000.
The manufacturer can focused to reduced the cost of eHealth software which expected to increased the use of eHealth software
Market Opportunity
Benefits associated with Radiology Information System (RIS) include increased workflow efficiency, fewer medical errors, more accurate diagnosis, quality improvement through extensive documentation, predefined work processes, examination parameters, standardizing processes, and others. Thus, due to the benefits associated with software used in eHealth, key market players are focusing on increasing partnerships to increase their product or service offerings in the global smart hospitals market, and this is expected to offer lucrative opportunities over the forecast period. For instance, in September 2021, Intelerad Medical Systems, a healthcare technology company, announced a partnership with Strategic Radiology, a U.S.-based radiology practice company, to make cloud-based medical image management technology available to Strategic Radiology's more than 1,300 members in order to enhance productivity, workflow, and patient care.
Among component, software systems segment is expected to be dominant in the global smart hospitals market in the Europe region due to the market players focus on adopting various growth strategies such as product launches to expand their product porttfolio. For instance, in March 2020, Siemens Healthineers AG, a medical technology company, announced that the company had launched the TeamPlay digital health platform. The teamplay digital health platform helps healthcare providers in its digital transformation, facilitates easy access to solutions for operational, clinical, and shared decision support, and fosters cross-departmental as well as cross-institutional interoperability.
Read complete market research report, "Smart Hospitals Market, By Component, By Technology, By Application, By Connectivity, By Geography and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Market Detailed Segmentation:
- By Component:
- Hardware
- Software System
- Services
- By Technology:
- Cloud Computing
- Artificial Intelligence
- Wearable Technologies
- Radio Frequencies Identification
- Others
- By Application:
- Remote Medicine Management
- Medical Connected Imaging
- Medical Assistance
- Electronic Health Record
- Outpatient Vigilance
- By Connectivity:
- Wired
- Wireless
- Global Smart Hospitals Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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