New York, United States, June 25, 2024 (GLOBE NEWSWIRE) -- The Global Smart Hospital Market Size is Expected to Grow from USD 59.8 Billion in 2023 to USD 354.99 Billion by 2033, at a CAGR of 19.50% during the forecast period 2023-2033.
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A smart hospital refers to a healthcare facility that utilizes advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data analytics, and automation to improve patient care, enhance operational efficiency, and optimize the overall healthcare experience. It employs high-end technology and digital tools to improve patient care, hospital operations, and overall efficiency. Smart hospitals combine multiple digital systems and devices to gather, organize, and analyze data in real-time, enabling healthcare staff to make educated decisions and give patients with individualized care. The growth of the smart hospital market is primarily fueled by technological advancements like IoT, AI, and data analytics, which enhance healthcare delivery through real-time monitoring and tailored care. Additionally, increasing rates of chronic illnesses and an aging population are driving demand for digital healthcare solutions like remote monitoring and personalized treatment. Cost containment pressures on healthcare providers are further propelling investment in smart technologies for resource optimization. However, high initial costs, concerns about data security, opposition to change among healthcare personnel, and interoperability issues all pose barriers to the adoption of smart hospital technologies. Despite these challenges, the advantages of improved patient care, operational efficiency, and cost-effectiveness encourage the adoption of smart technologies in healthcare organizations.
Browse key industry insights spread across 270 pages with 110 Market data tables and figures & charts from the report on the report on the " Global Smart Hospital Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Cloud Computing, IoT, Artificial Intelligence, and Others), By Application (Electronic Health Record, Medical-Connected Imaging, Remote Patient Monitoring, Pharmacy Automation, Mobile Asset Tracking, and Other Applications), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware segment is anticipated to hold the greatest share of the smart hospital market during the projected timeframe.
Based on the components, the smart hospital market is divided into hardware, software, and services. Among these, the hardware segment is anticipated to hold the greatest share of the smart hospital market during the projected timeframe. This dominance stresses the significance of hardware components in sustaining the functioning and infrastructure of smart medical devices. Smart hospital technology installations are built on the foundation of hardware, which comprises advanced medical gadgets, integrated sensors, and networking equipment.
The IoT segment is anticipated to hold the highest market share during the projected timeframe.
Based on the technology, the smart hospital market is divided into cloud computing, IoT, artificial intelligence, and others. Among these, the IoT segment is anticipated to hold the highest market share during the projected timeframe. This relevance reflects the growing use of IoT solutions in modern healthcare settings, which enable seamless communication and data sharing between medical devices, sensors, and systems inside smart hospital environments. Through real-time monitoring, remote patient management, and predictive analytics, IoT technologies enable healthcare facilities to improve patient care, maximize operational efficiency, and optimize resource allocation.
The medical-connected imaging segment is predicted to grow at the highest CAGR growth through the projected period.
Based on the application, the smart hospital market is divided into electronic health records, medical-connected imaging, remote patient monitoring, pharmacy automation, mobile asset tracking, and other applications. Among these, the medical-connected imaging segment is predicted to grow at the highest CAGR growth through the projected period. Medical Connected Imaging encompasses current technologies such as digital radiography, PACS (Picture Archiving and Communication Systems), and telemedicine, which enable healthcare practitioners to conveniently collect, store, and share medical images and diagnostic information. These technologies make critical patient data available rapidly, enabling for remote consultations, timely diagnosis, and better treatment planning.
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North America is estimated to hold the largest share of the smart hospital market over the forecast period.
North America is estimated to hold the largest share of the smart hospital market over the forecast period. This projection is based on several factors, including the region's great healthcare infrastructure, strong technological capabilities, and large investments in healthcare information systems. Furthermore, factors such as increased adoption of electronic health records (EHRs), government policies to encourage digital healthcare, and expanding demand for remote patient monitoring and telemedicine services contribute to North America's dominant position in the smart hospital market.
Asia Pacific is predicted to grow at the fastest rate in the smart hospital market during the projected timeframe. Several factors have contributed to this rapid growth, including a rise in the prevalence of chronic diseases, growing healthcare expenses, improved access to healthcare services, and increased regional investments in healthcare infrastructure and technology. Furthermore, government steps to support digital healthcare, higher healthcare standards, and the usage of sophisticated technologies such as IoT, artificial intelligence (AI), and cloud computing all contribute to the fast-growing smart hospital market in Asia Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the smart hospital market include Siemens AG, Stanley Healthcare, Honeywell International Inc., Medtronic Plc., GE Healthcare, Koninklijke Philips N.V., Microsoft Corporation, Samsung Healthcare, Qualcomm Life, Philips, and others.
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Recent Developments
- In September 2023, In an effort to bring cutting-edge medical treatment to rural areas, the government of Guntur partnered with a corporate hospital to construct a smart intensive care unit at a primary healthcare facility in Andhra Pradesh.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the smart hospital market based on the below-mentioned segments:
Global Smart Hospital Market, By Component
- Hardware
- Software
- Services
Global Smart Hospital Market, By Technology
- Cloud Computing
- IoT
- Artificial Intelligence
- Others
Global Smart Hospital Market, By Application
- Electronic Health Record
- Medical-Connected Imaging
- Remote Patient Monitoring
- Pharmacy Automation
- Mobile Asset Tracking
- Other Applications
Global Smart Hospital Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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