Global Smart Hospital Market, By Component (Hardware, Systems and Software, Services), Services Rendered (General, Specialty, Super Specialty), Application (Remote Medicine Management, Electronic Health Record and Clinical Workflow, Outpatient Vigilance, Medical Connected Imaging, Medical Assistance), Connectivity (Wired, Wireless), Artificial Intelligence (Offering, Technology) – Industry Trends and Forecast to 2029.
Market Analysis and Size
In recent years, with advancement in technology now hospitals are also getting smart now hospitals use smart software high tech machinery to coordinate the staff, surgeries, even their records everything is online now and it making a lot easier to operate a hospital and it is also making an increase in profits for the hospital that’s why it is driving the smart hospitals market.
- Data Bridge Market Research analyses that the smart hospital market is expected to reach the value of USD 147.5 Billion by the year 2029, at a CAGR of 20.10% during the forecast period. “Services”, one of the segments analysed in the report, is projected to grow at a 22.3% CAGR to reach US$73.6 billion by the end of the analysis period.
Smart hospitals are medical settings equipped with advanced devices and software for reducing the workload and minimizing the cost associated with all the procedures included in a hospital. Smart hospitals are generally depended on internet of things and artificial intelligence.
Smart Hospital Market Dynamics
Prevalence of improved healthcare infrastructure
Need for better healthcare is developing in every country with growing disease and infection disease the mortality rate is increasing rapidly and covid-19 show much we lack in healthcare around the globe and it is driving the market.
Advancements of technologies provided by the different market players
Every market player is trying to come up with a new way to find or cure problems like infection and difficult surgical operations and we can even see the results already in a positive manner and it is further influence the market.
Additionally, the surge in healthcare expenditure, Introduction of internet of things (IoT), advancements in healthcare infrastructure, and ore portable and technologies, growing need of cost-effective solutions surging number of cases of chronic diseases and adoption of connected devices and instruments affect the smart hospital market.
Furthermore, advancements in technology extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, a high emphasis on streamlining imaging workflows will further expand the smart hospital market's growth rate in the future.
On the other hand, a several limitations are associated with the technology such as lengthy test durations, dependence on skill & expertise of operator are expected to obstruct market growth. Also, complexity with lack of consistent data and concerns regarding data privacy are projected to challenge the smart hospital market in the forecast period of 2022-2029.
This smart hospital market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart hospital market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Smart Hospital Market
The exponential growth of COVID-19 cases globally has resulted in tremendous burden on hospitals and medical staff. The situation has prompted various healthcare facilities to rely on artificial intelligence (AI) based sensors for supporting triage in effective manner. The scenario has also led various companies to leverage AI for developing contactless infrared sensor devices for identifying people with a fever in crowds. These devices are being increasingly deployed by hospitals for replacing manual screening options to reduce unnecessary exposure of the medical staff to COVID-19 patients. Various hospitals have implemented AI systems for intercepting individuals with specific COVID-19 symptoms among visiting patients.
- In October 2019, Cosinuss GmbH, developed a wearable device that is placed in the ear like a hearing aid, which it claims can track heart rate, heart rate variability, body core temperature, blood oxygen level, breathing rate, and blood pressure. .
Global Smart Hospital Market Scope
The smart hospital market is segmented on the basis of component, services rendered, artificial intelligence, connectivity and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
On the basis of component, smart hospital market is segmented into hardware, systems and software, services. Hardware has been further segmented into medical devices. Medical devices have been further sub segmented into wearable external medical devices, implanted medical devices, stationary and supportive medical devices and semiconductor components. Semiconductor components have been further sub segmented into processors, sensors and connectivity ICS. Services have been further segmented into professional services and managed services. Professional services have been further sub segmented into consulting and integration services, support and maintenance services.
- Super specialty
Smart hospital market has also been segmented on the basis of services rendered into general, specialty and super specialty.
- Remote medicine management
- Electronic health record
- Clinical workflow
- Outpatient vigilance
- Medical connected imaging
- Medical assistance
On the basis of application, smart hospital market is segmented into remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance.
On the basis of connectivity, smart hospital market is segmented into wired and wireless. Wireless has been further segmented into Wi-Fi, RFID, bluetooth, zigbee, near field communication (NFC) and others.
On the basis of artificial intelligence, smart hospital market is segmented into offering and technology. Offering has been further segmented into hardware, software and services. Services have been further sub segmented into deployment and integration, support and maintenance. Software has been further bifurcated into AI platform and solutions. Technology has been further segmented into natural language processing (NLP), context–aware processing, deep learning and querying method
Smart Hospital Market Regional Analysis/Insights
The smart hospital market is analysed and market size insights and trends are provided by country, component, services rendered, artificial intelligence, connectivity and application as referenced above.
The countries covered in the smart hospital market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the smart hospital market due to the prevalence of improved healthcare infrastructure and increasing adoption of artificial intelligence enabled products within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of increasing number of hospitals and surgical centres and provision of improved healthcare infrastructure.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The smart hospital market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for smart hospital market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the smart hospital market. The data is available for historic period 2010-2020.
Competitive Landscape and Smart Hospital Market Share Analysis
The smart hospital market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart hospital market.
Some of the major players operating in the smart hospital market are Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Medtronic, Qualcomm Technologies, Inc., Honeywell International Inc., STANLEY Healthcare, SAP SE, Microsoft, Allscripts Healthcare, LLC, Cerner Corporation., McKesson Corporation, Advantech Co., Ltd, Proteus Digital Health, AdhereTech., Enlitic, Inc., Intel Corporation, NVIDIA Corporation and Welltok, Inc. among others.