Market Overview:
The smart hospital market is growing continually, mainly due to the rising IoT integrations in hospitals. Besides, the growing pressure to address common challenges and drive economic development boosts the market size. Rising numbers of companies involved in smart hospitals and bringing better lives influence the market shares. Moreover, the rising pressure to minimize healthcare document processing costs escalates the market growth to furthered height.
Major Players:
Players leading the global healthcare smart hospital market include
- Qualcomm Life
- Allengers Groups
- Siemens Healthineers
- Cerner Corporation
- Mckesson Corporation
- Adhere Tech
- Koninklijke Philips N.V
- Medtronic PLC.
- GE Healthcare
- Honeywell Life Care Solutions
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With the rising adoption of smart hospital solutions to operational intelligence and performance management, the market is expected to grow hugely during the next few years. In this regard, Market Research Future (MRFR) states that the global smart hospital market is estimated to garner a valuation of USD 67,299.60 MN by 2026, growing at a whopping 23.65% CAGR throughout the anticipated period (2019 – 2026).
Additionally, the augmenting digitization and automation of documents and transactions in healthcare drive the growth of the market excellently. Rising government support and favorable funding policies for healthcare IT developments propel the smart hospital market revenues.
On the flip side, concerns related to high funding requirements and data security associated with smart hospital implementation impede the market growth. Nevertheless, rising awareness about the smart hospital benefits and the increasing adoption of smart hospital solutions would support the market growth throughout the forecast period.
Global Smart Hospital Market – Segments
The report is segmented into types, applications, and regions. The type segment is bifurcated into general services, specialty, super-specialty, and others. The application segment is bifurcated into remote medicine management, outpatient vigilance, medical assistance, medical connected imaging, electronic health record (EHR) & clinic workflow, and others. The region segment is bifurcated into the Americas, Asia Pacific, MEA, Europe, and rest-of-the-world.
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Smart Hospital Market – Regional Analysis
North America leads the global smart hospital market. The vast presence of advanced health care facilities and availability of funds allow the rapid adoption of advanced healthcare technologies in the region. Besides, high healthcare expenditure, alongside the growing need for healthcare/medical services like critical/intensive care & long-term care, and accessibility of well-developed multi-specialty and super-specialty hospitals boost the market size.
Rising needs for medical equipment like hospital beds, medical equipment, and other forms of supportive products impact the regional market growth positively. Additionally, supportive government policies to deploy digital health and accessibility of infrastructure with high digital literacy influence market revenues. The large presence of key market players and increasing awareness regarding connected healthcare substantiate the market size.
Also, the high penetration of smartphones & the internet and the use of health-related apps are adding market growth. Rising usages of medical devices in various treatments and increasing advances in smart hospital technologies foster regional market growth. The North American smart hospital market is anticipated to retain its leading position in the global market throughout the review period.
Global Smart Hospital Market – Competitive Analysis
Highly competitive, the smart hospital market appears fragmented with many large & small-scale players, alongside new entrants forming a competitive landscape. Industry players make substantial investments to drive R&D and meet their expansion plans. These players initiate strategic partnerships and collaborations to gain a larger competitive share.
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Industry/ Innovation/Related News:
Dec. 16, 2021 — SenseTime, a leading global artificial intelligence (AI) company, announced a strategic partnership with one of the largest hospitals in Macau -Kiang Wu Hospital, to advance smart health applications and research with AI.
The partnership builds upon deployments of multiple AI modules of SenseTime’s SenseCare Smart Health Platform, aiming to accelerate further the adoption and research of AI technologies in healthcare and create a new paradigm of smart hospitals.
Dec. 16, 2021 — Siriraj Hospital launched the Siriraj World Class 5G Smart Hospital project in Thailand. Siriraj hopes the model would improve its medical services and overall efficiency. The project is expected to transform the hospital into a role model for other public hospitals.
The Siriraj World Class 5G Smart Hospital project comprises smart emergency medical service, pathological diagnosis system with 5G and AI, smart emergency rooms, an AI platform for non-communicable diseases, a permission-based blockchain for personal health records, smart inventory management, multi-access edge computing, a hybrid cloud system, and smart logistics with a 5G self-driving car.
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