The smart hospitals market size was valued at US$ 23 Bn in 2020. The market is projected to expand at a higher CAGR from 2020 to 2030.
Smart hospitals are technically equipped hospitals that offer valuable insights, services, and provide patient engagement and automation services. Operational efficiency is improved by streamlining logistics and inventory, thus reducing their operational costs.
North America dominated the global smart hospitals market in 2020, followed by Europe and Asia Pacific. North America’s dominance can be ascribed to technological advancements, adoption and development of smart healthcare models, robotic technology, privatization of hospitals, and investment by key players.
Technological advancements, including digitization, Internet of things, artificial intelligence, rise in incidence of coronavirus leading to a surge in the demand for smart hospitals are key factors that are anticipated to drive the global market during the forecast period.
Presence of key players offering innovative and digitized services is likely to propel the global smart hospitals market. Rise in prevalence of diseases across the globe and adoption of artificial intelligence, electronic health records, Internet of Things, and other technically advanced solutions boost the development of well-equipped smart hospitals across the world.
Smart hospitals are digital, technical advanced hospitals that optimize, redesign, or build clinical processes with advanced digital infrastructure facilities. The framework of smart hospitals consists of three essential layers: data, insight, and access. Smart hospitals are digitally connected hospitals that provide operational efficiency, valuable services, and quality of care to patients. Smart hospitals play an important role in providing services, which would distant the infected and non-infected patients in order to curb the spread of infection and technological advancements and support the recovery process of patients
Smart hospitals cater to the needs of patients by adhering to social distancing protocols and delivering healthcare services remotely. This is expected to be carried out through telemedicine and diagnosis & treatment of the disease or any condition through technically sound medical devices.
Adoption of artificial intelligence, robotic technology, and innovative versatile networking infrastructure drive the demand for the 5G mobile technology to offer healthcare services in a contactless process
Technological Advancements to Drive Global Market
Technological advancements offer various technically advanced solutions, which further enhance services provided to patients. Various organizations are increasing their efforts to support the healthcare process and boost interconnectedness among patients and physicians. Innovative technologies seek to improvise and expand treatment options, thereby reducing the healthcare burden. Moreover, innovation is leading to the development of devices such as new sensors that are connected to mobile applications, which further guide patients to conduct daily exercise routines after orthopedic surgery. The data is shared with the physician to track the physical development of patients.
Various systems and software ease the implementation of smart hospitals concept and offer an opportunity to create new possibilities during clinical practise and management. For instance, a robotic centre, 3D printing facility, offers cross communication platform, which further enables optimization of patient care and provide follow-up care to patients This factor is likely to boost the smart hospitals growth during the forecast period.
Smart Hospitals and Hospital 4.0: Digital Future of Global Healthcare
Technological enablement, automation, and digitization are impacting the smart hospitals market in a profound ways. Hospitals are transitioning from mere implementation of new technologies to adopting comprehensive strategies to scale business opportunities. As such, the concept of smart infrastructure is growing popular in the smart hospitals market. This involves the proliferation of artificial intelligence (AI), Big Data, and the IoT (Internet of Things) to create more integrated and efficient hospital spaces that suit the needs of clinicians and other occupants.
Smart hospitals are improving care delivery on the global level. Connected technologies are making it possible for patients to consult doctors from any part of the world. This has led to the business model of telemedicine, which is predicted to grow exponentially.
Lack of Management Buy-in Creates Resistance against Smart Hospital Initiatives
The smart hospitals market is expected to advance at an astonishing CAGR of 24% during the assessment period. However, hospitals face several hurdles in accomplishing their smart hospital initiatives. For instance, lack of management buy-in can be demotivating for stakeholders. A bureaucratized and hierarchical management may show resistance in being adaptive and agile toward smart hospital initiatives, such as setting up connected medical imaging facilities or establishing the IoT in remote medical management.
In order to overcome these challenges, consultancy companies in the smart hospitals market should help stakeholders to execute their initiatives in a comprehensive way by increasing emphasis on real business use cases.
ML, AI, and IoT Improve Patient Care and Maximize Medical Outcomes
The healthcare industry’s next technological revolution holds lucrative opportunities in the exploitation of an unprecedented amount of data combined with cloud computing services. Companies in the smart hospitals market are increasing their focus in ML, AI, and IoT, which offer expert insights about the future of digital healthcare. As such, data analytics and AI are expected to improve medical outcomes.
Innovative healthcare leaders in the smart hospitals market are taking giant strides in the field of automotive technologies to allow healthcare professionals focus on their core work. Automated and streamlined admission processes are saving on precious hours of waiting time.
In terms of region, the global smart hospitals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global smart hospitals market in 2020, followed by Europe and Asia Pacific. As per research, every year, the U.S. spends around 19% of its GDP on healthcare. Thus, hospital automation and digitization, along with major hospitals using electronic health records, is expected to propel the smart hospitals market during the forecast period. Digitization in imaging has transformed the medical imaging technology in the U.S.
The smart hospitals market in Europe region is anticipated to expand at a high CAGR from 2021 to 2030. Presence of key players offering smart hospitals, technological advancements, large proportion of patient pool, rise in the geriatric population, and growing prevalence of chronic diseases are anticipated to boost the smart hospitals market in the region. High expenditure by both government as well as private players is likely to drive the smart hospitals market in Europe during the forecast period.
Key players operating in the global smart hospitals market include
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Scope of the Report
VRR’s report on the global smart hospitals market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2021 to 2030. The report provides the overall revenue of the global smart hospitals market for the period 2017–2030, considering 2020 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global smart hospitals market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global smart hospitals market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of the top-down and bottom-up approaches to study various phenomena in the global smart hospitals market.
The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global smart hospitals market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global smart hospitals market. The next section of the global smart hospitals market report highlights the USPs, which include technological advancements, Key industry events (mergers, acquisitions, strategic partnerships, etc.), and COVID-19 pandemic impact on global smart hospitals market
The report delves into the competition landscape of the global smart hospitals market. Key players operating in the global smart hospitals market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global smart hospitals market report.
Key Questions Answered in Smart Hospitals Market Report
Research Objectives and Research Approach
The comprehensive report on the global smart hospitals market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global smart hospitals market. It is followed by market introduction, market dynamics, and an overview of the global smart hospitals market, which includes VRR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the global smart hospitals market. The next section of the global smart hospitals market report highlights the USPs, which includes technological advancements, key mergers & acquisitions, collaborations, and COVID-19 pandemic impact on global smart hospitals market on global smart hospitals market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key product manufacturers has been mapped to ascertain the size of the global smart hospitals market in terms of value. The forecast presented here assesses the total revenue generated in the global smart hospitals market. In order to provide an accurate forecast, we initiated by sizing up the current smart hospitals market with the help of the parent market.
The report analyzes the global smart hospitals market in terms of component, service offered, connectivity, application, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global smart hospitals market.
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