Smart hospitals utilize state-of-the-art technologies, real-time patient tracking, electronic health records, automated workflow, and remote health consultation. With the growing prevalence of chronic diseases, there is increasing demand for enhanced healthcare services that can provide quality treatment in a cost-effective manner. Telehealth services enable virtual consultation between doctors and patients, remote patient monitoring, and facilitate improved healthcare access for people in remote locations. The global smart hospitals market is estimated to be valued at US$ 41 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing adoption of telehealth services is expected to drive the growth of the global smart hospitals market over the forecast period. As mentioned in the market heading, telehealth services enable remote delivery of healthcare services and consultation through digital means. This not only enhances access to healthcare but also reduces costs associated with in-person visits. During the COVID-19 pandemic, telehealth emerged as a viable solution to ensure continuity of care while maintaining social distancing. Various government initiatives are also promoting telehealth to address issues of limited access to healthcare in rural and remote areas. For instance, through programs like the Connected Care Pilot Program, the UK government is aiming to expand telehealth services for long-term conditions and urgent care.
Another factor fueling the smart hospitals market growth includes increasing deployment of IoT and AI technologies. IoT enables collection of large amounts of medical data from various sources like electronic health records, medical devices, patient monitor systems etc. This data can be analyzed using AI and machine learning algorithms to gain clinically relevant insights. For example, AI helps in detecting health patterns, predicting disease outbreaks, and supporting clinical decision making. Overall, growing need for enhanced patient services coupled with enabling technologies is propelling the demand for smart hospitals globally.
Segment Analysis
The smart hospitals market can be segmented based on product type, application and region. By product type, it is segmented into smart pills, mHealth, telemedicine, electronic health records and others. Amongst these, the electronic health records sub segment dominates the market as it helps improve clinical workflow and patient outcome. By application, it is segmented into remote medicine management, medical assistance, medical connectivity and others. Medical connectivity holds a major share as it facilitates sharing of medical records across different departments of hospitals.
PEST Analysis
Political: Governments across regions are supporting digitalization of healthcare by rolling out favorable policies and funding for smart hospitals projects to provide better care. Economic: Rise in healthcare costs is prompting hospitals to adopt smart technologies to improve operational efficiency and reduce costs. Social: Increasing popularity of mobile health apps and devices among consumers is making them more receptive to digital healthcare services. Technological: Advancements in areas such as IoT, cloud, AI and 5G networks are enabling application of smart technologies in hospitals.
Key Takeaways
The Global Smart Hospitals Market Size is expected to witness high growth over the forecast period supported by rising investments from hospitals to upgrade legacy systems.
Regionally, North America captures a major share of the market aided by significant technological advancements and increasing adoption of digital health solutions in the region. Europe is poised to witness fastest growth on account of supportive regulatory environment and initiatives promoting digital transformation of healthcare sector.
Key players operating in the smart hospitals market are Silvert€TMs Adaptive Clothing & Footwear, Izzy Camilleri, NBZ Apparel International, Able2Wear, Adaptions by Adrian, Professional Fit Clothing, Adaptive Clothing Showroom, Creation Confort, Buck & Buck, PVH Corp. and Lycra Company. These players are focused on launching smart connected medical devices and IoT based solutions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
