Global Smart Hospital Market, By Component (Hardware, Systems and Software, and Services), Connectivity (Wired and Wireless), Technology (Artificial Intelligence, Internet of Things, Augmented Reality, Big Data, Cloud Computing, and Others), Application (Remote Medicine Management, Medical Connected Imaging, Medical Assistance, Outpatient Vigilance, Electronic Health Record & Clinical Workflow, Pharmacy Automation, Robot-Assisted Surgery, Virtual Nursing Assistant, Workflow Assistance, Administrative Workflow Assistance, Fraud Detection, Image Analysis, Cybersecurity, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, Connected Machines, Non-Invasive Diagnosis, Precision Medicine, Research, and Others), Distribution Channel (Direct Tender, Retail Sales, and Third Party Distributor) - Industry Trends and Forecast to 2030.
Smart Hospital Market Analysis and Insights
Smart medical devices are important medical tools that are used by physicians to monitor the vital physiological parameters of various diseases. These smart devices are intended for enhancing patient care quality by monitoring real-time data and communicating the same to the physician through a connected device.
Data Bridge Market Research analyzes that the global smart hospital market is expected to reach a value of USD 180,471.39 million by 2030, at a CAGR of 20.6% during the forecast period. Component accounts for the largest segment in the market due to the rising demand for smart devices and increasing healthcare expenditure, which has accelerated the demand for smart medical devices.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customisable to 2020-2015)
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Quantitative Units
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Revenue in USD Million, and Pricing in USD
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Segments Covered
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By Component (Hardware, Systems and Software, and Services), Connectivity (Wired and Wireless), Technology (Artificial Intelligence, Internet of Things, Augmented Reality, Big Data, Cloud Computing, and Others), Application (Remote Medicine Management, Medical Connected Imaging, Medical Assistance, Outpatient Vigilance, Electronic Health Record & Clinical Workflow, Pharmacy Automation, Robot-Assisted Surgery, Virtual Nursing Assistant, Workflow Assistance, Administrative Workflow Assistance, Fraud Detection, Image Analysis, Cybersecurity, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, Connected Machines, Non-Invasive Diagnosis, Precision Medicine, Research, and Others), Distribution Channel (Direct Tender, Retail Sales, and Third Party Distributor)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, rest of Europe, China, Japan, India, South Korea, Singapore, Thailand, Malaysia, Australia, Philippines, Indonesia, rest of Asia-Pacific, South Africa, Saudi Arabia, UAE, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America
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Market Players Covered
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F. Hoffman-La Roche Ltd, Qualcomm Technologies, Inc., General Electric Company, Koninklijke Philips N.V., McKesson Corporation, Siemens, Intel Corporation, Microsoft, Honeywell International, Medtronic, DXC Technology Company, SAMSUNG ELECTRONICS AMERICA, Oracle, Apple, Inc., CitiusTech Inc, Allscripts Healthcare, LLC, AirStrip Technologies, Inc., AVISA Smart Hospital, Itransition, TERSO SOLUTIONS, INC., Cloudphysician Healthcare Pvt. Ltd., physiQ, ThoughtWire, AdhereTech, Diabetizer GmbH, Itrex Group, and Qdocs among others
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Market Definition
The smart hospital takes a holistic approach to infrastructure modernization by integrating digital and physical assets into a unified framework that connects the institution's disparate clinical and business workflows and resources. As a result, smart hospital gains broad access to data across the healthcare ecosystem, from hospital to clinic to provider and beyond, as well as faster clinical workflows, smoother patient journeys, and the ability to adopt new life-saving innovations in the market.
This market is growing in the forecast year due to several reasons such as the rising players in the market and the availability of advanced products; along with this, manufacturers are engaged in R&D activities for launching novel technology-based smart devices in the market.
Global Smart Hospital Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
DRIVERS
- Increase in the Prevalence of Chronic Diseases
With the rising economic growth, people are more interested in long-term health and wellness. The encumbrance of chronic disease is briskly increasing across the globe. In most western countries, the major reason behind the increasing number of chronic diseases is the continuous increase in the aged population. The increasing rates of diseases are directly proportional to the growth of better healthcare which is developing in every country. With growing infectious diseases, the mortality rate is increasing rapidly.
Because of the sedentary lifestyle of people, the prevalence of lifestyle-associated disorders such as hypertension and diabetes is rising nowadays. Thus, the rising prevalence of chronic diseases with the growing integration of healthcare data with portable devices is expected to demand proper health management, leading to the anticipated increase in the demand for e-health services, which will propel the market growth in the forecast period.
- Escalation in Innovation and Technologies
Acceleration in technology development in the healthcare sector has tremendously increased in the last few years. Advancement in technology in hospital and pharmacy automation supports the meticulous and safe handling of patients during the management of a disease.
Moreover, innovation and upgradation in pharmacy and hospital automation assist in the precise and rapid result of disease diagnosis. Along with that, innovation in pharmacy and hospital automation also provides the cost-effectiveness of technology-based therapeutic tools during disease treatment.
The innovation and advancement in technology have upgraded the surgical robotics systems in all prospects including advanced features such as better resolution, increased area coverage, flexibility, advanced software, accessories, and spatial arrangements among more.
The advancement in technologies brings many advantages to the patient’s treatment program with improvements in clinical efficiency and increased patient safety. Thus, technological advancement and development are anticipated to bolster market growth.
OPPORTUNITY
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Growing Healthcare Expenditure
Production of automated medical devices lowers product uncertainty and increases performance efficiency. In today's healthcare scenario with advanced equipment and integration of cameras, sensors, and computer technologies, highly efficient error detection is achieved and, in many cases, automatic correction.
Over the last decade, healthcare expenditure has been rising up dramatically for better patient healthcare service. The fundamental purpose behind growing expenditure is to provide appropriate, affordable, and high-quality automated pharmacy and hospital services.
RESTRAINT/CHALLENGE
- Reluctance Among Healthcare Organizations to Adopt Automation Systems
Many healthcare professionals and even patients often do not feel comfortable adopting pharmacy automation systems even after knowing about their benefits. They remain hesitant to embrace or accept any IT-based management strategy.
Thus, the reluctance among healthcare organizations to implement pharmacy automation systems acts as a restraint to market growth.
Recent Developments
- In December 2022, Microsoft announced HoloLens 2 bringing new immersive collaboration tools to industry metaversion customers. HoloLens 2 enables the team to work safely and improve patient care, reducing time to care. With HoloLens 2, healthcare professionals can connect with remote specialists, retrieve patient data and go beyond X-rays to view MRI images in 3D at the point of care. This new tool has helped the company to increase the demand for its services.
- In November 2022, Qualcomm Technologies, Inc. announced the Qualcomm Innovators Development Kit, which enables developers to work with various Qualcomm Technologies software solutions to minimize time to market and increase customization. This Qualcomm Innovators development kit is initially available to select universities and research institutes for on-device machine learning applications and will expand in the future to other developer segments such as security, multimedia, embedded computing, and more.
Global Smart Hospital Market Scope
The global smart hospital market is categorized into five notable segments based on component, connectivity, technology, application, and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
COMPONENT
- HARDWARE
- SYSTEMS AND SOFTWARE
- SERVICES
Based on component, the market is segmented into hardware, systems and software, and services.
CONNECTIVITY
- WIRED
- WIRELESS
Based on connectivity, the market is segmented into wired and wireless.
TECHNOLOGY
- ARTIFICIAL INTELLIGENCE
- INTERNET OF THINGS
- BIG DATA
- AUGMENTED REALITY (AR)
- CLOUD COMPUTING
- OTHERS
Based on technology, the market is segmented into artificial intelligence, internet of things, augmented reality, big data, cloud computing, and others.
APPLICATION
- REMOTE MEDICINE MANAGEMENT
- MEDICAL CONNECTED IMAGING
- MEDICAL ASSISTANCE
- OUTPATIENT VIGILANCE
- ELECTRONIC HEALTH RECORD & CLINICAL WORKFLOW
- PHARMACY AUTOMATION
- ROBOT-ASSISTED SURGERY
- VIRTUAL NURSING ASSISTANT
- WORKFLOW ASSISTANCE
- ADMINISTRATIVE WORKFLOW ASSISTANCE
- FRAUD DETECTION
- IMAGE ANALYSIS
- CYBERSECURITY
- DOSAGE ERROR REDUCTION
- CLINICAL TRIAL PARTICIPANT IDENTIFIER
- PRELIMINARY DIAGNOSIS
- CONNECTED MACHINES
- NON-INVASIVE DIAGNOSIS
- PRECISION MEDICINE
- RESEARCH
- OTHERS
Based on application, the market is segmented into remote medicine management, medical connected imaging, medical assistance, outpatient vigilance, electronic health record & clinical workflow, pharmacy automation, robot-assisted surgery, virtual nursing assistant, workflow assistance, administrative workflow assistance, fraud detection, image analysis, cybersecurity, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, connected machines, non-invasive diagnosis, precision medicine, research, and others.
DISTRIBUTION CHANNEL
- DIRECT TENDER
- RETAIL SALES
- THIRD PARTY DISTRIBUTOR
Based on distribution channel, the market is segmented into direct tender, retail sales, and third party distributor.
Global Smart Hospital Market Regional Analysis/Insights
The global smart hospital market is categorized into five notable segments based on component, connectivity, technology, application, and distribution channel.
The countries covered in this market report are the U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, rest of Europe, China, Japan, India, South Korea, Singapore, Thailand, Malaysia, Australia, Philippines, Indonesia, rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
North America is dominating the market due to the presence of key market players in the largest consumer market with high GDP. The U.S. dominates the North America region due to the rise in technological advancement. in the market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major 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, and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Smart Hospital Market Share Analysis
The global smart hospital market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product approvals, product width and breadth, application dominance, and product type lifeline curve. The above data points provided are only related to the company’s focus on the market.
Some of the major players operating in the market are F. Hoffman-La Roche Ltd, Qualcomm Technologies, Inc., General Electric Company, Koninklijke Philips N.V., McKesson Corporation, Siemens, Intel Corporation, Microsoft, Honeywell International, Medtronic, DXC Technology Company, SAMSUNG ELECTRONICS AMERICA, Oracle, Apple, Inc., CitiusTech Inc, Allscripts Healthcare, LLC, AirStrip Technologies, Inc., AVISA Smart Hospital, Itransition, TERSO SOLUTIONS, INC., Cloudphysician Healthcare Pvt. Ltd., physiQ, ThoughtWire, AdhereTech, Diabetizer GmbH, Itrex Group, and Qdocs among others.
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