Smart Hospital Market

Smart Hospital is a hospital that depends on automated and optimised process based on an ICT environment of interconnected devices and assets, explicitly based on Internet of things (IoT), to enhance existing patient care solution and launch new capabilities. The global Smart Hospital market was valued at USD 22.2 billion in 2018, and is projected to reach USD 83.1 billion by 2026, growing at a CAGR of 18.0% during 2019-2026.

Growing adoption of the Internet of Things to transform the healthcare industry and ongoing technological innovations in healthcare are the major factors fuelling the smart hospital market. In addition, emerging need for cost-efficient solutions and the development in healthcare infrastructure will augment the market growth. Increasing investment in healthcare sector, accelerating penetration of automated medical processes and rising urbanization are some other factors projected to boost the smart hospital market size.

Moreover, the incorporation of smart hospitals with advanced technologies such as cloud computing, artificial intelligence, and radiology information systems is anticipated to offer lucrative opportunities to the market. For example, in 2018, GE Healthcare designed an application, Edison which is an AI platform to help hospitals in analysing data from technology such as clinical apps on devices and incorporating diverse data sets from healthcare networks and life sciences companies. However, the high investment required for the development of smart hospital and lack of trained professionals will impede the market growth.

Based on Application type, Outpatient Vigilance is anticipated to lead the market during 2019-2026
Outpatient Vigilance segment is expected to hold maximum share in the market during the forecast period due to technological advancement in the field of healthcare services. However, the highest growth rate is predicted to be exhibited by medical assistance segment during the forecast period owing to surging adoption of advanced services among healthcare professionals and patients due to their high accuracy and technological advancement. Additionally, wide availability of technically advanced equipment, products and services and treatment and rising demand for accurate and smart diagnosis is likely to push the growth of global Smart Hospital market in the forecast years.

Based on Connectivity, Wireless connectivity segment is anticipated to lead the market during 2019-2026
Wireless connectivity segment is expected to hold maximum share in the market during the forecast period due to technological advanced services with the help of Wi-Fi, Bluetooth, RFID etc and avoids creating a bundle of wires, technological error percentage reduces. Wired segment is predicted to exhibit a moderate growth rate during the forecast period owing to high connectivity ratio.

Based on component type, software and services segment dominates the market, and is projected to grow at a significant rate during 2019-2026
Software and services segment is expected to hold maximum share in the market during the forecast period due to software advancement in the field of healthcare services. However, the highest growth rate is predicted to be exhibited by hardware segment during the forecast period owing to surging adoption of advanced hardware products like Hybrid Operating Room.

The companies are focusing on advanced healthcare services and carrying out innovation in hardware launches to maintain their leadership in global Smart Hospital market.

North America held the largest market share in global Smart Hospital market in 2018 owing to the well-established and aware healthcare services and infrastructure and rise in adoption of artificial intelligence software and devices in across various hospitals settings. Rest of the World is predicted grow at a moderate rate in the next few years.

Various notable players operating in global Smart Hospital market include Siemens AG, Microsoft Corporation, SAP SE, SAMSUNG Group, Qualcomm Life, Inc, Stanley Healthcare, Intel Corporation, Medtronic, Philips N.V, Cerner Corporation among others.

Additional Key Development:

• • In 2022, Microsoft introduced developments in cloud technologies for healthcare and life sciences with the availability of Azure Health Data Services and updates to Microsoft Cloud for Healthcare. Azure Health Data Services is developed for protected health information (PHI) and incorporation of different data sets like clinical, imaging and streaming data from medical devices.
  • In 2021, Medtronic entered into a strategic partnership with Stasis to improve the access to patient monitoring in India and improve the access to an advanced Stasis Monitor, a connected care bedside multi parameter monitoring system. The incorporation of the Stasis Monitor to the portfolio of Medtronic, helped the organization in improving patient’s post procedure experience.
  • In 2020, KT and Samsung Medical Center collaborated to develop 5G Smart Hospital. The organizations have jointly developed an innovative, 5G-driven medical service as the first step to develop a 5G smart hospital. The partnership is intended to improve the operational efficiency of hospital.
  • 2019, SAP and Cerner Enable decided to develop a next-generation cloud-based EHR and patient management solution. The joint solution intends to address crucial pain points of healthcare vendors by incorporating innovative technology to support and deliver first-class medical care and help ensure better patient outcomes.

The Global Smart Hospital Market has been segmented on the basis of application, connectivity, component type and key geographies. Based on application type, the market comprises of Remote Medicine Management, Electronic Health Record & Clinical Workflow, Outpatient Vigilance, Medical Connected Imaging, Medical Assistance. The Connectivity includes Wired and Wireless. The component type includes Hardware and Software & Services.

Key questions answered in this research report:
• At what pace is the Smart Hospital market growing worldwide?
• What will be the growth trend in future? What are the key drivers and restraints in the current market?
• What will be the impact of drivers and restraints in the coming years? What is the regional revenue and forecast breakdowns?
• Which are the major regional revenue pockets for growth in global Smart Hospital market?
• What are the various application areas and how they are poised to grow?

This report is segmented based on application types, connectivity type, component and region.

Market Segmentation

Global Smart Hospital Market by Application Type

• •  Remote Medicine Management
  •  Electronic Health Record & Clinical Workflow
  •  Outpatient Vigilance
  •  Medical Connected Imaging
  • Medical Assistance

Global Smart Hospital Market by Connectivity Type

• •  Wired
  • Wireless

Global Smart Hospital Market by Component Type

• • Hardware
  • Software & Services

Global Smart Hospital Market by Region

• North America Silicone Gel Market (Option 1: As a part of the free 25% customization)
  • By Application type
  • By Connectivity Type
  • By Component Type
  • US Market All-Up
  • Canada Market All-Up
• Europe Silicone Gel Market (Option 2: As a part of the free 25% customization)
  • By Application type
  • By Connectivity Type
  • By Component Type
  • UK Market All-Up
  • Germany Market All-Up
  • France Market All-Up
  • Spain Market All-Up
  • Rest of Europe Market All-Up
• Asia-Pacific Silicone Gel Market (Option 3: As a part of the free 25% customization)
  • By Application type
  • By Connectivity Type
  • By Component Type
  • China Market All-Up
  • India Market All-Up
  • Japan Market All-Up
  • Rest of APAC Market All-Up
• RoW Silicone Gel Market (Option 4: As a part of the free 25% customization)
  • By Application type
  • By Connectivity Type
  • By Component Type
  • Brazil Market All-Up
  • South Africa Market All-Up
  • Saudi Arabia Market All-Up
  • UAE Market All-Up
  • Rest of world (remaining countries of the LAMEA region) Market All-Up