Smart Hospitals Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Component (Hardware, Software and Services), By Application (Electronic Health Record (HER), Remote Medicine Engagement, Clinical Workflow, Medical Assistance, Others), By Connectivity (Wired, Wireless), By Technology (Artifical Intelligence, Internet of Things, Cloud Computing, Big Data, Others), And By Geography - Forecasts From 2023 To 2028

A smart hospital refers to a healthcare facility that uses advanced technology such as electronic health records, telemedicine, and medical devices to improve patient care, streamline operations, and reduce costs. The global smart hospital market is expected to grow due to the increasing adoption of technology in healthcare, rising demand for better healthcare services, and increasing investments in the healthcare sector. Moreover, some hospitals have developed "smart" software that can track patients' locations throughout the hospital and send alerts to staff in case of an emergency. This software can also help hospital staff efficiently schedule and manage appointments. In addition, some hospitals have incorporated "smart" technology into their medical equipment, such as MRIs and CT scans, to improve patient care. By using smart technology, hospitals can reduce the amount of time needed to process medical records and provide better care to patients. One of the first smart hospitals to be implemented was Northwell Health in Oyster Bay, New York. Northwell Health is a 1,000-bed hospital that began using sensors in the E.R. and the patient rooms.

Market Drivers

Growing adoption of EHRs

The increasing adoption of Electronic Health Records (EHRs) has led to more efficient and organized patient data management, improved patient outcomes, and reduced medical errors. It streamlines the process of capturing, storing, and sharing patient information, reducing manual errors, and increasing operational efficiency. It helps healthcare providers meet regulatory requirements for patient privacy and data security, improving the quality of care and reducing the risk of penalties. In Europe, many countries have implemented EHR systems at the national level, with the aim of creating a unified, cross-border healthcare system. For instance, the UK's National Health Service (NHS) has a national EHR system that is used by healthcare providers across the country.

Favorable government initiatives

As the population ages and chronic diseases become more prevalent, there will continue to be a growing demand for high-quality healthcare services that can improve patient outcomes and reduce costs. Government initiatives to promote the adoption of technology in healthcare and improve patient care are driving the growth of the smart hospital market. These initiatives include investment in technology, implementation of regulations and policies that encourage the adoption of smart solutions, and support for research and development of new technologies in healthcare.

The healthcare sector is attracting significant investments from private and public organizations, which is fueling the growth of the smart hospital market.

As of 2020, the China-based company Hillhouse Capital Group invested US$200 million in the US-based telemedicine platform Teladoc Health. The development of new technologies such as telemedicine, wearable medical devices, and robotics are driving the growth of the smart hospital market. High-tech hospitals are constantly looking for partnerships with other businesses to boost their efficiency and bring new and innovative treatments to their patients. One example of a partnership between a high-tech hospital and a business is the partnership between Cedars-Sinai and Google. This partnership allows Cedars-Sinai patients to use Google Maps to find their way around the hospital and access health information through Google search.

Key Developments

• In January 2022, Francisco Partners a leading global investment firm that specializes in partnering with technology businesses announced the acquisition of IBM, Watson Health’s business healthcare data and analytics assets which include diverse data sets and products, Micromedex, and imaging software offerings.
• In August 2021, GE Healthcare a global medical technology company headquartered in Chicago, Illinois, collaborated with Amazon Web Services (AWS) to deliver cloud-based imaging solutions and Artificial Intelligence (AI) to healthcare organizations to provide better clinical and operational "insights".
• In 2021, the Dubai government announced a US$500 million investment in the development of a new smart hospital, which will be equipped with the latest technology and AI systems.

Furthermore, key players in the market include Siemens Healthineers, Cisco Systems, Honeywell International, and Philips. The technology necessary for smart hospitals to operate is offered by these key players. For instance, Cisco offers solutions for improving collaboration and communication among healthcare providers, such as video conferencing and telemedicine solutions, to enhance patient care. Similarly, Honeywell offers solutions for improving communication and collaboration among healthcare providers, such as nurse call systems and intercoms, to enhance patient care.

North America to hold a notable share in the smart hospital market

North America has high levels of healthcare spending, which has driven the demand for more efficient and effective healthcare solutions. This, in turn, has spurred investment in the regional smart hospital market. It has a large pool of highly trained and experienced healthcare professionals, which has enabled the region to develop and implement smart hospital solutions more effectively. Governments in North America have demonstrated strong support for the adoption of digital health solutions, which has provided a favorable environment for market growth. In North America, UPMC is a leading healthcare provider in the region and has made significant investments in the development of a smart hospital system. UPMC has implemented advanced medical imaging equipment, such as MRI and CT scanners, to improve the accuracy and efficiency of diagnoses. The hospital has also deployed robots to assist with tasks such as delivering medications and transporting specimens, reducing the workload on staff and improving patient safety.

Asia Pacific region holds potential in the smart hospitals market and is expected to grow in the forecast period as APAC countries are experiencing significant growth in their healthcare industries, driven by increasing healthcare spending and the growing demand for high-quality healthcare services. In addition, the prevalence of infectious diseases, and genetic disorders will force the market to grow. For instance, in 2021, the South Korean technology company Samsung announced an investment of US$1 billion in a new digital health initiative, which includes the development of smart hospitals.

Smart Hospitals Market Scope:

 

Report Metric	Details
Growth Rate	CAGR during the forecast period
Base Year	2021
Forecast Period	2023–2028
Forecast Unit (Value)	USD Billion
Segments Covered	Component, Application, Connectivity, Technology, And Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	Koninklijke Philips N.V., GE Healthcare, Medtronic plc, Honeywell Life Care Solutions, Stanley Healthcare, McKesson Corporation, Olympus Corporation, Pepperl+Fuchs, Samsung Electronics Corporation, Siemens Medical Solutions
Customization Scope	Free report customization with purchase

 

Market Segments :

• By Component
  • Hardware
  • Software and Services
• By Application
  • Electronic Health Record (HER)
  • Remote Medicine Engagement
  • Clinical Workflow
  • Medical Assistance
  • Others
• By Connectivity
  • Wired
  • Wireless
• By Technology
  • Artifical Intelligence
  • Internet of Things
  • Cloud Computing
  • Big Data
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Other
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

 

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

 

5. SMART HOSPITAL MARKET, BY COMPONENT

5.1. Introduction

5.2. Hardware

5.3. Software and Services

 

6. SMART HOSPITAL MARKET, BY APPLICATION

6.1. Introduction

6.2. Electronic Health Record (HER)

6.3. Remote Medicine Engagement

6.4. Clinical Workflow

6.5. Medical Assistance

6.6. Others

 

7. SMART HOSPITAL MARKET, BY CONNECTIVITY

7.1. Introduction

7.2. Wired 

7.3. Wireless

 

8. SMART HOSPITAL MARKET, BY TECHNOLOGY

8.1. Introduction

8.2. Artifical Intelligence

8.3. Internet of Things

8.4. Cloud Computing

8.5. Big Data 

8.6. Others

 

9. SMART HOSPITAL MARKET, BY GEOGRAPHY

9.1. Introduction 

9.2. North America

9.2.1. USA

9.2.2. Canada

9.2.3. Mexico

9.3. South America

9.3.1. Brazil

9.3.2. Argentina

9.3.3. Others

9.4. Europe

9.4.1. Germany

9.4.2. France

9.4.3. United Kingdom

9.4.4. Spain

9.4.5. Others

9.5. Middle East And Africa

9.5.1. Saudi Arabia

9.5.2. UAE

9.5.3. Others

9.6. Asia Pacific

9.6.1. China

9.6.2. Japan

9.6.3. India

9.6.4. South Korea

9.6.5. Indonesia

9.6.6. Taiwan

9.6.7. Others

 

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Emerging Players and Market Lucrativeness

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Vendor Competitiveness Matrix

 

11. COMPANY PROFILES

11.1. Koninklijke Philips N.V.

11.2. GE Healthcare 

11.3. Medtronic plc

11.4. Honeywell Life Care Solutions 

11.5. Stanley Healthcare

11.6. McKesson Corporation

11.7. Olympus Corporation

11.8. Pepperl+Fuchs

11.9. Samsung Electronics Corporation

11.10. Siemens Medical Solutions

Koninklijke Philips N.V.

GE Healthcare

Medtronic plc

Honeywell Life Care Solutions

Stanley Healthcare

McKesson Corporation

Olympus Corporation

Pepperl+Fuchs

Samsung Electronics Corporation

Siemens Medical Solutions