Global Smart Hospital Market Overview
The key driver impacting the smart hospital market is the growing prevalence of chronic diseases with the growing development of IoT technologies in healthcare globally. for instance, according to National Center for Biotechnology Information (NCBI ), around one in three adults suffer from multiple chronic conditions (MCCs). By the WHO report, chronic disease comprises 60% of the global burden of disease by 2020. according to the National Center for the biotechnological institute, there is a significant impact of the internet of things on healthcare. There is around 40% of IoT-related technology will be healthcare than any other category, which makes up to a $117 billion markets. according to the world economic forum, the Internet of things will project a potential growth in coming years and it is estimated to reach at least 50 billion by 2020 from 15 billion smart devices in 2015. Moreover, the modernization of healthcare infrastructure is estimated to be a significant factor aiding market growth.
According to Value Market Research, the global smart hospital market size was valued at around USD xxx in 2020 and is estimated to grow at a CAGR of about 20% during the forecast period of 2021 to 2027.
The increasing penetration of connected devices and instruments in hospitals is estimated to augment smart hospital demand in the forecast period. for instance, according to, Kaa project organization, expenses on Healthcare IoT solutions are estimated to reach $1 trillion by 2025. It will likely set the stage for highly accessible, personalized, and on-time healthcare services for everyone. as per the health information technology institute in 2015, approximately 96% of all non-federal acute care hospitals have adopted certified health IT. It was also found that about 97% of medium hospitals and about 98% of large hospitals had certified health IT. In 2015 across U.S. 78% had adopted a certified electronic health record (EHR) and half of them (54%) adopted a 'Basic EHR'. however, a lack of competence in deploying IoT solutions in hospitals may hamper the global smart hospital market in the long run. the rising adoption of online advertising methods negatively impacts industry growth. The current industry trends, such as burgeoning demand for artificial intelligence and machine learning, and rising government investments in the healthcare sector are expected to provide market players with several market opportunities.
The smart hospital market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to augment their market share globally. For instance, in August 2019, LG Electronics Inc. introduced a new outdoor display product for the Indian OOH display market. The known players included in the report are Allengers Groups, Siemens Healthineers, Qualcomm Life, Cerner Corporation, Medtronic PLC, GE Healthcare, Koninklijke Philips N.V., Mckesson Corporation, Adhere Tech, Koninklijke Philips N.V., and Honeywell Life Care Solutions.
In this research report, the smart hospital market is segmented by smart hospital by type, applications, and regions.
Analysis by Type:
By type, the report is categorized as general services, specialty, and super-specialty. The super-specialty segment dominates the application segment with high market share in 2020. The growing adoption of IoT in super-specialty hospitals due to the growing need for patients’ safety, the medication quality from the families pertaining to medical treatments. Moreover, the growing need for healthcare medical services like critical care, intensive care, acute care, and long-term care, and accessibility of highly developed hospitals like multi-specialty and super-specialty hospitals is the crucial factor responsible for the high demand from specialty and super specialty smart hospital in the forecast period.
Analysis by Application:
By applications, the report is categorized as remote medicine management, outpatient vigilance, medical assistance, medical connected imaging, and electronic health record and clinic workflow. The Electronic Health Record and Clinic Workflow segment is dominating the application segment with over 30% share in 2020. It is due to the rapidly growing adoption of Electronic Health Records (EHR) across hospitals. Moreover, in smart hospitals, medical devices are connected to Electronic Health Records (EHR) systems that reduce the time to enter vital information of a patient from 7-10 minutes to 1 minute or less per patient.
Analysis by Region:
In the regional outlook of the global smart hospital market, the North America region dominates with a 35% market share in 2020. The integration of advanced technologies in the healthcare sector, availability of funds, rise in healthcare expenditure in the region is a critical factor driving regional growth. Moreover, the sound healthcare infrastructure and increasing number of hospitals and surgical centers contribute to the development of the smart hospital market across North America.
Market Segmentation covered in the Report:
- General Services
- Remote Medicine Management
- Outpatient Vigilance
- Medical Assistance
- Medical Connected Imaging
- Electronic Health Record and Clinic Workflow
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.