Smart Hospitals Market Global Size, Share, Future Challenges, Revenue, Demand, Industry Growth and Top Players Analysis to 2022-2030

Humanoid Robots to Offset Losses During COVID-19 Pandemic

The high prevalence of active COVID-19 (coronavirus) cases in the U.S., India, Brazil, and Russia has triggered innovations in humanoid robots. Stakeholders in the smart hospitals market are taking cues from Beijing-based robotics company CloudMinds, which is providing humanoid robots in hospitals to free up human medical staff and limit the possibility of virus spread. Even though the idea of humanoid robots felt like a distant possibility, the coronavirus pandemic made it a reality since these robots are capable of cleaning & disinfection activities, measuring a patient’s temperature and deliver medicines.

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Companies in the smart hospitals market are increasing their R&D to innovate in humanoid robots, as these machines hold promising potentials to offset the losses made in 2020. Healthcare facilities looking to eliminate costs associated with human staff are showing interest in humanoid robots.

Smart Hospitals and Hospital 4.0: Digital Future of Global Healthcare

Technological enablement, automation, and digitization are impacting the smart hospitals market in a profound ways. Hospitals are transitioning from mere implementation of new technologies to adopting comprehensive strategies to scale business opportunities. As such, the concept of smart infrastructure is growing popular in the smart hospitals market. This involves the proliferation of artificial intelligence (AI), Big Data, and the IoT (Internet of Things) to create more integrated and efficient hospital spaces that suit the needs of clinicians and other occupants.

Smart hospitals are improving care delivery on the global level. Connected technologies are making it possible for patients to consult doctors from any part of the world. This has led to the business model of telemedicine, which is predicted to grow exponentially.

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Lack of Management Buy-in Creates Resistance against Smart Hospital Initiatives

The smart hospitals market is expected to advance at an astonishing CAGR of ~23% during the assessment period. However, hospitals face several hurdles in accomplishing their smart hospital initiatives. For instance, lack of management buy-in can be demotivating for stakeholders. A bureaucratized and hierarchical management may show resistance in being adaptive and agile toward smart hospital initiatives, such as setting up connected medical imaging facilities or establishing the IoT in remote medical management.

In order to overcome these challenges, consultancy companies in the smart hospitals market should help stakeholders to execute their initiatives in a comprehensive way by increasing emphasis on real business use cases.

Digital Healthcare Translates into Business Opportunities for Stakeholders

The smart hospitals market is expected to reach US$ 221.3 Bn by the end of 2030. This is evident since health professionals are increasing their usage of electronic health records and connected medical assistance. Such digital technologies are increasing the availability of safe, effective, and patient-centric care services in hospitals. Clinical and administrative services are becoming more personalized and precise.

Electronic health records and clinical workflow applications are anticipated to hold the lion’s share in terms of revenue of the smart hospitals market. This explains why Big Data is improving service planning and clinical decision making in hospitals. As such, machine learning (ML) is emerging as a solution to manage huge volumes of healthcare data.

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ML, AI, and IoT Improve Patient Care and Maximize Medical Outcomes

The healthcare industry’s next technological revolution holds lucrative opportunities in the exploitation of an unprecedented amount of data combined with cloud computing services. Companies in the smart hospitals market are increasing their focus in ML, AI, and IoT, which offer expert insights about the future of digital healthcare. As such, data analytics and AI are expected to improve medical outcomes.

Innovative healthcare leaders in the smart hospitals market are taking giant strides in the field of automotive technologies to allow healthcare professionals focus on their core work. Automated and streamlined admission processes are saving on precious hours of waiting time.

Analysts’ Viewpoint

The European Commission has launched an €8 Mn project that aims to commercialize the IoT to enhance and increase remote care services in hospitals during the ongoing COVID-19 era. Digital technologies pertaining to AI, ML, and Big Data are being used or asset tracking and patient flow management. However, stakeholders in hospitals face issues of improper design and implementation of smart hospital initiatives. Hence, companies in the smart hospitals market should consult stakeholders about selecting the right use cases that meet business needs. They should make the right technology choices and define a phase-wise implementation plan to regularly measure its effectiveness.

Smart Hospitals Market: Overview

The global smart hospitals market was valued at US$ 22.43 Bn in 2019. It is projected to expand at a higher CAGR from 2020 to 2030. Technological advancements, including digitization, Internet of things, artificial intelligence, rise in incidence of coronavirus leading to a surge in the demand for smart hospitals are key factors that are anticipated to drive the global market during the forecast period.

Presence of key players offering innovative and digitized services is likely to propel the global smart hospitals market. Rise in prevalence of diseases across the globe and adoption of artificial intelligence, electronic health records, Internet of Things, and other technically advanced solutions boost the development of well-equipped smart hospitals across the world.

Smart hospitals are digital, technical advanced hospitals that optimize, redesign, or build clinical processes with advanced digital infrastructure facilities. The framework of smart hospitals consists of three essential layers: data, insight, and access. Smart hospitals are digitally connected hospitals that provide operational efficiency, valuable services, and quality of care to patients. Smart hospitals play an important role in providing services, which would distant the infected and non-infected patients in order to curb the spread of infection and technological advancements and support the recovery process of patients

Smart hospitals cater to the needs of patients by adhering to social distancing protocols and delivering healthcare services remotely. This is expected to be carried out through telemedicine and diagnosis & treatment of the disease or any condition through technically sound medical devices.

Adoption of artificial intelligence, robotic technology, and innovative versatile networking infrastructure drive the demand for the 5G mobile technology to offer healthcare services in a contactless process

Smart Hospitals Market: Segmentation

The global smart hospitals market has been segmented based on component, service offered, connectivity, application, and region

In terms of component, the global smart hospitals market has been categorized into hardware, systems & software, and services. The systems & software smart hospitals segment accounted for a prominent share of the market in 2019, owing to technological advancements, inclusive Internet of Things (IoT), electronic health records (EHR), artificial intelligence, and robotic technology for the development of smart hospitals.

Based on service offered, the global smart hospitals market has been classified into general, super specialty, and others. The general segment dominated the global smart hospitals market in 2019, as general hospitals have a strong presence across the globe. Moreover, introduction of technically advanced solutions in general hospitals is estimated to offer patients access to various services and solutions.

Based on application, the global smart hospitals market has been split into electronic health records & clinical workflow, medical assistance, medical connected imaging, remote medical management, and others. The electronic health records & clinical workflow segment accounted for a major share of the market in 2019, as it provides access to patient records and enables secured sharing of electronic information among patients and clinics.

In terms of connectivity, the smart hospitals market has been classified into wired and wireless. The wireless segment accounted for a prominent share of the market in 2019, attributable to the development of smart hospitals using wireless network, such as IoT, wireless devices, or sensors.

Smart Hospitals Market: Regional Segmentation

In terms of region, the global smart hospitals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

North America dominated the global smart hospitals market in 2019. This can be ascribed to growing burden of patients suffering from various diseases, outbreak of infectious diseases, the sudden pandemic of COVID-19, technological advancements, rise in healthcare expenditure, and surge in investments in the development of innovative smart hospitals.

The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period. Increase in prevalence of infectious diseases, cancers, genetic disorders, and other conditions are anticipated to drive the smart hospitals market in Asia Pacific during the forecast period. Rise in medical tourism, adoption of e-health and various innovative technologies, and increase in investments are key factors expected to propel the smart hospitals market in Asia Pacific.

Smart Hospitals Market: Major Players

Key players operating in the global smart hospitals market include

  • GE Healthcare (General Electric Company)
  • Koninklijke Philips N.V.
  • Medtronic
  • Cerner Corporation
  • Honeywell International, Inc.
  • STANLEY Healthcare
  • Capsule Technologies, Inc.
  • McKesson Corporation
  • Microsoft
  • SAP SE

These players focus on adopting various strategies to expand product offerings and to strengthen geographic presence across the globe. Technological advancements, mergers & acquisitions, expansion of product portfolio, and adoption of digitization & electronic health records are likely to boost companies’ presence across the globe. Moreover, increase in disease prevalence across globe is likely to prompt companies to initiate awareness campaigns regarding adoption of technologies to develop smart hospitals, which, in turn, is estimated to augment the global smart hospitals market.

Key Questions Answered in Smart Hospitals Market Report

  • What is the sales/revenue generated by the global smart hospitals market across all the regions during the forecast period?
  • What are the key trends in the global smart hospitals market?
  • What are the major drivers, restraints, and opportunities in the global market?
  • Which region is set to expand at the fastest CAGR during the forecast period?
  • Which segment will have the highest revenue globally in 2030 and which component, service offered, connectivity, and application will expand at the fastest CAGR during the forecast period?

Smart Hospitals Market – Segmentation

Component

  • Hardware
  • Systems & Software
  • Services

Service Offered

  • General
  • Super Specialty
  • Others

Connectivity

  • Wired
  • Wireless

Application

  • Electronic Health Records & Clinical Workflow
  • Medical Assistance
  • Medical Connected Imaging
  • Remote Medical Management
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

TABLE OF CONTENT

1. Preface

1.1. Market Definition and Scope

1.2. Market Segmentation

1.3. Key Research Objectives

1.4. Research Highlights

2. Assumptions and Research Methodology

3. Executive Summary: Global Smart Hospitals Market

4. Market Overview

4.1. Introduction

4.1.1. Market Definition

4.1.2. Industry Evolution / Developments

4.2. Overview

4.3. Market Dynamics

4.3.1. Drivers

4.3.2. Restraints

4.3.3. Opportunities

4.4. Global Smart Hospitals Market Analysis and Forecast, 2018–2030

4.4.1. Market Revenue Projections (US$ Mn)

5. Key Insights

5.1. Technological Advancements

5.2. Key Industry Events (Mergers, Acquisitions, Strategic Partnerships, etc.)

5.3. COVID-19 Pandemic Impact on Global Smart Hospitals Market

6. Global Smart Hospitals Market Analysis and Forecast, by  Component

6.1. Introduction & Definition

6.2. Key Findings / Developments

6.3. Global Smart Hospitals Market Value (US$ Bn) Forecast, by  Component, 2018–2030

6.3.1. Hardware

6.3.2. Systems & Software

6.3.3. Services

6.4. Global Smart Hospitals Market Attractiveness Analysis, by  Component

7. Global Smart Hospitals Market Analysis and Forecast, by Service Offered

7.1. Introduction & Definition

7.2. Key Findings / Developments

7.3. Global Smart Hospitals Market Value (US$ Bn) Forecast, by Service Offered, 2018–2030

7.3.1. General

7.3.2. Super Specialty

7.3.3. Others

7.4. Global Smart Hospitals Market Attractiveness Analysis, by Service Offered

8. Global Smart Hospitals Market Analysis and Forecast, by Connectivity

8.1. Introduction & Definition

8.2. Key Findings / Developments

8.3. Global Smart Hospitals Market Value (US$ Bn) Forecast, by Connectivity, 2018–2030

8.3.1. Wired

8.3.2. Wireless

8.4. Global Smart Hospitals Market Attractiveness Analysis, by Connectivity

9. Global Smart Hospitals Market Analysis and Forecast, by Application

9.1. Introduction & Definition

9.2. Key Findings / Developments

9.3. Global Smart Hospitals Market Value (US$ Bn) Forecast, by Application, 2018–2030

9.3.1. Electronic Health & Clinical Workflow

9.3.2. Medical Assistance

9.3.3. Medical Connected Imaging

9.3.4.  Remote Medical Management

9.3.5. Others

9.4. Global Smart Hospitals Market Attractiveness Analysis, by Application

10. Global Smart Hospitals Market Analysis and Forecast, by Region

10.1. Key Findings

10.2. Global Smart Hospitals Market Value (US$ Bn) Forecast, by Region

10.2.1. North America

10.2.2. Europe

10.2.3. Asia Pacific

10.2.4. Latin America

10.2.5. Middle East & Africa

10.3. Global Smart Hospitals Market Attractiveness Analysis, by Region

11. North America Smart Hospitals Market Analysis and Forecast

11.1.  Introduction

11.1.1.  Key Findings

11.2. North America Smart Hospitals Market Value (US$ Bn) Forecast, by Component, 2018–2030

11.2.1. Hardware

11.2.2. Systems & Softwares

11.2.3. Services

11.3. North America Smart Hospitals Market Value (US$ Bn) Forecast, by Service Offered, 2018–2030

11.3.1. General

11.3.2. Super Specialty

11.3.3. Others

11.4. North America Smart Hospitals Market Value (US$ Bn) Forecast, by Connectivity, 2018–2030

11.4.1. Wired

11.4.2. Wireless

11.5. North America Smart Hospitals Market Value (US$ Bn) Forecast, by Application, 2018–2030

11.5.1. Electronic Health & Clinical Workflow

11.5.2. Medical Assistance

11.5.3. Medical Connected Imaging

11.5.4.  Remote Medical Management

11.5.5. Others

11.6. North America Smart Hospitals Market Value (US$ Bn) Forecast, by Country, 2018–2030

11.6.1. U.S.

11.6.2. Canada

11.7. North America Smart Hospitals Market Attractiveness Analysis

11.7.1. By  Component

11.7.2. By Service Offered

11.7.3. By Connectivity

11.7.4. By Application

11.7.5. By Country

12. Europe Smart Hospitals Market Analysis and Forecast

12.1. Introduction

12.1.1.  Key Findings

12.2. Europe Smart Hospitals Market Value (US$ Bn) Forecast, by  Component, 2018–2030

12.2.1. Hardware

12.2.2. Systems & Softwares

12.2.3. Services

12.3. Europe Smart Hospitals Market Value (US$ Bn) Forecast, by Service Offered, 2018–2030

12.3.1.   General

12.3.2. Super Specialty

12.3.3. Others

12.4. Europe Smart Hospitals Market Value (US$ Bn) Forecast, by Connectivity, 2018–2030

12.4.1. Wired

12.4.2. Wireless

12.5. Europe Smart Hospitals Market Value (US$ Bn) Forecast, by Application, 2018–2030

12.5.1. Electronic Health & Clinical Workflow

12.5.2. Medical Assistance

12.5.3. Medical Connected Imaging

12.5.4.  Remote Medical Management

12.5.5. Others

12.6. Europe Smart Hospitals Market Value (US$ Bn) Forecast, by Country/Sub-region, 2018–2030

12.6.1. Germany

12.6.2. U.K.

12.6.3. France

12.6.4. Spain

12.6.5. Italy

12.6.6. Rest of Europe

12.7. Europe Smart Hospitals Market Attractiveness Analysis

12.7.1. By Component

12.7.2. By Service Offered

12.7.3. By Connectivity

12.7.4. By Application

12.7.5. By Country/Sub-region

13. Asia Pacific Smart Hospitals Market Analysis and Forecast

13.1. Introduction

13.1.1.  Key Findings

13.2. Asia Pacific  Smart Hospitals Market Value (US$ Bn) Forecast, by  Component, 2018–2030

13.2.1. Hardware

13.2.2. Systems & Softwares

13.2.3. Services

13.3. Asia Pacific  Smart Hospitals Market Value (US$ Bn) Forecast, by Service Offered, 2018–2030

13.3.1.  General

13.3.2. Super Specialty

13.3.3. Others

13.4. Asia Pacific  Smart Hospitals Market Value (US$ Bn) Forecast, by Connectivity, 2018–2030

13.4.1. Wired

13.4.2. Wireless

13.5. Asia Pacific  Smart Hospitals Market Value (US$ Bn) Forecast, by Application, 2018–2030

13.5.1. Electronic Health & Clinical Workflow

13.5.2. Medical Assistance

13.5.3. Medical Connected Imaging

13.5.4.  Remote Medical Management

13.5.5. Others

13.6. Asia Pacific Smart Hospitals Market Value (US$ Bn) Forecast, by Country/Sub-region, 2018–2030

13.6.1. China

13.6.2. Japan

13.6.3. India

13.6.4. Australia & New Zealand

13.6.5. Rest of Asia Pacific

13.7. Asia Pacific Smart Hospitals Market Attractiveness Analysis

13.7.1. By  Component

13.7.2. By Service Offered

13.7.3. By Connectivity

13.7.4. By Application

13.7.5. By Country/Sub-region

14. Latin America Smart Hospitals Market Analysis and Forecast

14.1. Introduction

14.1.1.  Key Findings

14.2. Latin America  Smart Hospitals Market Value (US$ Bn) Forecast, by  Component, 2018–2030

14.2.1. Hardware

14.2.2. Systems & Softwares

14.2.3. Services

14.3. Latin America  Smart Hospitals Market Value (US$ Bn) Forecast, by Service Offered, 2018–2030

14.3.1.   General

14.3.2.  Super Specialty

14.3.3. Others

14.4. Latin America  Smart Hospitals Market Value (US$ Bn) Forecast, by Connectivity, 2018–2030

14.4.1. Wired

14.4.2. Wireless

14.5. Latin America  Smart Hospitals Market Value (US$ Bn) Forecast, by Application, 2018–2030

14.5.1. Electronic Health & Clinical Workflow

14.5.2. Medical Assistance

14.5.3. Medical Connected Imaging

14.5.4.  Remote Medical Management

14.5.5. Others

14.6. Latin America Smart Hospitals Market Value (US$ Bn) Forecast, by Country/Sub-region, 2018–2030

14.6.1. Brazil

14.6.2. Mexico

14.6.3. Rest of Latin America

14.7. Latin America Smart Hospitals Market Attractiveness Analysis

14.7.1. By Component

14.7.2. By Service Offered

14.7.3. By Connectivity

14.7.4. By Application

14.7.5. By Country/Sub-region

15. Middle East & Africa Smart Hospitals Market Analysis and Forecast

15.1. Introduction

15.1.1.  Key Findings

15.2. Middle East & Africa  Smart Hospitals Market Value (US$ Bn) Forecast, by  Component, 2018–2030

15.2.1. Hardware

15.2.2. Systems & Softwares

15.2.3. Services

15.3. Middle East & Africa  Smart Hospitals Market Value (US$ Bn) Forecast, by Service Offered, 2018–2030

15.3.1.   General

15.3.2.  Super Specialty

15.3.3. Others

15.4. Middle East & Africa  Smart Hospitals Market Value (US$ Bn) Forecast, by Connectivity, 2018–2030

15.4.1. Wired

15.4.2. Wireless

15.5. Middle East & Africa  Smart Hospitals Market Value (US$ Bn) Forecast, by Application, 2018–2030

15.5.1. Electronic Health & Clinical Workflow

15.5.2. Medical Assistance

15.5.3. Medical Connected Imaging

15.5.4.  Remote Medical Management

15.5.5. Others

15.6. Middle East & Africa  Smart Hospitals Market Value (US$ Bn) Forecast, by Country/Sub-region, 2018–2030

15.6.1. GCC Countries

15.6.2. South Africa

15.6.3. Rest of Middle East & Africa

15.7. Middle East & Africa  Smart Hospitals Market Attractiveness Analysis

15.7.1. By Component

15.7.2. By Service Offered

15.7.3. By Connectivity

15.7.4. By Application

15.7.5. By Country/Sub-region

16. Competitive Landscape

16.1. Market Player – Competition Matrix (by tier and size of companies)

16.2.  Company Profiles

16.2.1. GE Healthcare (General Electric Company)

16.2.1.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.1.2. Financial Overview

16.2.1.3. Product Portfolio

16.2.1.4. Strategic Overview

16.2.1.5. SWOT Analysis

16.2.2. Koninklijke Philips N.V.

16.2.2.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.2.2. Financial Overview

16.2.2.3. Product Portfolio

16.2.2.4. Strategic Overview

16.2.2.5. SWOT Analysis

16.2.3. Medtronic

16.2.3.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.3.2. Financial Overview

16.2.3.3. Product Portfolio

16.2.3.4. Strategic Overview

16.2.3.5. SWOT Analysis

16.2.4. Cerner Corporation

16.2.4.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.4.2. Financial Overview

16.2.4.3. Product Portfolio

16.2.4.4. Strategic Overview

16.2.4.5. SWOT Analysis

16.2.5. Honeywell International, Inc.

16.2.5.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.5.2. Financial Overview

16.2.5.3. Product Portfolio

16.2.5.4. Strategic Overview

16.2.5.5. SWOT Analysis

16.2.6. STANLEY Healthcare

16.2.6.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.6.2. Product Portfolio

16.2.6.3. Strategic Overview

16.2.6.4. SWOT Analysis

16.2.7. Capsule Technologies, Inc.

16.2.7.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.7.2. Product Portfolio

16.2.7.3. Strategic Overview

16.2.7.4. SWOT Analysis

16.2.8. Mckesson Corporation

16.2.8.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.8.2. Financial Overview

16.2.8.3. Product Portfolio

16.2.8.4. Strategic Overview

16.2.8.5. SWOT Analysis

16.2.9. Microsoft

16.2.9.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.9.2. Product Portfolio

16.2.9.3. Strategic Overview

16.2.9.4. SWOT Analysis

16.2.10. SAP SE

16.2.10.1. Company Overview (HQ, Business Segments, Employee Strength)

16.2.10.2. Financial Overview

16.2.10.3. Product Portfolio

16.2.10.4. Strategic Overview

16.2.10.5. SWOT Analysis

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