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.
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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