Healthcare

Smart Hospitals Market Trending Technologies with 17.2% of CAGR by 2030

The global smart hospitals market size is forecasted to reach from US$ 39.56 billion in 2021 to US$ 164.88 Billion by 2030 and is anticipated to grow at compounded annual growth rate (CAGR) of 17.2% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.

The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2021 to 2030. The smart hospitals market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).

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The global smart hospitals market is primarily driven by the rising adoption of the latest technologies such as artificial intelligence, machine learning, internet of things, and augmented reality in the global healthcare industry. The rising government and corporate investments to increase the operational efficiency of the hospitals by installing latest digital technologies in the hospitals is also expected to drive the growth of the global smart hospitals market during the forecast period.

Moreover, the rising popularity of telehealth applications among the population has resulted in its increased adoption among the healthcare professionals. The patients can receive the doctors’ consultations from the comfort of their home. Further, the use of AI and ML improves the patient care by supplying the important health related data of the patient to the healthcare professionals. Furthermore, the rising number of hospital admissions owing to various factors is creating a huge pressure on the hospitals and hence the installation of smart and efficient technologies in hospitals is the need of the moment that can provide fast and reliable treatment to the patients. All these factors are expected to drive the market growth in the forthcoming years.

Scope fo the Smart Hospitals Market Report

Report Highlights Details
Market Size In 2030 USD 164.88 Billion
Growth Rate CAGR of 17.2% From 2021 to 2030
Largest Market North America
Fastest Growing Market Europe
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered
  • Component
  • Product
  • Connectivity
  • Region

Competitive Landscape Analysis:

Some of the leading companies operating in the smart hospitals market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Major companies operating in this report are

  • Microsoft
  • Allscripts
  • Medtronic
  • Honeywell Life Care Solutions
  • GE Healthcare
  • SAP
  • Qualcomm Life
  • Cerner Corporation
  • Philips
  • Stanley Healthcare

Report Highlights

  • Based on the component, the services is estimated to be the most opportunistic segment, owing to the rising adoption of the third-party service providers for the efficient handling of various smart hardware and software devices. This is so because of the lack of proper knowledge among the healthcare professionals regarding the handling and management of the smart devices and software. Moreover, the third-party service provider helps in cost reduction, improve profitability, and enhance patient care services.
  • Based on the product, the telemedicine segment dominated the market in 2020. This is attributable to increased adoption of the telemedicine platforms among the consumers and the healthcare professionals especially during the COVID-19 pandemic. The worldwide lockdown and travelling restricts exponentially boosted the adoption of telemedicine platform across the globe. This trend is expected to continue during the forthcoming future and this segment will retain its dominating position.
  • Based on the connectivity, the wireless segment was the dominating segment and is expected to be the fastest-growing segment during the forecast period. The increased adoption of various wireless technologies such as AI, IoT, augmented reality, and cloud-based servers, which mostly depends on wireless communication, is a major driving force of this segment. The rising investments on the development of IT and telecommunications infrastructure is fueling the growth of this segment,

Market Dynamics

Driver

Adoption of various developmental strategies to drive the market growth

The various developmental strategies like collaborations, acquisition and new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players. For instance, in January 2020, KT Corporation and Samsung Medical Center collaborated to develop a 5G smart hospital.

Restraint

Lack of awareness regarding the smart products

There is a lack of awareness regarding various smart healthcare products such as telemedicine, electronic health records, and telehealth apps among the population, especially in the developing and underdeveloped market of Asia Pacific and Africa, which is a major restraint that can hinder the market growth in the forthcoming future.

Opportunities

Rising adoption of ML, AI, and IoT in the healthcare industry

The adoption of the latest technologies such as artificial intelligence, machine learning, and internet of things is rapidly growing across the healthcare units all over the globe. The potential of these technologies in offering efficient services is expected to provide lucrative growth opportunities during the forecast period.

Challenges

Hurdles faced by the hospitals in adopting smart technologies

The huge capital investments, lack of proper IT and telecommunication infrastructure, data breach, cybersecurity, and unawareness regarding the technological advancements in the underdeveloped markets are the major challenges faced by the market players.

Regional Snapshots

North America dominated the global smart hospitals market during the forecast period. The rising investments on the adoption of latest technologies in the healthcare sector coupled with the presence of strong and developed telecommunication infrastructure has driven the market growth in the region. Moreover, the increased consumer awareness regarding the benefits of smart hospitals and innovative treatments has boosted the demand for the services of the smart hospitals. Moreover, the increased penetration of telehealth and electronic health records in the region has resulted in the significant growth of the smart hospitals market in North America.

Europe is estimated to be the fastest-growing market during the forecast period. Europe is characterized by the higher demand for the latest technologies, increased adoption of digital technologies in the healthcare sector, and growing popularity of the telemedicine among the consumers. Moreover, the rising prevalence of various chronic disease among the population such as cancer, diabetes, and CVDs has significantly augmenting the growth of the smart hospitals market in Europe.

Market Segmentation

By Component

  • Software& systems
  • Hardware
  • Service

By Product

  • Smart Pills
  • Telemedicine
  • M Health
  • Electronic Health Record

By Connectivity

  • Wireless
  • Wired

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global smart hospitals market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for smart hospitals are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Smart Hospitals Market 

5.1. COVID-19 Landscape: Smart Hospitals Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Smart Hospitals Market, By Product

8.1. Smart Hospitals Market, by Product Type, 2021-2030

8.1.1. Smart Pills

8.1.1.1. Market Revenue and Forecast (2019-2030)

8.1.2. Telemedicine

8.1.2.1. Market Revenue and Forecast (2019-2030)

8.1.3. mHealth

8.1.3.1. Market Revenue and Forecast (2019-2030)

8.1.4. Electronic Health Record

8.1.4.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Smart Hospitals Market, By Component

9.1. Smart Hospitals Market, by Component, 2021-2030

9.1.1. Software& systems

9.1.1.1. Market Revenue and Forecast (2019-2030)

9.1.2. Hardware

9.1.2.1. Market Revenue and Forecast (2019-2030)

9.1.3. Service

9.1.3.1. Market Revenue and Forecast (2019-2030)

Chapter 10. Global Smart Hospitals Market, By Connectivity 

10.1. Smart Hospitals Market, by Connectivity, 2021-2030

10.1.1. Wireless

10.1.1.1. Market Revenue and Forecast (2019-2030)

10.1.2. Wired

10.1.2.1. Market Revenue and Forecast (2019-2030)

Chapter 11. Global Smart Hospitals Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Product (2019-2030)

11.1.2. Market Revenue and Forecast, by Component (2019-2030)

11.1.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.1.4.2. Market Revenue and Forecast, by Component (2019-2030)

11.1.4.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.1.5.2. Market Revenue and Forecast, by Component (2019-2030)

11.1.5.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Product (2019-2030)

11.2.2. Market Revenue and Forecast, by Component (2019-2030)

11.2.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.2.4.2. Market Revenue and Forecast, by Component (2019-2030)

11.2.4.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.2.5.2. Market Revenue and Forecast, by Component (2019-2030)

11.2.5.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Product (2019-2030)

11.2.6.2. Market Revenue and Forecast, by Component (2019-2030)

11.2.6.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Product (2019-2030)

11.2.7.2. Market Revenue and Forecast, by Component (2019-2030)

11.2.7.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Product (2019-2030)

11.3.2. Market Revenue and Forecast, by Component (2019-2030)

11.3.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.3.4.2. Market Revenue and Forecast, by Component (2019-2030)

11.3.4.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.3.5.2. Market Revenue and Forecast, by Component (2019-2030)

11.3.5.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Product (2019-2030)

11.3.6.2. Market Revenue and Forecast, by Component (2019-2030)

11.3.6.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Product (2019-2030)

11.3.7.2. Market Revenue and Forecast, by Component (2019-2030)

11.3.7.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.4.2. Market Revenue and Forecast, by Component (2019-2030)

11.4.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.4.4.2. Market Revenue and Forecast, by Component (2019-2030)

11.4.4.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.4.5.2. Market Revenue and Forecast, by Component (2019-2030)

11.4.5.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Product (2019-2030)

11.4.6.2. Market Revenue and Forecast, by Component (2019-2030)

11.4.6.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Product (2019-2030)

11.4.7.2. Market Revenue and Forecast, by Component (2019-2030)

11.4.7.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.5.2. Market Revenue and Forecast, by Component (2019-2030)

11.5.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.5.4.2. Market Revenue and Forecast, by Component (2019-2030)

11.5.4.3. Market Revenue and Forecast, by Connectivity (2019-2030)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.5.5.2. Market Revenue and Forecast, by Component (2019-2030)

11.5.5.3. Market Revenue and Forecast, by Connectivity (2019-2030)

Chapter 12. Company Profiles

12.1. Microsoft

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. Allscripts

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. Medtronic

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. Honeywell Life Care Solutions

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. GE Healthcare

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. SAP

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. Qualcomm Life

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. Cerner Corporation

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

12.9. Philips

12.9.1. Company Overview

12.9.2. Product Offerings

12.9.3. Financial Performance

12.9.4. Recent Initiatives

12.10. Stanley Healthcare

12.10.1. Company Overview

12.10.2. Product Offerings

12.10.3. Financial Performance

12.10.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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