The Global Smart Hospitals Market is estimated to be valued at US$ 41 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The smart hospitals market comprises hospitals that are implementing advanced technologies like artificial intelligence, cloud computing, and Internet of Things (IoT) to deliver enhanced patient care services. These smart hospitals offer improved patient engagement and management, increased workflow efficiency, and better health outcomes to attract more patients.
Market key trends:
One of the key trends driving the growth of the smart hospitals market is the increasing adoption of healthcare artificial intelligence. Artificial intelligence is helping hospitals to improve operations, enhance clinical outcomes, manage healthcare costs, and deliver personalized care to patients. For instance, AI is being utilized for disease identification, treatment recommendations, predictive healthcare, and drug discovery. AI-powered hospital management systems are automating routine tasks of care providers to boost efficiency.
Global smart hospitals market is segmented based on component, artificial intelligence, connectivity, and application. The smart hospitals solution segment accounted for the largest market share in 2023. This is attributed to the increasing adoption of smart hospital solutions such as remote patient monitoring, medical assistance, and electronic health record among others across the globe to improve patient care and medical staff efficiency.
The Global Smart Hospitals Market Sizeis expected to witness high growth, exhibiting 20% CAGR over the forecast period, due to increasing focus on patient-centric healthcare delivery and cost optimization.
North America dominated the smart hospitals market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to high healthcare expenditure, presence of advanced healthcare infrastructure, and increasing investments by hospitals to incorporate smart hospital solutions in the region. Asia Pacific is expected to witness the fastest growth over the forecast period, owing to growing medical tourism, increasing healthcare expenditure, and expanding healthcare infrastructure in emerging countries such as China and India.
Key players operating in the smart hospitals market are Medtronic Plc, Koninklijke PhilipsN.V., GE Healthcare, Stanley Healthcare, Siemens Healthineers AG, Athenahealth, Allscripts Healthcare Solutions, Inc., Microsoft Corporation, SAP SE, Samsung Healthcare, Honeywell International Inc., Qualcomm Technologies, Inc., Itrex Group, CitiusTech Inc., and TERSO SOLUTIONS, INC. Medtronic Plc and Koninklijke Philips N.V. are the most dominant players in the market due to their extensive product portfolio of smart hospital offerings.