Global Smart Hospital Market Size, By Application Type (Remote Medicine Management, Electronic Health Record & Clinical Workflow, Outpatient Vigilance, Medical Connected Imaging, Medical Assistance), By Connectivity (Wired and Wireless), By Component (Hardware and Software & Services), By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa), Trend Analysis, Market Competition Scenario & Outlook, 2016-2026
- Published Date: August 2020
- Report ID: BWC20141
- Available Format: PDF
- Page: 175
Global Smart Hospital Market Size - Industry Trends & Outlook Report 2026
Global Smart Hospital Market is estimated to be USD 25.8 billion in 2019 and is expected to reach USD 116.49 billion by 2026 at a CAGR of 24.03 % from 2020 to 2026. The growing realization about the benefits of smart hospital among the physicians and patients directly affects the growth of the market.
The initiatives for better healthcare infrastructure, rising need for cost-effective solutions, the introduction of internet of things (IoT) supported devices and technologies, increasing the number of cases of chronic diseases, and acceptance of connected devices and appliances are the critical factors that are expected to contribute to the development of the smart hospital market during the projection period of 2020-2027. Besides, the government is investing hugely in the healthcare sector, creating numerous new opportunities for the growth of the smart hospital market in the future. However, the rising cost of connected devices and lack of awareness regarding the Internet of Things-enabled solutions and products may restrain the growth of smart hospitals.
Global Smart Hospital Market: Market Outlook and Trends
Smart hospitals are meant to improve, redesign, or rebuild hospitals with clinical processes, infrastructure, and management systems using the digitized networking infrastructure. Application of these digital solutions helps make a hospital paperless with perfect alignment of clinical procedures & management systems. They deliver extensive services with better healthcare infrastructure and operational productivity.
The prospects for the smart hospital market are bright as remote medicine management, outpatient Vigilance, electronic health record, clinical workflow, connected medical imaging, and medical assistance markets provide valuable service and scope.
Increasing use of digitization in the Healthcare Industry
The rising adoption of E-Health and government initiatives to digitize healthcare is likely to push the demand for smart healthcare systems. Digitalization has transformed the healthcare industry. Mobile Health has been accepted widely over the past few years majorly due to the growing usage of smartphones and the internet. According to United Healthcare Consumer Sentiment Survey, approximately 37% of US citizens relied on the internet or mobile apps for their health and illness concerns.
Use of cloud computing in smart hospitals.
Smart hospitals offer thorough information over the patients' lifespan, which is stored securely in the cloud and is accessible to the doctors, pharmacy staff, and patients. They also use wearable smart devices extensively for up-to-date displays, treatment plans, journaling, and others besides getting timely alerts in case the patient is undergoing an asthmatic or cardiac situation. They also track and give information on treating symptoms, enabling efficient treatment for patients. The use of Cloud computing in hospitals makes all things possible and advantageous to all the stakeholders and is expected to grow the Smart Hospital Market during the projection period.
Technological advancement and Growing investment in the healthcare sector
Accelerating technological progressions in the healthcare sector and increasing the need for cost-effective solutions are crucial factors propelling the market growth during the forthcoming period. Also, the growing investments in the healthcare sector, particularly in developing countries, are additionally creating lucrative prospects in the market across the globe. Moreover, the increasing penetration of instruments and connected devices among hospitals and healthcare progressions is a significant development contributing to the growth of the smart hospital market.
Impact of COVID-19 in industry
The spread of pandemic has resulted in the overall slowdown of economic activities, including regular medical practices. The medical practitioners in different domains follow strict guidelines to curb further spread of the coronavirus. However, gradually, they are opening facilities to provide non-emergent and non-COVID-19 healthcare. Consequently, the concerned medical bodies in the respective nations are issuing guidelines about elective surgeries and routine care as well as sanitization methods.
All freight modes, including air, ocean ports, and land transport, are affected by the pandemic, and delays in shipping and production of Smart Health Devices may continue for some time depending on the particular supplier and the transport restrictions. However, social distancing norms and other restrictions due to coronavirus spread offer more opportunities for smart hospitals for remote consultations, followups, and symptom tracking.
Global Smart Hospital Market: Segmentation
Based on Application Type, the Global Smart Hospital Market is divided into Remote Medicine Management, Electronic Health Record & Clinical Workflow, Outpatient Vigilance, Medical Connected Imaging, Medical Assistance. Outpatient Vigilance is anticipated to lead the market during 2019-2026 due to technological progression in the vigilance services. However, the highest growth rate is expected to be exhibited by the Medical Assitance segment during the forecast period due to the surging adoption of advanced services among healthcare professionals and patients due to their high precision and technological advancement. Additionally, the ample availability of technically progressive equipment, products and services, and cure and rising demand for precise and smart diagnoses are likely to push the growth of the global Smart Hospital market in the forecast years.
Based on Connectivity, the market is segmented into Wired and Wireless. The wireless connectivity segment is anticipated to lead the market during 2019-2026 due to advanced technological services of RFID, Wi-Fi, Bluetooth, etc. It evades creating a bundle of wires and reduces the technological error percentage. The wired segment is anticipated to exhibit a modest growth rate during the projection period due to the high connectivity ratio.
Based on component type, the market is broken into Hardware and Software. The software and services segment dominates the market and is projected to grow at a significant rate during 2019-2026 due to the advancements in software related to the field of healthcare services. Hardware Segment is also expected to register a substantial growth rate owing to the rushing adoption of advanced hardware products such as the Hybrid Operating Room during the forthcoming period.
Global Smart Hospital Market: Regional Insights
North America dominates the Global Smart Hospital Market and, is expected to register significant growth due to the robust and advanced healthcare infrastructure and the growing adoption of artificial intelligence-enabled products during the projection period. At the same time, Asia-Pacific is expected to exhibit the highest growth rate because of an increasing number of hospitals & surgical centers and the provision of improved healthcare infrastructure during the upcoming years.
The leading players in Global Smart Hospital Market are Alphabet Inc. (Google Inc.), Enlitic Inc., General Vision, Intel Corporation, IBM Corporation, Microsoft Corporation, Nvidia Corporation, Next IT Corp., Welltok Inc., and GE healthcare. Other players are Adheretech, Allscripts, Cerner Corporation, Diabetizer, Medtronic, Proteus Digital Health, and Qualcomm Life, and others.
Ø In April 2020, Phillip had introduced a new application for the eCareManager- an acuity-based scoring tool to scrutinize patient conditions to detect deteriorations or any adverse tendencies related to COVID-19.
Ø In October 2019, Teladoc Health was launched for Teladoc medical professionals for patients suffering from complicated mental and physical health conditions. It integrates expert medical services and physicians with their patients effortlessly.
Scope of the Report
Historical data – 2016-2018
Base Year – 2019
Forecast – 2020 – 2026
Revenue in USD Billion
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia .
By Application Type, By Connectivity, By Component, By Region
Alphabet Inc. (Google Inc.), Enlitic Inc., General Vision, Intel Corporation, IBM Corporation, Microsoft Corporation, Nvidia Corporation, Next IT Corp., Welltok Inc., and GE healthcare. Other players operating in the value chain are Adheretech, Allscripts, Cerner Corporation, Diabetizer, Medtronic, Proteus Digital Health, and Qualcomm Life, and others.
The objective of the Study:
Ø To analyze and estimate the Global Smart Hospitals Market size, in terms of value.
Ø To examine the market segmentation carefully and estimate the market size, in terms of value, based on the region by segmenting the Global Smart Hospitals Market into five regions, namely, North America, Europe, Asia Pacific, Rest of the World, and their leading countries.
Ø To outline, categorize, and project the Global Smart Hospitals Market based on the Application Type, Connectivity, Component, and Region.
Ø To examine competitive developments in applications, components, and connectivity within the Global Smart Hospitals Market.
Ø To highlight market dynamics such as drivers, restraints, opportunities, and challenges and their impact.
Ø To provide a detailed competitive landscape, including major players, their strategic profiles, and market shares.
Business Questions Answered by the Report
Ø How will the market drivers, restraints, and opportunities affect the market dynamics?
Ø What will be the market size in terms of value and volume and market statistics with a detailed classification?
Ø Which segment dominates the market or region, and which one will be the fastest-growing, and why?
Ø Who are the key players in the market, and what is their share?
Ø What is the strategy adopted by key players, and how does it affect the existing and new players?
Customization Scope for the Client
Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization as per the client’s specific needs. The following customization options are available for the report:
Ø Additional Company Information
Ø Detail Analysis of five additional companies
Ø Additional country analysis
Ø Detailed segment analysis
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