Smart Hospital Market Size was valued at USD 14.2 billion in 2023. The Smart Hospital market industry is projected to grow from USD 17.5 Billion in 2024 to USD 77.421 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.37% during the forecast period (2024 - 2032). The burgeoning need for loT and increased focus on developing healthcare solutions are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
With the rising economic growth, people are more interested in long-term health and wellness. The encumbrance of chronic disease is briskly increasing across the globe. In most Western countries, the major reason behind the increasing number of chronic diseases is the continuous increase in the aged population. The increasing rates of diseases are directly proportional to the growth of better healthcare in every country. With growing numbers of infectious diseases, the mortality rate is increasing rapidly. Because of the sedentary lifestyle of people, the prevalence of lifestyle-associated disorders such as hypertension and diabetes is rising.
Thus, the rising prevalence of chronic diseases with the growing integration of healthcare data with portable devices is expected to demand proper health management, leading to the anticipated increase in the demand for e-health services. This will propel the market CAGR growth in the forecast period.
Additionally, acceleration in technology development in the healthcare sector has tremendously increased in the last few years. Advancement in technology in hospital and pharmacy automation supports the meticulous and safe handling of patients during disease management. Moreover, innovation and upgradation in pharmacy and hospital automation assist in the precise and rapid result of disease diagnosis. Additionally, pharmacy and hospital automation innovation provide the cost-effectiveness of technology-based therapeutic tools during disease treatment.
The innovation and advancement in technology have upgraded the surgical robotics systems in all prospects including advanced features such as better resolution, increased area coverage, flexibility, advanced software, accessories, and spatial arrangements among more. Technological advancement brings many advantages to the patient's treatment program with improvements in clinical efficiency and patient safety. Thus, technological advancement and development are anticipated to bolster smart hospital market revenue.
Based on type, the Smart Hospital Market segmentation includes general services, specialty, and super-specialty. The market for super-specialty category is expected to grow at the highest CAGR during the forecast period. The key reason behind the highest adoption of a lot in super specialty hospitals is the requirement for patients' safety, the quality of medication, and the priority for families about medical treatments.
Based on application, the Smart Hospital Market segmentation includes remote medicine management, outpatient vigilance, medical assistance, connected medical imaging, electronic health record, and clinic workflow. The outpatient vigilance category is expected to grow at the highest CAGR during the forecast period.
Almost all operating room and ICU devices, such as blood pressure cuffs, ventilators, and intravenous pumps, can be interconnected for automatic error detection by introducing a lot of. These devices help provide better care to patients in hospitals. This is driving the market for outpatient vigilance during the forecast period.
July 2022: GE Healthcare inaugurated the company’s first 5G innovation lab. The lab aimed at developing healthcare solutions by employing 5G and other smart solutions, such as artificial intelligence, augmented and virtual reality, and advanced visualization to streamline image transfers and teleradiology. It also enabled the company to foster collaborations with various academia, industry researchers, and startups to co-create future-ready solutions.
October 2019: Cosinuss GmbH developed a wearable device placed in the ear like a hearing aid, which it claims can track heart rate, heart rate variability, body core temperature, blood oxygen level, breathing rate, and blood pressure.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American smart hospital market area will dominate this market, due to the prevalence of improved healthcare infrastructure and increasing adoption of artificial intelligence-enabled products within the Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Europe's smart hospital market accounts for the second-largest market share due to the burgeoning need for loT and increased focus on developing healthcare solutions. Further, the German smart hospital market held the largest market share and the UK smart hospital market was the fastest-growing market in the European Region.
The Asia-Pacific smart hospital market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to expanding awareness of a healthy lifestyle and nutrition and rising per capita disposable income. Moreover, China’s smart hospital market held the largest market share, and the Indian smart hospital market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the smart hospital market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Smart Hospital industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer’s uses in the global smart hospital industry to benefit clients and increase the market sector. In recent years, the smart hospital industry has offered some of the most significant advantages to the healthcare industry.
Major players in the smart hospital market, including Allengers Groups, Qualcomm Life, Siemens Healthineers, Mckesson Corporation, Cerner Corporation, Adhere Tech, Medtronic PLC., Koninklijke Philips N.V, GE Healthcare, Honeywell Life Care Solutions, and others, are attempting to increase market demand by investing in research and development operations.
GE Healthcare Technologies Inc., trading as GE HealthCare, is a global medical technology company headquartered in Chicago, Illinois. It was spun off from GE on January 4, 2023, with GE retaining 20%. GE Healthcare inaugurated the company’s first 5G innovation lab.
The lab aimed at developing healthcare solutions by employing 5G and other smart solutions, such as artificial intelligence, augmented and virtual reality, and advanced visualization to streamline image transfers and teleradiology. It also enabled the company to foster collaborations with various academia, industry researchers, and startups to co-create future-ready solutions.
Cosinuss GmbH is a tech company based in Munich, Germany. Pioneering in vital mobile signs monitoring, Cosinuss GmbH aims to provide evidence-based mHealth solutions for families' most pressing health problems. Cosinuss GmbH developed a wearable device placed in the ear like a hearing aid, which it claims can track heart rate, heart rate variability, body core temperature, blood oxygen level, breathing rate, and blood pressure.
February 2022: GE Healthcare, a subsidiary of General Electric Company, collaborated with AWS to provide AI-enabled diagnostic imaging cloud solutions for healthcare organizations. The company focused on providing better clinical insights and transforming healthcare quality by including accessories like sensor readings, genomics, lab tests, etc.
January 2022: Francisco partners announced the acquisition of IBM healthcare data and analytics assets. This acquisition provided the company with an enhanced platform for hybrid cloud and AI strategy in the healthcare market.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 14.2 billion |
| Market Size 2024 | USD 17.56 billion |
| Market Size 2032 | USD 77.4219 billion |
| Compound Annual Growth Rate (CAGR) | 20.37% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Allengers Groups, Qualcomm Life, Siemens Healthineers, Mckesson Corporation, Cerner Corporation, Adhere Tech, Medtronic PLC., Koninklijke Philips N.V, GE Healthcare, Honeywell Life Care Solutions |
| Key Market Opportunities | The burgeoning demand for artificial intelligence and machine learning will likely offer robust opportunities. |
| Key Market Dynamics | The burgeoning need for loT. Increased focus on the development of healthcare |
Frequently Asked Questions (FAQ) :
The Smart Hospital Market was valued at USD 14.2 Billion in 2023.
The global market is projected to grow at a CAGR of 20.37% during 2024-2032.
North America had the largest share of the global market
The key players in the market are Allengers Groups, Qualcomm Life, Siemens Healthineers, Mckesson Corporation, Cerner Corporation, Adhere Tech, Medtronic PLC., Koninklijke Philips N.V, GE Healthcare, and Honeywell Life Care Solutions.
The super-specialty smart hospital category dominated the market in 2022.
Outpatient vigilance had the largest share of the global market.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
