Published Date : 08 Feb 2023
The global smart hospitals market was evaluated at USD 46.08 billion in 2022 and is predicted to hit USD 164.88 billion by 2030, growing at a CAGR of 17.2% from 2022 to 2030.
A smart hospital optimizes and builds new clinical processes. It creates new management systems and infrastructure. A digitized networking infrastructure enables all these. It delivers a valuable service to improve patient care, operational efficiency, and experience. It has three vital layers: data, insight, and access. Due to the rapid population growth, the demand for healthcare services is also surging, especially during the COVID-19 crisis. Patients have greater expectations about healthcare treatment quality. The laws are becoming more and more strict and complex. The pressures on healthcare organizations will soar as time goes on. This leads to rising healthcare costs, and this is where a smart hospital arises.
A smart hospital helps in reducing these costs. It maximizes productivity and provides better patient satisfaction. All is possible because of the digital transformation of the healthcare industry. The world is changing, but the hospital infrastructure is still behind. There are many hospitals in the world which has limited possibilities for advancement. Smart hospitals played an essential role in recovery from the COVID-19 pandemic. It helped in maintaining social distancing between infected patients and non-infected patients. The Covid 19 pandemic has put high pressure on the healthcare system.
With rapid digitalization, hospitals are becoming smarter. They employ smart software and high-tech machinery to manage the surgeries and staff. Everything is recorded online. It helps in making a good profit for the hospital. A smart hospital helps to improve patient care, revenue cycle management, communication channel, and clinical workflow. All these benefits significantly contribute to market growth. In line with this, these technologies provide insights for making complex decisions. Integrating the Internet of Things (IoT) and cognitive care systems creates a positive outlook for the market. It interacts with patients and offers guidance to the patients. The increasing requirement for improving patient experience, care and support services, clinical processes and workflow efficiency, and optimization of patient data storage positively influence the market growth.
Furthermore, the growing pressure on hospitals catalyzes market growth. Apart from this, the rise in the prevalence of chronic diseases and the aging population propels market growth. Moreover, the requirement for smart inventory systems to handle the large volume of data strengthens the market growth. Besides, the rising demand for intelligent systems and the need to reduce healthcare costs significantly contribute to market growth. The rapidly developing hospital infrastructure and higher per capita healthcare spending positively influence the market growth. The heavy investments by the governments for advancements in healthcare create a positive outlook for the market. Rapid technological advances in healthcare boost the overall market growth. The increasing need for cost-effective solutions significantly contributes to market growth. The heavy investments in the healthcare sector create a positive outlook for the market.
Smart Hospitals Market Report Scope
|Market Size in 2023||USD 53.77 Billion|
|Market Size by 2030||USD 164.88 Billion|
|Growth Rate From 2022 To 2030||CAGR of 17.2%|
|Fastest Growing Market||Europe|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Component, By Product, and By Connectivity|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Based on region, North America dominated the market and accounted for the largest revenue share. This can be attributed to the advanced technologies in the healthcare industry. The increasing automation and digitalization in the healthcare sector significantly contribute to market growth. In line with this, the growing penetration of smart hospitals positively influences market growth across the region. The rising per capita healthcare expenditure and the increasing demand for efficient therapeutics catalyze market growth. The escalating popularity of telehealth and electronic health records propels regional market growth.
On the other hand, Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to improving healthcare infrastructure. The heavy investments by the government in the development of healthcare infrastructure significantly contribute to market growth. The increasing adoption of digital technologies positively influences market growth. The surging number of private hospitals, clinics, and diagnostic centers catalyzes market growth. Rapid automation and digitalization in the healthcare sector create a positive outlook for the market.
Market Driver: Increasing need for improved Healthcare Infrastructure
The increasing need for improved Healthcare infrastructure significantly contributes to global market growth. In line with this, the rising prevalence of chronic and infectious disease positively influence market growth. There is a lack of adequate healthcare infrastructure across the globe. Hence, this factor raises its demand. The market players are heavily investing in research and development activities to increase the efficiency of the hospitals. Rapid technological advancements, automation, and digitalization create a positive outlook for the market. The adoption of new technologies positively influences market growth. The proliferation of artificial intelligence, the internet of things, and big data catalyzes market growth.
Market Opportunity: Digital Healthcare
Rapid automation and digitalization offer numerous opportunities for market growth. There's a rising burden on the healthcare systems. This raises the need for an online record of patient’s health data and surging automation in the healthcare sector. The growing popularity of telemedicine and electronic health records offers lucrative opportunities for market players. Digital technologies provide safe and efficient healthcare services to patients. Machine learning helps to manage a large volume of data.
Market Restraint: Lack of management buy-in
The lack of management buy-in restricts the smart hospitals’ market growth. The smart hospital is expected to witness immense growth. But the hospitals face many problems in fulfilling their smart Hospital initiative. The lack of management buy-in can adversely affect the healthcare systems. It isn't easy to establish the internet of things in remote locations.
Market Challenge: Limitations in technology
Various limitations in the technology challenge the smart hospitals' market growth. These limitations include long test duration and high dependence on the operator's expertise. The lack of consistent data and increasing concerns regarding data privacy hamper the market growth.
Key Market Players:
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