Smart Hospitals Market Size, Share, and Trends

Smart Hospitals Market (By Component: Software& systems, Services, and Hardware; By Product: Smart Pills, Telemedicine, M Health, and Electronic Health Record; By Connectivity: Wireless and Wired) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023– 2032

  • Last Updated : October 2023
  • Report Code : 1410
  • Category : Healthcare

The global smart hospitals market was estimated at USD 42 billion in 2022 and is expected to surpass USD 213.38 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 17.70% during the forecast period 2023 to 2032. 

Smart Hospitals Market Size 2023 to 2032

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Smart Hospitals Market Size in the U.S. 2023 To 2032

The U.S. smart hospitals market was valued at USD 9.50 billion in 2022 and is expected to surpass USD 48.68 billion by 2032, growing at a CAGR of 17.80% between 2023 to 2032.

U.S. Smart Hospitals Market Size 2023 To 2032

Based on region, North America dominated the market with largest revenue share in 2022. This can be attributed to the higher adoption rate of the automation, digital, and advanced technologies in the healthcare industry. The increasing importance of the healthcare sectors towards the GDP contribution of the US is a major factor that states the penetration of the smart hospitals in the region. Moreover, increased per capita healthcare expenditure in the US due to the increased demand for the latest and efficient therapeutics. 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.

On the other hand, Europe is estimated to be the most opportunistic segment during the forecast period. This is due to the rising government expenditure on the development of healthcare infrastructure and adoption of digital technologies in the sector. Moreover, the rising number of private hospitals, clinics, and diagnostic centers in the region coupled with their heavy investments in the automation and digitalization is expected to significantly drive the market growth in the region.

Growth Factors

The adoption of technologically advanced software and devices in the healthcare industry across the globe has evolved the traditional hospitals into smart hospitals. The adoption of advanced technologies was powered by the growing need to reduce the operational costs and increase profitability and offer enhanced patient care services. The emergence of the wireless connectivity and latest technologies like internet of things (IoT) and artificial intelligence (AI) are expected to rapidly boost the growth of the global smart hospitals market. The growing government and corporate investments in the digitalization of the healthcare sector to improve the operational efficiency is also a significant driver. The rising prevalence of various chronic diseases among the population and growing geriatric population has increased the need for the advanced and efficient healthcare services. Moreover, the rising healthcare expenditure is also benefitting the global smart hospitals market.

The rising number of hospital admissions owing to the rising prevalence of chronic diseases, road traffic accidents, growing geriatric population, and various other factors is creating a pressure on the healthcare system. The smart hospitals will help to serve the rapidly growing inflow of patients and provide affordable treatment for various diseases. The rapidly surging technologies like AI, IoT, robotics, augmented reality, and precision medicine are expected to provide cost-efficient and sustainable healthcare solutions, thereby significantly contributing towards the growth of the global smart hospitals market. The rising adoption of telemedicine, telehealth, and electronic health record has exponential contributions in the development of the smart hospitals market.

Scope of the Smart Hospitals Market Report

Report Highlights Details
Market Size In 2032 USD 213.38 Billion
Growth Rate CAGR of 17.70% From 2023 to 2032
Largest Market North America
Fastest Growing Market Europe
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered
  • Component
  • Product
  • Connectivity
  • Region
Comapnies Mentioned Microsoft, Allscripts, Medtronic, Honeywell Life Care Solutions, GE Healthcare, SAP, Qualcomm Life, Cerner Corporation, Philips, Stanley Healthcare

 

Component Insights

Based on the component, the software & systems segment dominated the largest revenue share in 2022. This is attributed to the increasing need to increase profitability by reducing the healthcare costs and improve the data management systems equipped in the smart hospitals. Furthermore, the increasing adoption of latest technologies like AI, AR, IoT, and VR is increasing the demand for the smart hospitals for its efficient services.

Smart Hospitals Market Share, By Component, 2020 (%)

On the other hand, the services segment is estimated to be the most opportunistic segment during the forecast period. This is simply due to the lack of proper knowledge about handling the digital systems used in the smart hospitals setting, among the healthcare workers and professionals. Therefore, the third-party services are being increasingly adopted for the efficient utilization of advanced and various digital devices and software in order to achieve efficiency and low operational costs.

Product Insights

Based on the product, the telemedicine segment dominated the global smart hospitals market in 2022. This is simply due to the increased adoption of the telemedicine platforms among the consumers and the healthcare professionals. Further, the rising penetration of internet and rising adoption of smartphones along with the rising urban population has boosted the growth of this segment across the globe. According to ITU, around 4 billion people were using internet by the end of 2019. Most of the internet users operate through their smartphones. Doctors and physicians are now increasingly adopting the telehealth platforms for offering consultations and other services.

On the other hand, the electronic health records segment is estimated to be the fastest-growing segment during the forecast period. This is attributed to the increasing government initiatives to record the patients’ details and health related data that can be utilized for the treatment of the patient. For instance, Allscripts Healthcare Solutions entered into a strategic partnership with the US Orthopedic Alliance to introduce improved electronic health records.

Connectivity Insights

Based on the connectivity, the wireless segment dominated the highest revenue share in 2022. This is simply attributed to the increased adoption of various wireless technologies such as internet, cloud-based servers, and Bluetooth. The wireless connectivity offers wireless communication, easy data transfer, and remote access to the stakeholder that boosts the adoption of the wireless connectivity in the smart hospitals across the globe.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.

In January 2020, KT Corporation and Samsung Medical Center collaborated to develop a 5G Smart Hospital.

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.

Some of the prominent players in the global smart hospitals market include:

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

Segments Covered in the Report

By Component

  • Software& systems
  • Hardware
  • Service

By Product

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

By Connectivity

  • Wireless
  • Wired

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

According to Precedence Research, the global smart hospitals market size is expected to be worth around USD 213.38 billion by 2032 from valued at USD 42 billion in 2022.

The global smart hospitals market is growing at a CAGR of 17.70% during the forecast period 2023 to 2032.

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 north america region will lead the global smart hospitals market in near future.

The Europe is estimated to be highest CAGR during the forecast period 2023 to 2032.

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, 2023-2032

8.1.1. Smart Pills

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Telemedicine

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. mHealth

8.1.3.1. Market Revenue and Forecast (2020-2032)

8.1.4. Electronic Health Record

8.1.4.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Smart Hospitals Market, By Component

9.1. Smart Hospitals Market, by Component, 2023-2032

9.1.1. Software& systems

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Hardware

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Service

9.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Smart Hospitals Market, By Connectivity 

10.1. Smart Hospitals Market, by Connectivity, 2023-2032

10.1.1. Wireless

10.1.1.1. Market Revenue and Forecast (2020-2032)

10.1.2. Wired

10.1.2.1. Market Revenue and Forecast (2020-2032)

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

11.1. North America

11.1.1. Market Revenue and Forecast, by Product (2020-2032)

11.1.2. Market Revenue and Forecast, by Component (2020-2032)

11.1.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Product (2020-2032)

11.1.4.2. Market Revenue and Forecast, by Component (2020-2032)

11.1.4.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Product (2020-2032)

11.1.5.2. Market Revenue and Forecast, by Component (2020-2032)

11.1.5.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Product (2020-2032)

11.2.2. Market Revenue and Forecast, by Component (2020-2032)

11.2.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Product (2020-2032)

11.2.4.2. Market Revenue and Forecast, by Component (2020-2032)

11.2.4.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Product (2020-2032)

11.2.5.2. Market Revenue and Forecast, by Component (2020-2032)

11.2.5.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Product (2020-2032)

11.2.6.2. Market Revenue and Forecast, by Component (2020-2032)

11.2.6.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Product (2020-2032)

11.2.7.2. Market Revenue and Forecast, by Component (2020-2032)

11.2.7.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Product (2020-2032)

11.3.2. Market Revenue and Forecast, by Component (2020-2032)

11.3.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Product (2020-2032)

11.3.4.2. Market Revenue and Forecast, by Component (2020-2032)

11.3.4.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Product (2020-2032)

11.3.5.2. Market Revenue and Forecast, by Component (2020-2032)

11.3.5.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Product (2020-2032)

11.3.6.2. Market Revenue and Forecast, by Component (2020-2032)

11.3.6.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Product (2020-2032)

11.3.7.2. Market Revenue and Forecast, by Component (2020-2032)

11.3.7.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Product (2020-2032)

11.4.2. Market Revenue and Forecast, by Component (2020-2032)

11.4.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Product (2020-2032)

11.4.4.2. Market Revenue and Forecast, by Component (2020-2032)

11.4.4.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Product (2020-2032)

11.4.5.2. Market Revenue and Forecast, by Component (2020-2032)

11.4.5.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Product (2020-2032)

11.4.6.2. Market Revenue and Forecast, by Component (2020-2032)

11.4.6.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Product (2020-2032)

11.4.7.2. Market Revenue and Forecast, by Component (2020-2032)

11.4.7.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Product (2020-2032)

11.5.2. Market Revenue and Forecast, by Component (2020-2032)

11.5.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Product (2020-2032)

11.5.4.2. Market Revenue and Forecast, by Component (2020-2032)

11.5.4.3. Market Revenue and Forecast, by Connectivity (2020-2032)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Product (2020-2032)

11.5.5.2. Market Revenue and Forecast, by Component (2020-2032)

11.5.5.3. Market Revenue and Forecast, by Connectivity (2020-2032)

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

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