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Smart Hospitals Market Segmentation By Hospital (General, Specialty and Super Specialty); By Services (Electronic Health Record, Telemedicine, Clinical Workflow, Connected Medical Imaging, Outpatient Vigilance and Medical Assistance); By Component (Hardware, System & Software and Services); By Technology (Artificial Intelligence, Wearable Technologies, Radio Frequency Identification and Others) – Global Demand Analysis & Opportunity Outlook 2027

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Recent Trends and Developments in the Market

On May 21, 2019 Siemens Healthiness published a press release stating that the company, along with The Essen University Medicine in Germany plan to collaborate and develop a smart hospital based on artificial intelligence and telemedicine. They aim to digitalize the services and solutions in hospitals that would enable faster diagnosis and treatment, and will reduce the work load on the hospital staff.

Introduction to Smart Hospitals

The integration of artificial intelligence, Internet of Things and other such advanced technologies into healthcare services gives rise to concept of smart hospitals. These smart hospitals improve healthcare services, reduce treatment costs and increase the efficiency of medical professionals. In order to increase the focus on patient care, various smart devices and equipment is present in smart hospitals which continuously monitor the patients and regularly keep a check on them. This eliminates the constant need for a healthcare provider to be present for observing patients at all times.

More hospitals are inclining towards converting into smart hospitals on account of better patient outcomes and cost-effective treatment and hospital management methods.

Market Size and Forecast

The smart hospitals market is anticipated to record a CAGR of around 20% over the forecast period, i.e., 2019-2027. The market is segmented by hospital, by services, by component, by technology and by region, out of which, the component segment is further segmented into hardware, system & software and services. Based on component, the hardware segment is anticipated to hold the largest share in the smart hospitals market on account of growing use of hardware devices for the purpose of patient monitoring. The devices such as smart wearable devices and implants are increasingly being used in hospitals which further raises the demand for this segment and is estimated to result in a significant market growth. The various services included in smart hospitals are electronic health record (EHR), telemedicine, clinical workflow, connected medical imaging, outpatient vigilance and medical assistance. On the basis of service, the telemedicine segment is estimated to witness significant growth as a result of ease of patient-doctor contact and provision of healthcare services through telecommunication methods. This allows the medical professions to diagnose and treat patients through a long distance by using video-conferencing tools. 

Smart Hospitals Market

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Growth Drivers

Increasing Demand For Healthcare Services To Increase The Growth Of Smart Hospitals Market

The rising demand for enhanced quality of treatment and healthcare services in hospitals along with increased productivity which provides more efficient services are estimated to considerably uplift the market growth. Moreover, smart hospitals provide patient satisfaction with a focus on better care of patients and reduced pressure on the medical professionals, which minimizes errors during treatment procedures. Additionally, the growing technological advancements in the medical industry increases the potential for improved healthcare facilities which is another factor anticipated to boost the market growth during the forecast period.

Growing Expenditure On Healthcare By People To Drive The Market Growth

The healthcare expenditure has been observed to grow substantially during the past few years and it is estimated to further grow during the forecast period, thereby raising the demand for smart hospitals in the medical industry. For instance, the health expenditure in North America was recorded to be around 16.5% of GDP in 2016 by the World Health Organization.


Cyber-attacks In The Healthcare Industry To Restrict The Market Growth

Rising cases of cyber-attacks in hospitals for the purpose of stealing patient data and other private information is a major drawback of digitalization in the healthcare industry. This is anticipated to become a restraining factor for the market growth in the upcoming years.

Market Segmentation

Our in-depth analysis of the smart hospitals market includes the following segments:

By Hospital

  • General
  • Specialty
  • Super Specialty

By Services

  • Electronic Health Record
  • Telemedicine
  • Clinical Workflow
  • Connected Medical Imaging
  • Outpatient Vigilance
  • Medical Assistance

By Component

  • Hardware
  • System & Software
  • Services

By Technology

  • Artificial Intelligence
  • Wearable Technologies
  • Radio Frequency Identification
  • Others

By Region

On the basis of regional analysis, the smart hospitals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

The demand for smart hospitals is the highest in North America which accounts for the presence of advanced technology and improved healthcare services in the region. The presence of major key players of smart hospitals and medical technology in North America is another growth inducing factor for the smart hospitals market. As a result of these factors, the market in North America is anticipated to hold the largest share in the market during the forecast period. The growing demand for healthcare services in Asia-Pacific is bringing in the leading companies for smart hospitals in the region, which is estimated to contribute towards the significant growth of market in this region, especially in countries such as Japan, China and India. According to the global health expenditure database by W.H.O., the expenditure on healthcare in Japan was recorded to be around 10.9% of the country’s GDP in the year 2016.

The smart hospitals market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC,  Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

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