Smart Hospital Market Research Report- Global Forecast 2027

Smart Hospital Market: By Type (General Services, Specialty and Super-Specialty), By Application (Electronic Health Record and Clinic Workflow, Remote Medicine Management, Medical Connected Imaging, Outpatient Vigilance and Medical Assistance) - Forecast till 2027

ID: MRFR/SEM/3090-CR | February 2020 | Region: Global | 101 Pages         

Smart Hospital Market

Smart Hospital Market is USD 77,299.60 million at a 23.65% CAGR between 2019- 2026, the latest Market Research Futureโ€™s (MRFR) forecast report.

Segmentation

By Type General Services Specialty Super-Specialty
By Application Remote medicine management Outpatient vigilance Medical assistance Medical connected imaging Electronic health record Clinic workflow

Key Players

  • AirStrip Technologies Inc.
  • Allscripts Healthcare Solutions
  • Apple Inc.
  • AT&T Inc.
  • Brooks Automation
  • Cerner Corporation
  • Cisco
  • GE Healthcare
  • Given Imaging Inc.
  • Hurst Green Plastics Ltd.
  • IBM
  • Logi-Tag
  • McKesson Corporation
  • Olympus Corporation
  • Pepperl+Fuchs
  • Samsung Electronics Corporation
  • Siemens Medical Solutions
  • Solstice Medical LLC
  • Stanley Innerspace

Drivers

  • The burgeoning need for IoT
  • Increased focus on the development of healthcare solution.
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Smart Hospital Market Size and Overview:


Globally, the size of the smart hospital market is predicted to touch USD 77,299.60 million, at a 23.65% CAGR between 2019- 2026 driven by the advent of IoT and AI in the smart hospital industry provides services such as efficient monitoring, position tracking, laser scanning, efficient medical imaging systems.

Several developed countries have been increasingly adopting digitalization in the healthcare sectors owing to the increasing geriatric population and chronic illnesses across the globe. Smart hospitals deploy smart technologies such as IoT, AI, and other technologically advanced hardware solutions such as sensors and imaging systems to offer enhanced medical services to patients. The growing digitalization and urbanization across the globe are increasingly impacting the overall growth of the smart hospital market.

 
A recent survey conducted in America states that there are over 37% of people is intensive users of the internet and mobile applications. Therefore the integration of technology has presented effective medical service-related solutions to the people who are already utilizing such technologies. Moreover, the American governmental organizations are increasingly investing in the medical sector which favors the Smart Hospital market growth.

COVID-19 Analysis:


The prevalence of COVID-19 has significantly impacted the growth of several industrial and commercial sectors across the globe. The demand for medical services has increased during the pandemic due to the increasing number of COVID cases across the globe. The medical sectors have started utilizing IoT technologies and sensors to track the health parameters and other factors such as movements and body temperatures of the patients throughout the pandemic. Several health providers emphasized their mobile applications to offer medical services without contact. Also, the technology has enabled medical practitioners to acquire the data related to patients effortlessly. Therefore the Smart hospital market value has significantly increased during the pandemic.

Smart Hospital Market Dynamics:


Market Drivers:
 
The advent of IoT and AI in the smart hospital industry provides services such as efficient monitoring, position tracking, laser scanning, efficient medical imaging systems, hospital medical records handling, and so on. Such factors are propelling the smart hospital market growth.
 
The implementation of advanced technologies has reduced human errors in handling records, appointments, and medical reports in the health care sector. On the other hand, governmental organizations are increasingly investing in the healthcare systems in recent years to improve the quality of healthcare services. Skilled IT experts are also emerging in several countries in recent years. Such factors are bolstering the smart hospital market value.

Smart Hospital Market Opportunities


The increasing prevalence of smart devices and touch screens has propelled smart technologies in the health care sector also. The demand for artificial intelligence in the medical sector is increasing owing to the demand for acquiring medical services and the technology is already utilized intensively in several other sectors. Such factors are expected to boost the overall growth of the smart hospital market. 
 
The increasing number of chronic illnesses across the globe and the growing geriatric population are presenting lucrative opportunities for effortless medical services. A recent report states that the geriatric population holds over 9.3% of the world’s population and is expected to reach over 16% by the year 2050. Such factors are expected to integrate energy-efficient and time-saving medical services across the globe, therefore the smart hospital market demand is expected to have a steady growth during the forecast period.
 
Market Restraints:
 
The risk of privacy and security threat that comes with the IoT technology hinders the overall growth of the smart hospital market. The increasing number of cyber-attacks and registered cyber-attack incidences in recent years are hindering the smart hospital market growth.
 
The rising costs for the connected devices and lack of awareness among the patients in some of the developing countries regarding the IoT technology and related products are hindering the smart hospital market growth.
 
Market Challenges:
 
The cost incurred to install the software solutions and hardware such as communication devices are higher for some regions. This factor is considered as the primary challenge for the smart Hospital market growth. 
 
The global health care regulations imposed by the government regulatory bodies are considered a key challenge for the overall growth of the smart Hospital market. The IoMT has not yet gotten approval from the healthcare regulatory bodies. Such formalities are limiting the number of innovations in the industry. Such factors are expected to hinder the overall growth of the Smart hospital industry.
 
Cumulative Growth Analysis:
 
The experts estimate that the growth of the smart hospital industry is expected to have a steady growth in the forecast period, owing to the presence of opportunities such as remote medical management, e-health records, medical connected imaging procedures, cost-effective alternatives, integration of IoT technologies. The market value of the Smart hospital industry is expected to hit USD 67,299.60 million at a 23.65% CAGR between 2019- 2026. The growth of the Smart hospital industry is highly influenced by the rising awareness among physicians and improved healthcare infrastructure across the globe. Especially, the developed countries are upgrading the medical infrastructure in recent years. Such factors are fuelling the overall growth of the industry.
 
Value Chain Analysis:
 
The medical sector is gaining momentum in recent years owing to the advancing medical services and demand for medical assistance across the globe. Additionally, the affordability of the medical services with the governmental incentives for the medical-related services has increased the accessibility for the patients to acquire quality treatment in recent years. On the other hand, Governmental organizations are increasingly focusing on implementing IT solutions in the healthcare sectors to improve the quality of the healthcare services, therefore they are increasing their investments in the healthcare sectors in recent years. The growing urbanization and digitalization across the globe are also impacting the Smart Hospital market growth in recent years. 
 
On the other hand, the demand for medical services are increasing in recent years, even before the pandemic, the rising number of chronic illnesses and demand for the accurate and efficient medical solutions were significantly increasing. Such factors are stimulating the Smart hospital's market growth. Moreover, the market players are launching Tele-based medical services to connect the patients and the medical experts effortlessly.

Smart Hospital Market Segment Overview:


Based on Type: 
 

  • Super-specialty

  • Specialty

  • General services.


Based on Application: 
 

  • Remote medicine management

  • Outpatient vigilance

  • Medical assistance

  • Medical connected imaging

  • Electronic health record

  • Clinic workflow


Based on the Component: 
 

  • Hardware

  • Systems

  • Software


Based on Connectivity:
 

  • Wired 

  • Wireless


Regional Analysis:


Currently, North America is holding the leading position in the smart hospital market share owing to the rapid adoption of the advancing technologies and their integration with the health sector effectively. Other growth stimulating factors such as increasing healthcare expenditure, increasing accessibility to health care services, increasing investments in the medical sectors are fuelling the overall growth of the industry. On the other hand, the hospitals and the overall health care sectors are focusing on improving the medical services in recent years. Digital literacy is increasingly booming in North America and the awareness regarding the advanced services and favorable economic conditions in the region are some of the positive factors that stimulate the overall growth of the industry.
 
The Asia-pacific region is also showcasing steady growth in the Smart Hospital industry in recent years and the market experts estimate that the region would grow with 25.8% CAGR. The growing economic condition in the countries such as India and China are impacting the overall growth of the Smart Hospital industry. Additionally, the market players are playing different strategies and acquisitions and increasingly investing in the market to boost the overall Smart Hospital market value.

Competitive Landscape:



  • AirStrip Technologies Inc.

  • Allscripts Healthcare Solutions

  • Apple Inc.

  • AT&T Inc.

  • Brooks Automation

  • Cerner Corporation

  • Cisco

  • GE Healthcare

  • Given Imaging, Inc.

  • Hurst Green Plastics Ltd.

  • IBM

  • Logi-Tag

  • McKesson Corporation

  • Olympus Corporation

  • Pepperl+Fuchs

  • Samsung Electronics Corporation

  • Siemens Medical Solutions

  • Solstice Medical LLC

  • Stanley Innerspace


Recent Developments:



  • February 2020

    • One of the famous central participants, Huwaei Technologies Co.Ltd. presented the advancement arrangement Smart 8T8R. This new arrangement fixes the FDD double band 8T8R RRUs, programming characterized radio wires (SDA), and creative calculations. This savvy 8T8R arrangement upholds multi-area organizations across every one of the organizations 2G, 3G, and 4G in light of programming designs that help accomplish the worked-on improvement to 5G.

    • Ericsson has a procurement of the receiving wires and channel division with a world-driving supplier of radio wire and channel innovations, Kathrein. This obtaining was finished and extended the organization's arrangement of receiving wire and channel product offering.



  • March 2020

    • The most well-known organization, Nokia, extended its fibre access portfolio to incorporate developments and the most recent arrangements, permitting the specialist co-ops to easily give a little encounter to everybody




Report Overview:


This report has covered:

  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segment Overview

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 77,299.60 Million
  CAGR   23.65%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW
  Key Vendors   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 is likely to offer robust opportunities.
  Key Market Drivers

  • The burgeoning need for IoT.
  • Increased focus on the development of healthcare solution.


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    Frequently Asked Questions (FAQ) :

    MRFR study reveals that the smart hospital market can thrive at a high CAGR and generate substantial turnover through the study period.

    Mckesson Corporation, Qualcomm Life, Siemens Healthineers, and Allengers Groups are some reputed names in the smart hospital market.

    Investment in innovations by key players can favor smart hospital market growth.

    Electronic health record and clinic workflow, remote medicine management, and medical connected imaging are areas of application of smart hospital solutions.

    The hike in healthcare budget by governments in the APAC to bolster the APCA smart hospital market growth.

    General services, super-specialty, and specialty are services offered under smart hospital solutions.

    The report elaborates growth inducers and limiting causes of the market. It also discusses contributions of smart hospital market players on the market.

    Competitive Landscape


    The smart hospital market consists of many international players and vendors. Continuous fluctuating currency, intense market competition, and innovation for cost-efficient patient care devices are likely to be some of the factors that influence the growth of smart hospital market. The vendors compete based on highly efficient connected devices that offer network connectivity to operate the devices and compatibility with different platforms. However, according to MRFR analysis, the growth of the market vendors is dependent on the market conditions, availability of solutions, and industry development. Companies such as McKesson Corporation, GE Healthcare, Honeywell Life Care Solutions, Siemens Healthineers, Koninklijke Philips N.V, Cerner Corporation, Medtronic, Qualcomm Life, Allengers Group, AdhereTech. are some of the key players in the market, competing in terms of pricing, geographical presence, and industrial experience.


    These companies are likely to adopt an inorganic growth approach through partnerships and collaborations to innovate secure and efficient devices. These companies are highly focused on the development of sophisticated devices for developing smart medical equipment such as mobile client devices, interconnected clinical information systems, network medical devices and others. It has also been forecasted that the improvement of the global economic scenario combined with efforts to enhance infrastructure in the emerging nations, is fueling the market growth, thereby making it an ideal time to launch new connected solutions and increase the global market share. The competitive environment in the market is likely to intensify further due to the increase in product/service extensions, technological innovations, and M&A.


    McKesson Corporation (McKesson) is a globally recognized pharmaceutical company specializing in distribution services and information technology solutions. The company operates through two business division namely distribution solutions and technology solutions. The distribution solutions segment offers branded and generic pharmaceutical drugs, technology & clinical support, and other specialty practices. The company focuses on providing enhanced technological solution for its customers. In this regard, the company has adopted acquisitions, mergers, and partnerships as its core strategy to strengthen its technical capabilities which offers innovative solutions.


    GE Healthcare is a leading provider of monitoring, medical imaging, cell and gene therapy technologies, and biomanufacturing. The company enables precision healthcare services in diagnostics, monitoring, and therapeutics through data analytics, intelligent devices, services, and applications. It primarily follows an organic growth strategy. The company plans to increase the productivity and output of its business by building partnerships with tech giants and expanding into untapped markets. The organic growth is also showing positive signs towards increasing its market presence. The company mainly focuses on digital strategy and investment in technical innovation.


    Honeywell Life Care Solutions is a subsidiary of Honeywell International Inc. that offers its products through Honeywell International‘s home and building technologies segment. The company operates through four segments namely aerospace, home and building technologies, performance materials and technologies, and safety and productivity solutions. It is focusing on innovation through collaboration and diversification of its product portfolio. For instance, Honeywell collaborated with MobileHelp to provide high-quality monitoring devices to its consumers.


    Siemens Healthineers is a subsidiary of Siemens AG which operates through a few business divisions namely healthcare, power and gas, wind power and renewables, energy management, building technologies, mobility, digital factory, process industries and drives, and financial services. It follows organic as well as inorganic growth strategy. With high investment in its research & development, the company is continuously expanding its product portfolio which is supporting its market growth.


    Koninklijke Philips N.V (Philips) is one of the leading healthcare technology companies engaged in improving people's health and enabling better outcomes across the healthcare continuum from healthy living and prevention. The company operates through several segments including personal health, diagnosis and treatment, connected care & health informatics, and healthtech among others. It is one of the leading healthcare technology companies engaged in improving people's health and enabling better outcomes across the healthcare continuum from healthy living and prevention. The company operates through several segments including personal health, diagnosis and treatment, connected care & health informatics, and healthtech among others.