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Smart Hospital Market 2022 Future Trend, Business Strategies, Revenue Value, Comprehensive Analysis and Forecast by 2030

Quadintel published a new report on the Smart Hospital Market. The research report consists of thorough information about demand, growth, opportunities, challenges, and restraints. In addition, it delivers an in-depth analysis of the structure and possibility of global and regional industries.

The smart hospital is a technological revolution in the healthcare industry which manages a large amount of available data and integrates different hospital delivery mechanisms. It makes use of the electronic patient records and streamlining processes, which lead to improved quality of life by reducing the risks to health (by remote monitoring) and improving the general well-being of people. Smart healthcare provides more patient-centric services that improve access to healthcare and are customized to individual patients’ needs. The global smart hospital market is expected to have a significant compounded annual growth rate (CAGR) of 23.29% and reach a market size of USD 55.76 Bn by 2023.

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COVID-19 Impact Analysis

The pandemic of COVID-19 has also reduced the availability of and demand for non-COVID-19-related medical treatment. A wide range of treatments, including emergency care for acute diseases, routine check-ups, and recommended cancer screenings, are being postponed or avoided by patients. Undiagnosed illnesses and a failure to intervene early will have serious long-term health consequences. COVID-19 has accelerated a variety of existing and emerging healthcare trends, including changing consumer attitudes and habits, the convergence of life science and health care, rapid advances in digital health technologies, and new talent and care delivery models, to name a few.

The factors that drive the market growth are machine learning, artificial intelligence (AI), cloud computing services, radio-frequency identification (RFID) and others. The radio-frequency identification allows providing real-time information that supports in decision making and creating a secure and reliable smart hospital management information system. The real-time patient management system helps in automating and streamlining patient identification processes.

The global smart hospital market is bifurcated on the basis of products (smart pills, mHealth, telemedicine, electronic health record and others), application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging, and medical assistance) and artificial intelligence (offering and technology) and regions. The technologies used are AI, cloud computing, radio frequencies identification, wearable technologies, zigbee technologies, Internet of Things (IoT) and others. The regions include North America, Europe, Asia-Pacific, Latin America, and The Middle East and Africa.
Almost all operating room and intensive care unit (ICU) devices such as blood pressure cuffs, ventilators and intravenous pumps can be interconnected for automatic error detection by introducing IoT in them, so that these devices help provide better care to patients in hospitals. This is driving the market for outpatient vigilance during the forecast period.

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Key growth factors

Initiatives taken by governments for the implementation of IT solutions in healthcare, rise in government expenditure on healthcare systems and increase in the number of skilled IT experts are the major factors favoring the adoption of healthcare IT solutions in not only developed regions but also in emerging markets. The factors that drive the market growth are machine learning, artificial intelligence, cloud computing services, RFID and others.
The growth of smart hospitals is attributed to the increasing prevalence of chronic diseases, rising need for better patient care, and efficient and accurate solutions. In addition, the benefits of a smart hospital such as the decreased cost of treatment, improved outcomes of treatment, enhanced patient experience, reduced errors and improved disease management boost the growth of the smart hospital market.

Threats and key players

The smart hospital has cyber-attacks as the major threat. The increasing number of ransomware cases and distributed denial of security (DDoS) attacks is just a glimpse of things to come. The introduction of Internet of Things (IoT) components in the hospital ecosystem increases the attack, rendering hospitals even more vulnerable to cyber-attacks. Also, smart hospitals have robotic process automation in which security issues may arise when a particular susceptibility is introduced in the programming system of a medical robot. This can significantly compromise healthcare quality.
The major players in the smart hospital market are Medtronic (Ireland), Philips (Netherlands), Microsoft (US), GE Healthcare (US), Qualcomm Life (US), Honeywell Life Care Solutions (US), SAP (Germany), Siemens AG (Germany), STANLEY Healthcare (US), Cerner Corporation (US) and McKesson (US).

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Whats covered in the report?

1. Overview of the global smart hospital market.
2. Historical, current and forecasted market size data for smart pills, mHealth, telemedicine, electronic health record and others.
3. Historical, current and forecasted market size data for remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging, and medical assistance.
4. Historical, current and forecasted market size data for offering and technology.
5. Historical, current and forecasted regional (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) market size data for the global smart hospital market segments by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance), and by artificial Intelligence (offering and technology).
6. Market trends in the global smart hospital market.
7. Qualitative analysis of the key drivers and challenges affecting the global smart hospital market and its segments by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance) and by AI (offering and technology).
8. Analysis of the competitive landscape and profiles of major players operating in the market.

Why buy?

1. Get a broad understanding of the global smart hospital market.
2. Get region-specific market size and observations for the global smart hospital market and its segments by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance) and by AI (offering and technology).
3. Get specific drivers and challenges for the global smart hospital market and its segments by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance) and by AI (offering and technology).
4. Recognize major competitors’ business and market dynamics, and respond accordingly.

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
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 Market Players Analysis & Opportunity Outlook

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Table of Contents:

  • Market Overview
  • Market Definition and Scope
  • Market Dynamics
  • Market Industry Analysis
  • Market, Regional Analysis
  • Analysis of Leading Companies
  • Competitive Intelligence
  • Research Process
  • Market Analysis and Forecast, By Product Types

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