Global smart hospital market size is flourishing owing to growing government and corporate investments in the digitalization of the healthcare sector to improve operational efficiency, rising healthcare expenditure, and rising prevalence of various chronic diseases among the world population that is aging rapidly.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global smart hospital market size at USD 47.03 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global smart hospital market size to grow at a significant CAGR of 27.1% reaching a value of USD 246.16 billion by 2029. The growing recognition of the benefits of smart hospitals among physicians and patients has a direct impact on market growth. Initiatives to improve healthcare infrastructure, the growing need for cost-effective solutions, the introduction of internet of things (IoT) supported devices and technologies, an increase in the number of cases of chronic diseases, and acceptance of connected devices and appliances are critical factors expected to contribute to the development of the smart hospital market during the forecast period. Government is investing heavily in the healthcare sector, opening up numerous new opportunities for the future growth of the smart hospital market. However, the rising cost of connected devices and lack of awareness regarding the Internet of Things-enabled solutions and products may restrain the growth of smart hospitals.
Global Smart Hospital Market – Overview
Modern hardware and software have been installed in healthcare facilities known as “smart hospitals” to reduce workloads and keep costs for all hospital procedures to a minimum. Smart hospitals typically require the internet of things and artificial intelligence. Hospitals are now becoming smarter as a result of recent technological advances. Staff, operations, and even patient records are coordinated using sophisticated software and cutting-edge machinery. The market for smart hospitals is being driven by the fact that running a hospital is much easier now that everything is online, and the hospital is making more money as a result.
Opportunity: Rapidly Aging World Population
Vision-related disorders are most common in the elderly. In this age group, vision loss is a major health concern. According to the WHO, by 2030, one out of every six people on the planet will be 60 or older. At this point, the population aged 60 and up will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 and up is expected to double (there are 2.1 billion). Between 2020 and 2050, the number of people aged 80 and up is expected to triple, reaching 426 million. Contact lens demand is increasing as the elderly population grows.
Challenge: Lack of Awareness about Smart Hospitals
The global smart hospitals market is expected to grow slowly during the forecast period due to a lack of awareness of smart healthcare products. Accenture, a multinational consulting and services company, in its research study conducted in 2017, found that healthcare professionals were unaware of smart patient services, such as adherence programs and remote monitoring programs, as well as services offered by various medical device companies, such as GE Healthcare. According to the company, approximately 55% of healthcare professionals in France, Germany, the UK, and the US were unaware of the various smart hospital technologies offered by pharmaceutical companies.
Impact of COVID-19 on Global Smart Hospitals Market
Hospitals and medical staff are under a significant amount of strain as a result of the exponential rise in COVID-19 cases worldwide. Artificial intelligence (AI)-based sensors are currently being used in several healthcare facilities to support effective triage. Due to the circumstance, several companies have developed AI-powered contactless infrared sensor devices for spotting infected people in crowds. To reduce unneeded exposure of the medical staff to COVID-19 patients, hospitals are using these tools more frequently in place of manual screening techniques. To identify patients among incoming patients who exhibit specific COVID-19 symptoms, many hospitals have implemented AI systems.
Global Smart Hospitals Market – By Component
The global smart hospital market is divided into two component segments: hardware, and software & services. The software & services segment accounted for a significant market share due to technological advancements, such as the IoT, AI, EHR, and robotic technology to develop smart hospitals. The hardware segment, on the other hand, is expected to grow at the fastest rate during the forecast period due to the increasing adoption of technologically advanced products, such as Hybrid Operating Rooms. To maintain their global smart hospital market leadership, the companies are focusing on advanced healthcare services and launching innovative hardware.
Global smart hospital market is fiercely competitive. Prominent players include Alphabet Inc. (Google LLC), Enlitic Inc., General Vision, Intel Corporation, IBM Corporation, Microsoft Corporation, Nvidia Corporation, Next IT Corp., Welltok Inc., and GE Healthcare. Other players are Adheretech, Allscripts, Cerner Corporation, Diabetizer, Medtronic, Proteus Digital Health, and Qualcomm Life. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global smart hospital market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Smart Hospital Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Smart Hospital Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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