Smart Hospitals Market
Smart Hospitals Market (Component: Hardware, Software, and Services; Service Offered: General, Super Specialty, and Others; Application: Electronic Health Records & Clinical Workflow, Medical Assistance, Medical Connected Imaging, Remote Medical Management, and Others; and Connectivity: Wired and Wireless) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Humanoid Robots to Offset Losses During COVID-19 Pandemic
The high prevalence of active COVID-19 (coronavirus) cases in the U.S., India, Brazil, and Russia has triggered innovations in humanoid robots. Stakeholders in the smart hospitals market are taking cues from Beijing-based robotics company CloudMinds, which is providing humanoid robots in hospitals to free up human medical staff and limit the possibility of virus spread. Even though the idea of humanoid robots felt like a distant possibility, the coronavirus pandemic made it a reality since these robots are capable of cleaning & disinfection activities, measuring a patient’s temperature and deliver medicines.
Companies in the smart hospitals market are increasing their R&D to innovate in humanoid robots, as these machines hold promising potentials to offset the losses made in 2020. Healthcare facilities looking to eliminate costs associated with human staff are showing interest in humanoid robots.
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Smart Hospitals and Hospital 4.0: Digital Future of Global Healthcare
Technological enablement, automation, and digitization are impacting the smart hospitals market in a profound ways. Hospitals are transitioning from mere implementation of new technologies to adopting comprehensive strategies to scale business opportunities. As such, the concept of smart infrastructure is growing popular in the smart hospitals market. This involves the proliferation of artificial intelligence (AI), Big Data, and the IoT (Internet of Things) to create more integrated and efficient hospital spaces that suit the needs of clinicians and other occupants.
Smart hospitals are improving care delivery on the global level. Connected technologies are making it possible for patients to consult doctors from any part of the world. This has led to the business model of telemedicine, which is predicted to grow exponentially.
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Lack of Management Buy-in Creates Resistance against Smart Hospital Initiatives
The smart hospitals market is expected to advance at an astonishing CAGR of ~23% during the assessment period. However, hospitals face several hurdles in accomplishing their smart hospital initiatives. For instance, lack of management buy-in can be demotivating for stakeholders. A bureaucratized and hierarchical management may show resistance in being adaptive and agile toward smart hospital initiatives, such as setting up connected medical imaging facilities or establishing the IoT in remote medical management.
In order to overcome these challenges, consultancy companies in the smart hospitals market should help stakeholders to execute their initiatives in a comprehensive way by increasing emphasis on real business use cases.
Digital Healthcare Translates into Business Opportunities for Stakeholders
The smart hospitals market is expected to reach US$ 221.3 Bn by the end of 2030. This is evident since health professionals are increasing their usage of electronic health records and connected medical assistance. Such digital technologies are increasing the availability of safe, effective, and patient-centric care services in hospitals. Clinical and administrative services are becoming more personalized and precise.
Electronic health records and clinical workflow applications are anticipated to hold the lion’s share in terms of revenue of the smart hospitals market. This explains why Big Data is improving service planning and clinical decision making in hospitals. As such, machine learning (ML) is emerging as a solution to manage huge volumes of healthcare data.
ML, AI, and IoT Improve Patient Care and Maximize Medical Outcomes
The healthcare industry’s next technological revolution holds lucrative opportunities in the exploitation of an unprecedented amount of data combined with cloud computing services. Companies in the smart hospitals market are increasing their focus in ML, AI, and IoT, which offer expert insights about the future of digital healthcare. As such, data analytics and AI are expected to improve medical outcomes.
Innovative healthcare leaders in the smart hospitals market are taking giant strides in the field of automotive technologies to allow healthcare professionals focus on their core work. Automated and streamlined admission processes are saving on precious hours of waiting time.
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The European Commission has launched an €8 Mn project that aims to commercialize the IoT to enhance and increase remote care services in hospitals during the ongoing COVID-19 era. Digital technologies pertaining to AI, ML, and Big Data are being used or asset tracking and patient flow management. However, stakeholders in hospitals face issues of improper design and implementation of smart hospital initiatives. Hence, companies in the smart hospitals market should consult stakeholders about selecting the right use cases that meet business needs. They should make the right technology choices and define a phase-wise implementation plan to regularly measure its effectiveness.
Smart Hospitals Market: Overview
- The global smart hospitals market was valued at US$ 22.43 Bn in 2019. It is projected to expand at a higher CAGR from 2020 to 2030. Technological advancements, including digitization, Internet of things, artificial intelligence, rise in incidence of coronavirus leading to a surge in the demand for smart hospitals are key factors that are anticipated to drive the global market during the forecast period.
- Presence of key players offering innovative and digitized services is likely to propel the global smart hospitals market. Rise in prevalence of diseases across the globe and adoption of artificial intelligence, electronic health records, Internet of Things, and other technically advanced solutions boost the development of well-equipped smart hospitals across the world.
- Smart hospitals are digital, technical advanced hospitals that optimize, redesign, or build clinical processes with advanced digital infrastructure facilities. The framework of smart hospitals consists of three essential layers: data, insight, and access. Smart hospitals are digitally connected hospitals that provide operational efficiency, valuable services, and quality of care to patients. Smart hospitals play an important role in providing services, which would distant the infected and non-infected patients in order to curb the spread of infection and technological advancements and support the recovery process of patients
- Smart hospitals cater to the needs of patients by adhering to social distancing protocols and delivering healthcare services remotely. This is expected to be carried out through telemedicine and diagnosis & treatment of the disease or any condition through technically sound medical devices.
- Adoption of artificial intelligence, robotic technology, and innovative versatile networking infrastructure drive the demand for the 5G mobile technology to offer healthcare services in a contactless process
Smart Hospitals Market: Segmentation
- The global smart hospitals market has been segmented based on component, service offered, connectivity, application, and region
- In terms of component, the global smart hospitals market has been categorized into hardware, systems & software, and services. The systems & software smart hospitals segment accounted for a prominent share of the market in 2019, owing to technological advancements, inclusive Internet of Things (IoT), electronic health records (EHR), artificial intelligence, and robotic technology for the development of smart hospitals.
- Based on service offered, the global smart hospitals market has been classified into general, super specialty, and others. The general segment dominated the global smart hospitals market in 2019, as general hospitals have a strong presence across the globe. Moreover, introduction of technically advanced solutions in general hospitals is estimated to offer patients access to various services and solutions.
- Based on application, the global smart hospitals market has been split into electronic health records & clinical workflow, medical assistance, medical connected imaging, remote medical management, and others. The electronic health records & clinical workflow segment accounted for a major share of the market in 2019, as it provides access to patient records and enables secured sharing of electronic information among patients and clinics.
- In terms of connectivity, the smart hospitals market has been classified into wired and wireless. The wireless segment accounted for a prominent share of the market in 2019, attributable to the development of smart hospitals using wireless network, such as IoT, wireless devices, or sensors.
Smart Hospitals Market: Regional Segmentation
- In terms of region, the global smart hospitals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global smart hospitals market in 2019. This can be ascribed to growing burden of patients suffering from various diseases, outbreak of infectious diseases, the sudden pandemic of COVID-19, technological advancements, rise in healthcare expenditure, and surge in investments in the development of innovative smart hospitals.
- The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period. Increase in prevalence of infectious diseases, cancers, genetic disorders, and other conditions are anticipated to drive the smart hospitals market in Asia Pacific during the forecast period. Rise in medical tourism, adoption of e-health and various innovative technologies, and increase in investments are key factors expected to propel the smart hospitals market in Asia Pacific.
Smart Hospitals Market: Major Players
- Key players operating in the global smart hospitals market include
- GE Healthcare (General Electric Company)
- Koninklijke Philips N.V.
- Cerner Corporation
- Honeywell International, Inc.
- STANLEY Healthcare
- Capsule Technologies, Inc.
- McKesson Corporation
- SAP SE
- These players focus on adopting various strategies to expand product offerings and to strengthen geographic presence across the globe. Technological advancements, mergers & acquisitions, expansion of product portfolio, and adoption of digitization & electronic health records are likely to boost companies’ presence across the globe. Moreover, increase in disease prevalence across globe is likely to prompt companies to initiate awareness campaigns regarding adoption of technologies to develop smart hospitals, which, in turn, is estimated to augment the global smart hospitals market.
Smart Hospitals Market – Scope of the Report
TMR’s report on the global smart hospitals market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the overall revenue of the global smart hospitals market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global smart hospitals market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global smart hospitals market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of the top-down and bottom-up approaches to study various phenomena in the global smart hospitals market.
The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global smart hospitals market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global smart hospitals market. The next section of the global smart hospitals market report highlights the USPs, which include technological advancements, Key industry events (mergers, acquisitions, strategic partnerships, etc.), and COVID-19 pandemic impact on global smart hospitals market
The report delves into the competition landscape of the global smart hospitals market. Key players operating in the global smart hospitals market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global smart hospitals market report.
Key Questions Answered in Smart Hospitals Market Report
- What is the sales/revenue generated by the global smart hospitals market across all the regions during the forecast period?
- What are the key trends in the global smart hospitals market?
- What are the major drivers, restraints, and opportunities in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2030 and which component, service offered, connectivity, and application will expand at the fastest CAGR during the forecast period?
Smart Hospitals Market – Research Objectives and Research Approach
The comprehensive report on the global smart hospitals market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global smart hospitals market. It is followed by market introduction, market dynamics, and an overview of the global smart hospitals market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the global smart hospitals market. The next section of the global smart hospitals market report highlights the USPs, which includes technological advancements, key mergers & acquisitions, collaborations, and COVID-19 pandemic impact on global smart hospitals market on global smart hospitals market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key product manufacturers has been mapped to ascertain the size of the global smart hospitals market in terms of value. The forecast presented here assesses the total revenue generated in the global smart hospitals market. In order to provide an accurate forecast, we initiated by sizing up the current smart hospitals market with the help of the parent market.
The report analyzes the global smart hospitals market in terms of component, service offered, connectivity, application, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global smart hospitals market.
Smart Hospitals Market – Segmentation