Smart Hospital Market Revenue USD 77,299.6 Million at a 21.5% CAGR by 2025 | North America Region Expected to Register a 21.1% CAGR in Global Smart Hospital Industry

The key players in the global smart hospital market include Medtronic PLC., GE Healthcare, Koninklijke Philips N.V., Allengers Groups, Cerner Corporation, Qualcomm Life, Honeywell Life Care Solutions, Mckesson Corporation, Adhere Tech, and Siemens Healthineers.

Pune, India, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) predicts the global smart hospital market to achieve USD 77,299.6 million at a 21.5% CAGR from 2018-2025 (forecast period).

The smart hospital is a hospital where technology and design are combined to improve patient care. In the healthcare sector, the smart hospital is a technological advancement aimed at delivering a wide range of services in order to achieve higher quality health care services and operational efficiency. The technologies used in smart hospitals are AI, active RFID (Radio Frequency Identification), sensors, Wi-Fi, integration platforms, mobile apps, wearables, and many more. Smart hospitals are also designed to minimize pollution and reduce their environmental impact by using eco-friendly flooring, paints, furniture, and furnishings.

The rising need for IoT is likely to fuel market growth. The Internet of Things allows the healthcare industry to incorporate monitoring and management, position tracking, laser scanning, intelligent recognition GPS, and other information sensing equipment to enhance treatment management and facilities.

Additional factors that add to smart hospital market demand include the need for affordable medical services, increased emphasis on developing healthcare solutions, government initiatives to introduce healthcare IT solutions, growing government spending on healthcare systems, increasing number of trained IT experts, and increasing awareness of the benefits of smart hospitals, such as improved disease management, reduced errors, enhanced patient experience, enhanced outcomes of treatment, and reduced cost of treatment, rising prevalence of chronic diseases, growing need for better patient care & accurate and efficient solutions. In addition, the rising need for smart hospitals, the increasing need for affordable solutions in hospitals, the increasing penetration of instruments and connected devices in hospitals, government measures to develop healthcare infrastructure, the adoption of connected appliances, increasing investment in the healthcare sector, and the need for efficient medical services are contributing to the smart hospital market size over the forecast period. However, the high cost of connected devices and systems can act as a market challenge over the forecast period. 

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COVID-19 Impact on the Global Smart Hospital Market
The rising prevalence of coronavirus cases has led to an increasing need for continuous patient monitoring using the internet of things and sensors devices for tracking patients, movements, temperatures, and items to cope with the outbreak and to provide treatment for patients that are COVID positive. Organizations are focused on the launch of new applications to develop smart hospitals with artificial intelligence that are expected to fuel smart hospitals' market growth over the forecast period.

Smart hospitals are better at managing the pandemic compared to non-smart hospitals. Due to the use of technology, they are able to maintain better social distancing. Physicians can collect real-time data without visiting patients at their beds. These hospitals can also tell the total number of available beds compared to hospitals that do not use technology. Social distancing criteria, along with other constraints attributable to the spread of COVID-19, provide additional opportunities to smart hospitals for remote consultations, symptom tracking, and follow-ups.

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Market Segmentation
The global smart hospital market has been bifurcated based on application & type.

Based on type, the global smart hospital market has been bifurcated into general services, specialty, super-specialty

Based on application, the global smart hospital market has been bifurcated into remote medicine management, outpatient vigilance, medical assistance, medical connected imaging, and electronic health record and clinic workflow. 

Regional Analysis
By region, the global smart hospital market covers the opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).

North America to lead the global market
North America will be the market leader in the forecast period. The rapid adoption of the latest technology, the introduction of advanced technologies in the healthcare sector, availability of funds, increased spending on healthcare, accessibility of advanced healthcare facilities, growing need for healthcare services such as critical care, intensive care, acute and long-term care, and the accessibility of highly developed hospitals such as multi-specialty and super-specialty hospitals are adding to the global smart hospital market share over the forecast period. In addition, the need for medical equipment such as hospital beds, medical equipment, and other types of support products, supporting government policies to deploy digital health, accessibility of infrastructure with high digital literacy, the involvement of key market players, increased knowledge of connected health care, increased penetration of smartphones and the internet, and the use of health-related apps are also accelerating market growth.

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Competitive Landscape
The smart hospital market is moderately fragmented due to the involvement of key players. These main players have implemented a range of strategies to maintain intense competition and meet increasing consumer needs, such as alliances, acquisitions, high expenditure on research and development activities, mergers, and product launches.

Prominent players profiled in the global smart hospital industry report include:

  • Allengers Groups
  • Qualcomm Life
  • Siemens Healthineers
  • Mckesson Corporation
  • Cerner Corporation
  • Adhere Tech
  • Medtronic PLC.
  • Koninklijke Philips N.V.
  • GE Healthcare
  • Honeywell Life Care Solutions

Industry News
December 2020-Fakeeh University Hospital based in Dubai Silicon Oasis is all set to welcome patients. This smart hospital has over 350 beds. The project is approximately 1 million square feet long. Each patient's room contains tablets that allow patients to interact with their surroundings as well as with medical staff. The patient can check his/her credential with the aid of a hospital app that operates with a technology-based joint control center that provides 24/7 patient follow-up.

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