Smart Hospitals Market to Reach US$ 221.3 Bn by 2030; Rise in Electronic Health Records and Clinical Workflow Applications to Generate Vast Revenues: TMR Study

Growing trend of adoption of systems & software in general hospitals imparted sizable revenue growth; strides in e-health to unlock massive prospects in smart hospitals market

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Albany NY, United States, May 19, 2022 (GLOBE NEWSWIRE) -- Increasing trend of integration of modern information and communication technologies (ICT) in healthcare systems is catalyzing the expansion of the global market for smart hospitals. The growth prospects for smart hospitals have made remarkable strides on the back of widespread deployment of electronic health records (EHR). An in-depth business intelligence study on the smart hospitals market project the global valuation to reach US$ 221.3 Bn by 2030.

Rise in adoption of patient-centered services notably from booming IoT-based services in a wide range of medical services has paved the way to enormous growth opportunities in smart hospitals. Of note, cutting-edge ICT such as 5G has extended the canvas for smart hospitals manufacturers to boost disease diagnosis and treatment quality while enabling the healthcare providers to optimize costs.

Continuing strides made in telehealth, penetration of robotics, and mobile health services through state-of-the-art ICT are expanding the outlook of the smart hospitals market. Rapid adoption of telehealth stridently for remote medical management over the past few years has imparted a vast fillip to demand for smart hospitals.

E-health has proved to be gamechanger for patient management in chronic diseases. During the COVID-19 outbreaks in various developing and developed countries, the world witnessed a pressing need for expanding the scope of telehealth, which thus provided a massive tailwind to the growth prospects of the smart hospitals market.

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Key Findings of Smart Hospitals Market Study

  • Growing Use of IoT-based Services for General Hospitals to Propel Enormous Revenues: An array of IoT-empowered services and solutions has been commercialized for range of objectives notably for improving the operational efficiency, increasing efficiency of hospital building energy management, enriching patient safety, and improving the overall bottom-line. The uptake in general hospitals has generated sizable revenue gains to services and solution providers in the smart hospitals market.

  • Adoption of AI and ML in EHR and Clinical Workflow Applications to Expand Room for Growth: A slew of cutting-edge technologies have been adopted in electronic health records and clinical workflows for clinical decision support systems. Of note, artificial intelligence (AI) and machine learning are finding significant use in hospital systems. Healthcare providers are increasingly harnessing AI and natural language processing in EHR interfaces. Other technology innovations in the smart hospitals market are surgical robots and robotics for patient care and operations. These advancements have expanded the prospects for players in the smart hospitals market. The TMR study has found that the systems & software held a prominent share among the various key components in the smart hospitals market.

  • Adoption of Advanced ICT in Hospital 4.0 to Open Up Lucrative Opportunities: Strides made in e-health for managing the prevalence of infectious diseases and cancers have fueled revenue possibilities for companies in the smart hospitals market to capitalize on. Robotics and automation in recent times are witnessing a rapid pace of adoption in general hospitals worldwide, thereby broadening growth opportunities in smart hospitals.

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Smart Hospitals Market: Key Drivers

  • Ever-growing need for improving the quality and effectiveness of healthcare for managing the burden of chronic, infectious, and cancer has been a key force in the evolution of the smart hospitals market.
  • Increasing emphasis by various industry stakeholders in government in several countries on implementing the concepts of Hospital 4.0 for patient-centric services. The commercialization of integrated solutions based on advanced ICT has expanded the avenues, observed the authors of the smart hospitals market report.

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Smart Hospitals Market: Regional Growth Dynamics

Opportunities in the Asia Pacific smart hospitals market are projected to expand at promising pace. The prevalence of chronic diseases, infectious diseases and cancer, has spurred investments on smart hospitals as a key step in reducing the health and economic burden. Strides made in medical tourism are opening promising avenues for smart hospitals manufacturers.

Smart Hospitals Market: Key Players

Some of the key players in the smart hospitals market are SAP SE, Microsoft, McKesson Corporation, Capsule Technologies, Inc., STANLEY Healthcare, Honeywell International, Inc., Cerner Corporation, Medtronic, and Koninklijke Philips N.V.

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Smart Hospitals Market – Segmentation

Component

  • Hardware
  • Systems & Software
  • Services

Service Offered

  • General
  • Super Specialty
  • Others

Connectivity

  • Wired
  • Wireless

Application

  • Electronic Health Records & Clinical Workflow
  • Medical Assistance
  • Medical Connected Imaging
  • Remote Medical Management
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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