New York, USA, April 27, 2023 (GLOBE NEWSWIRE) -- Smart Hospital Wearables Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Smart Hospital Wearables Market Research Report Information By Type, By Technology, By Distribution Channel, By Region - Forecast till 2030”, the market size was valued at USD 17.44 billion in 2021 and is projected to grow from USD 19.94 billion in 2022 to USD 58.08 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.3% during the forecast period (2022 - 2030).
Market Scope
The increased adoption of smart hospital wearable devices, the growing need to improve clinical processes and workflow efficiency, and the increasing prevalence of chronic diseases are driving market growth. The Internet of Things (IoT) is a growing technology that is rapidly changing how healthcare is delivered. Patient safety and efficiency are rising as a result of connected medical equipment. A hospital becomes a "Smart Hospital" when such technologies are applied to the whole ecosystem of the healthcare company.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 58.08 Billion |
| CAGR | 14.3% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Devices, Therapeutic Devices, Technology, Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased adoption of smart hospital wearable devices and rising prevalence of chronic diseases |
| Growing need to improve clinical processes and workflow efficiency |
Smart Hospital Wearables Market Competitive Outlook
Leading market players are implementing a variety of business tactics to strengthen their position in the industry. In order to increase their product range and further fuel the market for smart hospital wearables, they are making large investments in R&D. Also, market participants are implementing a number of strategic efforts, including the introduction of new products, contractual agreements, mergers and acquisitions, raising investments, and collaborating with other participants to increase their worldwide presence.
Key Companies in the Smart Hospital Wearables market includes,
- Boston Scientific Corporation (US)
- Honeywell International Inc. (US)
- Omron Corporation (Japan)
- Medtronic (Ireland)
- Koninklijke Philips N.V. (Netherlands)
- Sotera, Inc. (US)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
- BioIntelliSense, Inc. (US)
- VitalConnect (US)
- MedioTek Health Systems (India) among others
Smart Hospital Wearables Market Trends:
Drivers
The increasing incidences of multimorbidity and the rising number of surgeries are positively contributing to market growth. The market is expanding as a result of the rising acceptance of smart hospital wearable technology, the growing demand to enhance clinical workflow effectiveness, and the rising incidence of chronic illnesses. Smart hospital wearables are wearable computers that can track and monitor a variety of vital indicators, including blood pressure, heart rate, and oxygen levels. These tools support the monitoring of a number of illnesses, including lung diseases, diabetes, and sleep problems.
Hospital wearable devices combining artificial intelligence (AI), machine learning, and digitalization enable real-time access to patient health data, better patient outcomes, enhanced efficiency, and increased capacity for medical personnel. The market for smart hospital wearables is being driven by factors including rising acceptance of wearable medical technology, a growing demand to enhance clinical workflow effectiveness, and rising chronic illness prevalence. In addition, the market's participants benefit from the rising acceptance of new technologies and greater internet usage.
Hospitals all over the world have been hesitant to implement these technology and procedures because of the significant investments required. Hospitals nowadays are being compelled to use technology due to the falling cost of it and the rapidly emerging use cases that demonstrate the value of digital connection solutions. Through digitizing workforce management, asset monitoring, and scheduling for greater operational efficiency, these technology advancements will also help hospitals.
There is a rising need for remote patient monitoring solutions as a result of the aging population and long-term chronic illness conditions in many countries. This has a big effect on how fast the market is growing. Hospital executives are under continual pressure to cut expenses while maintaining a high level of patient care. Wireless technologies are being used by hospitals to run more smoothly, boost patient care, and enhance patient experiences.
Limitations
Nevertheless, the expansion of the market for smart hospital wearables may be hampered by increased data security concerns and expensive gadget prices. The hospital staff's most difficult responsibility is to shorten the wait times for all patients. Using other software would assist streamline processes, enhance patient care, and lessen staff burnout. Vendors are concentrating on creating software and solutions to increase hospitals' efficiency as a result.
Browse In-depth Market Research Report (128 Pages) on Smart Hospital Wearables: https://www.marketresearchfuture.com/reports/smart-hospital-wearables-market-11411
COVID-19 Analysis
The COVID-19 pandemic has overloaded hospitals to the point of failure. Nonetheless, the crisis response also promoted creativity. The need to preserve social isolation and make the most effective use of busy employees accelerated the digital transformation.
Smart Hospital Wearables Market Segmentation:
Wearable Device Insight
In 2021, the market for diagnostic and monitoring equipment held the biggest share. This is brought on by the rising incidence of chronic conditions including neurological and cardiac disorders, the greater use of smart devices by hospitals, and the infrastructure modernization in the healthcare industry.
Technology Insights
Due to the deployment of artificial intelligence technologies in hospitals because it offers a decrease in medical mistakes and administrative stress, this category of technology held the greatest share in 2021.
Distribution Channel Insights
In 2021, the pharmacy industry held the biggest market share. This is due to the rise of hospital and retail pharmacies throughout the world.
Smart Hospital Wearables Market Regional Insights
Technology improvements in hospital wearable devices and the region's well-established healthcare infrastructure are credited with driving the growth of the smart hospital wearables market in North America. The market for smart hospital wearables in North America holds the largest market share as a result of the region's established healthcare infrastructure, rising prevalence of chronic diseases like cancer, diabetes, and cardiovascular disorders, as well as technological advancements in hospital wearable devices. As a result, more patients are admitted to hospitals for the treatment of heart problems. There is increasing demand in the area for smart healthcare wearables. According to market statistics, the US market for smart hospital wearables had the biggest market share, while the Canada market for these devices accounted for the second-largest market in North America.
From 2022 to 2030, the market for smart healthcare wearables is anticipated to expand at its fastest rate. This is brought on by the growing elderly population, the rising cost of healthcare, and the expanding use of wearable hospital AI devices. Moreover, the growing market for smart hospital wearables in the area is being driven by middle-class families in Asia, who make up a significant portion of the population and have more discretionary income, which encourages greater spending on health. In addition, the Asia-Pacific region's smart hospital wearables market in China had the greatest market share while the market in India had the quickest rate of growth.
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Advanced infrastructure is available in European nations including Germany, the UK, Sweden, and the Netherlands for the deployment of cutting-edge health informatics systems and the construction of smart hospitals. These nations employ IoT to connect devices to transfer patient data and lower health risks, and AI to provide intelligent medical services. The swift adoption of Industry 4.0 in the UK is a revolutionary move for the nation and will inevitably result in the creation of smart hospitals thanks to the widespread participation of businesses, customers, and workers. Notwithstanding various regulatory obstacles brought about by the Brexit scenario, Europe has managed to rank among the top producers of smart devices. Moreover, possibilities for the market under study are anticipated to arise from the consistent inflow of investments into the healthcare industry, particularly as a result of beginning projects that were in the pipeline.
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