The Smart Hospital Market Is Estimated To Witness High Growth Owing To Increasing Investment In Digital Healthcare

The Smart Hospital Market is estimated to be valued at US$ 41 Bn in 2024 and is expected to exhibit a CAGR of 20.7% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

Increasing advancements in smart technology and increasing investments in digital health are the key factors driving the growth of the global smart hospital market. Adding Internet of Things (IoT) and artificial intelligence (AI) to healthcare infrastructure Healthcare improves patient safety and experience.

Key Market Trends:

Connected healthcare means integrating smart devices such as smart beds. Smart bath smart refrigerators, etc., to develop a connected ecosystem for perfect healthcare delivery. Facilitates the exchange of information between health systems and devices. This helps improve operational efficiency. Rising acceptance of telemedicine and remote patient monitoring is also observed owing to benefits such as enhanced access, lowered costs, and improved patient outcomes. More coverage can be found in the sample copy. 

Digitalization Opportunity

The growing adoption of digital technologies in the healthcare industry presents a huge market opportunity for smart hospital solutions. With the use of artificial intelligence, analytics, cloud computing and IoT, smart hospitals are able to provide better patient care and clinical outcomes. Digital technologies help improve workflow efficiency, reduce medical errors and enhance staff productivity in hospitals. For example, computer-assisted imaging technologies help radiologists and surgeons analyze medical scans more accurately. Real-time location systems and asset tracking solutions optimize hospital resource utilization. The market opportunity for digital transformation in hospitals is expected to reach USD 41 Billion by 2024.

Remote Patient Monitoring Opportunity

With rising healthcare costs and shortage of caregivers, remote patient monitoring allows hospitals to provide care outside the conventional settings. Devices such as wearables and wireless sensors help monitor vitals and enable chronic disease management from the comfort of patient homes. This reduces hospital readmissions and unnecessary emergency room visits. The cost savings from remote care models are driving greater hospital investments in smart home solutions. Technologies such as telehealth and telemedicine are helping expand the reach of hospital services to rural areas. The revenue opportunity from remote patient monitoring systems for smart hospitals is estimated to be USD 12 Billion by 2031.

Key Market Takeaways

The global smart hospital market is anticipated to witness a CAGR of 20.7% during the forecast period 2024-2031, owing to growing need for improved healthcare services and cost efficiencies. On the basis of component, medical devices segment is expected to hold a dominant position, owing to high demand for various diagnostic and therapeutic equipment integrated with IoT technologies.

On the basis of technology, healthcare connectivity solutions segment is expected to hold a dominant position over the forecast period, due to its ability to effectively manage large volumes of data in hospitals.

By region, North America is expected to hold a dominant position over the forecast period, due to robust healthcare infrastructure and higher adoption of digital health approaches in the region.

Competitor Insights:

Microsoft
CISCO
Honeywell Corporation
TERSO Solutions
Qualcomm Life
AdhereTech
SAP
IBM
Allanite
Cerner Corporation

Recent Developments in Smart Hospital Market

In July 2023, a leading medical devices company partnered with a tech giant to launch a new $500 million venture fund dedicated to funding startups working on innovative digital health technologies. Through this fund, they aim to identify and support early-stage companies developing solutions involving areas like telehealth, virtual care, medical imaging, clinical decision support, and remote patient monitoring. This new funding initiative is expected to accelerate the development and adoption of cutting-edge digital health products and services.

In August 2023, a major European hospital group started deploying AI-based medical imaging analytics platforms developed by a US-based healthcare IT firm. The AI platform uses advanced algorithms to read medical scans and images and automatically generates structured reports for radiologists. It has been found to increase radiology department’s reporting efficiency by nearly 30%. Several other hospitals have also initiated pilots to test AI algorithms for tasks like automated disease detection, predictive analytics, and resource utilization optimization over the last few months.

Full coverage of the report available here.