June 16, 2024
Smart Hospitals Market

Rising Adoption Of Telehealth Services Is Expected To Drive Growth Of The Smart Hospitals Market

Smart hospitals leverage advanced technology to provide quality healthcare services to patients. Integration of Internet of Things (IoT) devices allows remote monitoring of patients and collection of valuable health data. Adoption of electronic health records helps doctors easily access and share medical records. Computerized physician order entry systems streamline workflows and reduce medication errors. Use of telehealth services enables virtual consultation and care delivery. These digital solutions improve operational efficiency, enhance patient experience, and lower health expenditure. Advancements in artificial intelligence and robotics are transforming various processes in hospitals such as surgery, pharmacy management, and housekeeping.

The global smart hospitals market is estimated to be valued at US$ 41.00 billion in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising adoption of telehealth services is expected to drive growth of the smart hospitals market over the forecast period. Telehealth utilizes digital technologies like video conferencing, patient portals, and mobile apps to deliver health services remotely. During the COVID-19 pandemic, telehealth emerged as a promising solution to provide continuity of care while ensuring social distancing. Various governments worldwide took initiatives to expand insurance coverage for telehealth and loosen regulations to increase its adoption. For example, the U.S. government waived certain privacy laws and approved $200 million in telehealth funding through Department of Health and Human Services. Increased penetration of internet and smartphones has made telehealth accessible. This is boosting the implementation of telemedicine facilities across hospitals. Moreover, use of digital technologies helps address issues of lack of access to healthcare in remote areas. Telehealth alleviates burden on hospitals by enabling management of chronic conditions from home. This improves outcomes and lowers costs. Therefore, rising adoption of telehealth driven by its advantages during pandemic is fueling growth of the smart hospitals market.

Segment Analysis

The smart hospitals market can be segmented into hardware, systems and software, services. The hardware segment dominated the market in 2020 and is estimated to continue its dominance during the forecast period. This is due to increasing adoption of various internet-enabled medical devices such as digital picture archiving and communication system (PACS), electronic health records (EHR) and others to manage large volume of data in various healthcare organizations.

PEST Analysis

Political: Governments across the globe are increasing funding for healthcare IT infrastructure in order to provide better facilities and services. Various initiatives are being taken to promote digitalization in the healthcare sector.
Economic: Rising healthcare costs is driving hospitals to integrate smart technologies to improve efficiency and reduce operational costs. Growing geriatric population globally increasing demand for advanced healthcare facilities.
Social: Increasing acceptance of digital healthcare services among patients for convenience. Growing awareness about benefits of EHR and telehealth/telemedicine services.
Technological: Development of cloud computing, mobility solutions and analytics is supporting deployment of smart solutions. Adoption of artificial intelligence and IoT is enhancing efficient management of healthcare operations.

Key Takeaways

The global Smart Hospitals Market Growth is expected to witness high growth.

Regional Analysis:

North America currently dominates the market due to established healthcare infrastructure and high healthcare spending in the region. Growing efforts by healthcare providers to enhance patient experience and outcomes is boosting market in the region.

Key players operating in the smart hospitals market are Silvert’s Adaptive Clothing & Footwear, Izzy Camilleri, NBZ Apparel International, Able2Wear, Adaptions by Adrian, Professional Fit Clothing, Adaptive Clothing Showroom, Creation Confort, Buck & Buck, PVH Corp. and Lycra Company. These players are focusing on new product launches and enhancing their global presence through collaborations and partnerships with other players.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it