Smart Hospitals Market Size Worth USD 184.9 billion by 2031, Expanding at a CAGR of 17.7% | Exclusive Study by Transparency Market Research

Wilmington, Delaware, United States, Aug. 21, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global smart hospitals market is projected to flourish at a CAGR of 17.7% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 184.9 billion is anticipated for the market in 2031. As of 2023, the market for smart hospitals is expected to close at US$ 49.4 billion.

The increasing prevalence of various chronic diseases, such as diabetes, cardiovascular conditions, and respiratory disorders, necessitates innovative solutions to manage and treat these conditions efficiently, propelling smart hospitals’ market development.

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Competitive Landscape

The smart hospitals market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global smart hospitals market report:

• Koninklijke Philips NV
• GE Healthcare (General Electric)
• Medtronic PLC
• Honeywell Life Care Solutions (Honeywell International Inc.)
• Stanley Healthcare
• SAP SE
• Microsoft Corporation
• Allscripts Healthcare Solutions Inc.
• Cerner Corporation
• McKesson Corporation
• Schneider Electric Healthcare
• ThoughtWire Corp.

Key Developments in the Smart Hospitals Market

• In October 2022 — McKesson Corporation has opened a new state-of-the-art pharmaceutical distribution center in Jeffersonville, Ohio. The new facility will distribute pharmaceutical, over-the-counter (OTC), and home healthcare (HHC) products as well as consumer packaged goods (CPG) to customers across Ohio, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia.  
• Cisco Systems – offers network infrastructure solutions for smart hospitals that support secure data transmission, connectivity, and IoT device integration. The company collaborates with healthcare providers to create smart hospital environments with optimized connectivity and patient engagement solutions.

The aging global population increases healthcare demand. Smart hospitals offer solutions for remote monitoring, chronic disease management, and specialized care needed by elderly patients, which is expected to drive the demand for smart hospitals.

Increasing demand for remote healthcare services and the growing emergence of advanced technology such as IoT, AI, big data analytics, and telemedicine are significantly boosting the demand for smart hospitals. 

Key Takeaways from the Market Study

• As of 2022, the smart hospitals market was valued at US$ 41.9 billion
• Based on application, the medical-connected imaging application segment accounted for the largest share during the forecast period
• Based on connectivity, the wireless segment accounts for the highest market share
• Based on the service offered, the super specialty services offered segment is projected to dominate the industry during the forecast period. Advancements in medical technology and specialized treatments have expanded the scope of super specialty services.

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Smart Hospitals Market: Key Trends and Opportunistic Frontiers

• Growing technological advancements in digital technologies, such as the Internet of Things (IoT), artificial intelligence (AI), big data analytics, and telemedicine, provide opportunities smart hospitals market
• Increasing demand for improved patient care through personalized treatment plans, real-time monitoring, and data-driven decision-making, to drive the smart hospitals market during the forecast period.
• Increasing number of government policies and initiatives that promote the use of digital health technologies and healthcare innovation drive the adoption of smart hospital solutions.
• Integration of IoT devices enables real-time monitoring of patients’ vital signs, remote patient monitoring, and efficient management of medical equipment and supplies.

Smart Hospitals Market – Regional Analysis

• North America is anticipated to dominate the smart hospitals market during the forecast period. the presence of well-established healthcare systems and the introduction of new medical technologies, fostering innovation and driving the adoption of smart hospital solutions. Rise in the adoption of advanced healthcare technologies and strategic investments in these technologies are fueling the market dynamics of the region
• The smart hospitals market in the Asia Pacific is expected to grow at a significant pace during the forecast period owing to a surge in digitalization in the healthcare sector. Rapidly growing populations and increasing healthcare needs drive the demand for innovative healthcare technologies

Smart Hospitals Market – Key Segments

Component

• Hardware
• Systems & Software
• Services

Service Offered

• General
• Super Specialty
• Others

Connectivity

Application

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

Region

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

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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