Smart Hospitals Market

Global Smart Hospitals Market Size, Trends & Analysis - Forecasts to 2027 By Component (Hardware, Software System, and Services), By Technology (Cloud Computing, Artificial Intelligence, Wearable Technologies, Radio Frequency Identification, and Others), By Application (Remote Medicine Management, Medical Connected Imaging, Medical Assistance, Electronic Health Record and Outpatient Vigilance), By Connectivity (Wired and Wireless), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa), Company Market Share Analysis, and Competitor Analysis

Category Healthcare
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This report was recently updated on May 9 2022 with the latest and most recent market numbers

Global Smart Hospitals Market Size

The global smart hospitals market is projected to grow at a CAGR value of 20.5% from 2022 to 2027.

Smart hospitals are changing and improving the productivity of the healthcare sector globally by imbibing connectivity with hospital management systems. Such hospitals offer enhanced technological advancements in treatment and care of patients, including advanced patient data software, networks and high-tech imaging machinery. Smart hospitals help the healthcare caregivers in several ways like coordinating surgeons with surgery schedules, collecting patient medical information to update medical staff, advanced diagnostic imaging procedures, and image guided surgeries among others. Thus, in general, smart hospitals are highly dependent on artificial intelligence (AI) and the internet of things (IoT) for their smooth operation. Due to the adoption of such technologies, work is better divided within the hospital, thus reducing overall staff workload and improving hospital productivity and efficiency. The hospital also minimises certain costs.

The market will be driven during the forecast period by increasing demand for digitalization in hospital management settings clubbed with the increasing workload of medical staff and healthcare providers, rapidly increasing patient admissions, increased technological advancements in the healthcare industry resulting in cost minimization of hospital expenditures, rising government and private investments in digitalization to improve hospital efficiency.

Furthermore, rising patient demand for telehealth applications and the increased launch of advanced technology to facilitate outpatient vigilance is also expected to boost the market growth.

The outbreak of the COVID-19 pandemic has resulted in travel restrictions and lockdowns globally. This led to an increase in the demand for telehealth applications due to the need for contactless medical consults for COVID-19 affected patients and also those with other medical ailments. High demand for smart hospital beds during the consecutive COVID-19 waves resulting in rising workload for medical staff also led to increased demand for the adoption of such advanced technologies in hospitals.

global smart hospitals market

Global Smart Hospitals Market: By Component

Based on the component type, the global smart hospitals market is divided into hardware, software system, and services. The hardware segment is expected to be the fastest-growing segment in the market from 2022 to 2027.

This is mainly because the hardware monitors, IoT medical devices, and wearables are extensively utilised in a hospital set up, leading to its high demand. Thus, the increased usage of such devices is expected to boost market growth.

Global Smart Hospitals Market: By Technology

Based on the technology, the global smart hospitals market is divided into cloud computing, artificial intelligence, wearable technologies, radio frequency identification, and others. The artificial intelligence segment is expected to be the fastest-growing segment in the market from 2022 to 2027.

Artificial Intelligence (AI), is increasingly being adopted into the healthcare industry. AI combined with IoT, helps in capturing and processing of patient as well as other type of information that builds automation around the same data. AI also helps application developers in a medical set-up with smart hospital solutions such as thermal sensing, infection control, among other things. The COVID-19 pandemic has helped the healthcare professionals more interested in integration of AI into hospital workflows.

Global Smart Hospitals Market: By Application

As per the application analysis, the market is divided into remote medicine management, medical connected imaging, medical assistance, electronic health record and outpatient vigilance. The outpatient vigilance segment is expected to be the largest segment during the forecast period of 2022-2027 in the market.

Adoption of several advanced technologies forming smart hospitals help healthcare professionals to continuously monitor updates of IPD patient beds and OPD process with the usage of medical devices like sensors and cables on those patients have helped the segment be the largest shareholder in the market.

Global Smart Hospitals Market: By Connectivity

Based on connectivity, the global smart hospitals market is divided into wired and wireless. The wireless segment is expected to be the fastest growing segment on the basis of connectivity during the forecast period of 2022-2027.

Rising adoption of technologies that are wireless in nature such as cloud-based servers, AI, IoT, internet-connected devices, are boosting the growth of this segment in the market. Wireless technology helps in continuous remote monitoring of patients in such a set up while reducing the complexities associated with the wired devices.

asia pacific smart hospitals market

Global Smart Hospitals Market: By Region

As per the geographical analysis, the global smart hospitals market can be classified into North America (the United States, Canada, and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore, and the Rest of Asia Pacific), Europe (Germany, United Kingdom, Italy, France, Spain, Netherlands, and Rest of Europe), Middle East & Africa (Saudi Arabia, United Arab Emirates, and Rest of the Middle East & Africa) and Central & South America (Brazil, Argentina, and Rest of Central and South America).

North America (the United States, Canada, and Mexico) will have a dominant share in the global smart hospitals market from 2022 to 2027. The major factor driving the growth of the market in the North American region is the increasing healthcare expenditure in the USA and Canada to convert most of the hospital settings into smart and IoT based hospitals. The established and advanced healthcare infrastructure in this region is more likely to adopt such advanced technologies forming smart hospitals, and hence the region is ought to be the largest shareholder in the market.

Moreover, the Asia Pacific (India, China, Japan, Malaysia, Singapore, and the Rest of Asia Pacific) region is expected to be the fastest-growing segment in the global smart hospitals market during the forecast period. This region houses several heavily populated developing countries like India, China and those in South-East Asia. These countries are investing and expanding their healthcare industry to accommodate the rising demand from its population and adopting high-end automated management procedures for the smooth functioning of hospitals.

Global Smart Hospitals Market Share and Competitor Analysis

Medtronic Plc., Koninklijke Philips N.V., GE Healthcare, Stanley Healthcare, Siemens AG, Athenahealth, Allscripts Healthcare Solutions, Inc., Microsoft Corporation, SAP SE, Samsung Healthcare, and Honeywell International Inc. are the key players in the global smart hospitals market.

Please note: This is not an exhaustive list of companies profiled in the report.

Chapter 1   Methodology

1.1    Market Scope & Definitions

1.2    Estimates & Forecast Calculation

1.3    Historical Data Overview and Validation

1.4    Data Sources

1.4.1    Secondary

1.4.2    Primary

Chapter 2   Report Outlook

2.1    Global Smart Hospitals Market Overview, 2022-2027

2.1.1    Industry Overview

2.1.2    Component Overview

2.1.3    Technology Overview

2.1.4    Application Overview

2.1.5    Connectivity Overview

2.1.6    Regional Overview

Chapter 3   Global Smart Hospitals Market Trends

3.1    Market Segmentation

3.2    Industry Background, 2022-2027

3.3    Market Key Trends

3.3.1    Positive Trends

3.3.1.1    Advancements in wireless medical technology

3.3.2    Industry Challenges

3.3.2.1    Lack of awareness of smart hospital software in APAC healthcare industry

3.4    Prospective Growth Scenario

3.4.1    Component Growth Scenario

3.4.2    Technology Method Growth Scenario

3.4.3    Application Growth Scenario

3.4.4    Connectivity Growth Scenario

3.5    COVID-19 Influence over Industry Growth

3.6    Porter’s Analysis

3.7    PESTEL Analysis

3.8    Value Chain & Supply Chain Analysis

3.9    Regulatory Framework

3.9.1    North America

3.9.2    Europe

3.9.3    APAC

3.9.4    LATAM

3.9.5    MEA

3.10    Materials Overview

3.11    Market Share Analysis, 2022

3.11.1    Company Positioning Overview, 2022

Chapter 4   Global Smart Hospitals Market, By Component

4.1    Component Outlook

4.2    Hardware

4.2.1    Market Size, By Region, 2022-2027 (USD Million)

4.3    Software System

          4.3.1    Market Size, By Region, 2022-2027 (USD Million)

4.4    Services

4.4.1    Market Size, By Region, 2022-2027 (USD Million)

Chapter 5   Global Smart Hospitals Market, By Technology

5.1    Technology Outlook

5.2    Cloud Computing

5.2.1    Market Size, By Region, 2022-2027 (USD Million)

5.3    Artificial Intelligence

5.3.1    Market Size, By Region, 2022-2027 (USD Million)

5.4    Wearable Technologies

5.4.1    Market Size, By Region, 2022-2027 (USD Million)

5.5    Radio Frequency Identification

5.5.1    Market Size, By Region, 2022-2027 (USD Million)

5.6    Other

5.6.1    Market Size, By Region, 2022-2027 (USD Million)

Chapter 6   Global Smart Hospitals Market, By Application

6.1    Remote Medicine Management

6.1.1    Market Size, By Region, 2022-2027 (USD Million)

6.2    Medical Connected Imaging

6.2.1    Market Size, By Region, 2022-2027 (USD Million)

6.3    Medical Assistance

6.3.1    Market Size, By Region, 2022-2027 (USD Million)

6.4    Electronic Health Record

6.4.1    Market Size, By Region, 2022-2027 (USD Million)

6.5    Outpatient Vigilance

6.5.1    Market Size, By Region, 2022-2027 (USD Million)

Chapter 7   Global Smart Hospitals Market, By Connectivity

7.1    Wired

7.1.1    Market Size, By Region, 2022-2027 (USD Million)

7.2    Wireless

7.2.1    Market Size, By Region, 2022-2027 (USD Million)

Chapter 8   Global Smart Hospitals Market, By Region

8.1    Regional outlook

8.2    North America

8.2.1    Market Size, By Country 2022-2027 (USD Million)

8.2.2    Market Size, By Component, 2022-2027 (USD Million)

8.2.3    Market Size, By Application, 2022-2027 (USD Million)

8.2.4    Market Size, By Technology, 2022-2027 (USD Million)

8.2.5    Market Size, By Connectivity, 2022-2027 (USD Million)

8.2.6    U.S.

8.2.6.1    Market Size, By Component, 2022-2027 (USD Million)

8.2.4.2    Market Size, By Application, 2022-2027 (USD Million)

8.2.4.3    Market Size, By Technology, 2022-2027 (USD Million)

Market Size, By Connectivity, 2022-2027 (USD Million)

8.2.7    Canada

8.2.7.1    Market Size, By Component, 2022-2027 (USD Million)

8.2.7.2    Market Size, By Application, 2022-2027 (USD Million)

8.2.7.3    Market Size, By Technology, 2022-2027 (USD Million)

8.2.7.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.3    Europe

8.3.1    Market Size, By Country 2022-2027 (USD Million)

8.3.2    Market Size, By Component, 2022-2027 (USD Million)

8.3.3    Market Size, By Application, 2022-2027 (USD Million)

8.3.4    Market Size, By Technology, 2022-2027 (USD Million)

8.3.5    Market Size, By Connectivity, 2022-2027 (USD Million)

8.3.6    Germany

8.3.6.1    Market Size, By Component, 2022-2027 (USD Million)

8.3.6.2    Market Size, By Application, 2022-2027 (USD Million)

8.3.6.3    Market Size, By Technology, 2022-2027 (USD Million)

8.3.6.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.3.7    UK

8.3.7.1    Market Size, By Component, 2022-2027 (USD Million)

8.3.7.2    Market Size, By Application, 2022-2027 (USD Million)

8.3.7.3    Market Size, By Technology, 2022-2027 (USD Million)

8.3.7.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.3.8    France

8.3.8.1    Market Size, By Component, 2022-2027 (USD Million)

8.3.8.2    Market Size, By Application, 2022-2027 (USD Million)

8.3.8.3    Market Size, By Technology, 2022-2027 (USD Million)

8.3.8.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.3.9    Italy

8.3.9.1    Market Size, By Component, 2022-2027 (USD Million)

8.3.9.2    Market Size, By Application, 2022-2027 (USD Million)

8.3.9.3    Market Size, By Technology, 2022-2027 (USD Million)

8.3.9.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.3.10    Spain

8.3.10.1    Market Size, By Component, 2022-2027 (USD Million)

8.3.10.2    Market Size, By Application, 2022-2027 (USD Million)

8.3.10.3    Market Size, By Technology, 2022-2027 (USD Million)

8.3.10.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.3.11    Russia

8.3.11.1    Market Size, By Component, 2022-2027 (USD Million)

8.3.11.2    Market Size, By Application, 2022-2027 (USD Million)

8.3.11.3    Market Size, By Technology, 2022-2027 (USD Million)

8.3.11.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.4    Asia Pacific

8.4.1    Market Size, By Country 2022-2027 (USD Million)

8.4.2    Market Size, By Component, 2022-2027 (USD Million)

8.4.3    Market Size, By Application, 2022-2027 (USD Million)

8.4.4    Market Size, By Technology, 2022-2027 (USD Million)

8.4.5   Market Size, By Connectivity, 2022-2027 (USD Million)

8.4.6    China

8.4.6.1    Market Size, By Component, 2022-2027 (USD Million)

8.4.6.2    Market Size, By Application, 2022-2027 (USD Million)

8.4.6.3    Market Size, By Technology, 2022-2027 (USD Million)

8.4.6.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.4.7    India

8.4.7.1    Market Size, By Component, 2022-2027 (USD Million)

8.4.7.2    Market Size, By Application, 2022-2027 (USD Million)

8.4.7.3    Market Size, By Technology, 2022-2027 (USD Million)

8.4.7.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.4.8    Japan

8.4.8.1    Market Size, By Component, 2022-2027 (USD Million)

8.4.8.2    Market Size, By Application, 2022-2027 (USD Million)

8.4.8.3    Market Size, By Technology, 2022-2027 (USD Million)

8.4.8.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.4.9    Australia

8.4.9.1    Market Size, By Component, 2022-2027 (USD Million)

8.4.9.2    Market size, By Application, 2022-2027 (USD Million)

8.4.9.3    Market Size, By Technology, 2022-2027 (USD Million)

8.4.9.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.4.10    South Korea

8.4.10.1    Market Size, By Component, 2022-2027 (USD Million)

8.4.10.2    Market Size, By Application, 2022-2027 (USD Million)

8.4.10.3    Market Size, By Technology, 2022-2027 (USD Million)

8.4.10.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.5    Latin America

8.5.1    Market Size, By Country 2022-2027 (USD Million)

8.5.2    Market Size, By Component, 2022-2027 (USD Million)

8.5.3    Market Size, By Application, 2022-2027 (USD Million)

8.5.4   Market Size, By Technology, 2022-2027 (USD Million)

8.5.5   Market Size, By Connectivity, 2022-2027 (USD Million)

8.5.6    Brazil

8.5.6.1    Market Size, By Component, 2022-2027 (USD Million)

8.5.6.2    Market Size, By Application, 2022-2027 (USD Million)

8.5.6.3    Market Size, By Technology, 2022-2027 (USD Million)

8.5.6.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.5.7    Mexico

8.5.7.1    Market Size, By Component, 2022-2027 (USD Million)

8.5.7.2    Market Size, By Application, 2022-2027 (USD Million)

8.5.7.3    Market Size, By Technology, 2022-2027 (USD Million)

8.5.7.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.5.8    Argentina

8.5.8.1    Market Size, By Component, 2022-2027 (USD Million)

8.5.8.2    Market Size, By Application, 2022-2027 (USD Million)

8.5.8.3    Market Size, By Technology, 2022-2027 (USD Million)

8.5.8.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.6    MEA

8.6.1    Market Size, By Country 2022-2027 (USD Million)

8.6.2    Market Size, By Component, 2022-2027 (USD Million)

8.6.3    Market Size, By Application, 2022-2027 (USD Million)

8.6.4    Market Size, By Technology, 2022-2027 (USD Million)

8.6.5    Market Size, By Connectivity, 2022-2027 (USD Million)

8.6.6    Saudi Arabia

8.6.6.1    Market Size, By Component, 2022-2027 (USD Million)

8.6.6.2    Market Size, By Application, 2022-2027 (USD Million)

8.6.6.3   Market Size, By Technology, 2022-2027 (USD Million)

8.6.6.4   Market Size, By Connectivity, 2022-2027 (USD Million)

8.6.7    UAE

8.6.7.1    Market Size, By Component, 2022-2027 (USD Million)

8.6.7.2    Market Size, By Application, 2022-2027 (USD Million)

8.6.7.3    Market Size, By Technology, 2022-2027 (USD Million)

8.6.7.4    Market Size, By Connectivity, 2022-2027 (USD Million)

8.6.8    South Africa

8.6.8.1    Market Size, By Component, 2022-2027 (USD Million)

8.6.8.2    Market Size, By Application, 2022-2027 (USD Million)

8.6.8.3    Market Size, By Technology, 2022-2027 (USD Million)

8.6.8.4    Market Size, By Connectivity, 2022-2027 (USD Million)

Chapter 9   Company Landscape

9.1    Competitive Analysis, 2022

9.2    Medtronic Plc.

9.2.1    Company Overview

9.2.2    Financial Analysis

9.2.3    Strategic Positioning

9.2.4    Info Graphic Analysis

9.3    Koninklijke Philips N.V.

9.3.1    Company Overview

9.3.2    Financial Analysis

9.3.3    Strategic Positioning

9.3.4    Info Graphic Analysis

9.4   GE Healthcare

9.4.1    Company Overview

9.4.2    Financial Analysis

9.4.3    Strategic Positioning

9.4.4    Info Graphic Analysis

9.5    Stanley Healthcare

9.5.1    Company Overview

9.5.2    Financial Analysis

9.5.3    Strategic Positioning

9.5.4    Info Graphic Analysis

9.6   Siemens AG

9.6.1    Company Overview

9.6.2    Financial Analysis

9.6.3    Strategic Positioning

9.6.4    Info Graphic Analysis

9.7    Athenahealth

9.7.1    Company Overview

9.7.2    Financial Analysis

9.7.3    Strategic Positioning

9.7.4    Info Graphic Analysis

9.8    Allscripts Healthcare Solutions, Inc.

9.8.1    Company Overview

9.8.2    Financial Analysis

9.8.3    Strategic Positioning

9.8.4    Info Graphic Analysis

9.9    Microsoft Corporation

9.9.1    Company Overview

9.9.2    Financial Analysis

9.9.3    Strategic Positioning

9.9.4    Info Graphic Analysis

9.10   SAP SE

9.10.1    Company Overview

9.10.2    Financial Analysis

9.10.3    Strategic Positioning

9.10.4    Info Graphic Analysis

9.11   Samsung Healthcare

9.11.1    Company Overview

9.11.2    Financial Analysis

9.11.3    Strategic Positioning

9.11.4    Info Graphic Analysis

9.12   Honeywell International Inc.

9.12.1    Company Overview

9.12.2    Financial Analysis

9.12.3    Strategic Positioning

9.12.4    Info Graphic Analysis 

The Global Smart Hospitals Market has been studied from the year 2019 till 2027. However, the CAGR provided in the report is from the year 2022 to 2027. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Smart Hospitals Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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Frequently Asked Questions

The global smart hospitals market is projected to grow at a CAGR value of 20.5% from 2022 to 2027.
Medtronic Plc., Koninklijke Philips N.V., GE Healthcare, Stanley Healthcare, Siemens AG, Athenahealth, Allscripts Healthcare Solutions, Inc., Microsoft Corporation, SAP SE, Samsung Healthcare, and Honeywell International Inc. are the key players in the global smart hospitals market.
The North American region is estimated to hold the highest share in global smart hospitals market.
The outbreak of the COVID-19 pandemic has resulted in travel restrictions and lockdowns globally. This led to an increase in the demand for telehealth applications due to the need for contactless medical consults for COVID-19 affected patients and also those with other medical ailments. High demand for smart hospital beds during the consecutive COVID-19 waves resulting in rising workload for medical staff also led to increased demand for the adoption of such advanced technologies in hospitals.
The market will be driven during the forecast period by increasing demand for digitalization in hospital management settings clubbed with the increasing workload of medical staff and healthcare providers, rapidly increasing patient admissions, increased technological advancements in the healthcare industry resulting in cost minimization of hospital expenditures, rising government and private investments in digitalization to improve hospital efficiency.

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