Smart Hospital Market - By Component (Hardware {Smart Medical Devices, Diagnostic & Therapeutic Systems}, Software, Services), Application (Electronic Health Records (EHR), Medical Connected Imaging, Remote Medicine Management) & Forecast, 2024 – 2032

Smart Hospital Market - By Component (Hardware {Smart Medical Devices, Diagnostic & Therapeutic Systems}, Software, Services), Application (Electronic Health Records (EHR), Medical Connected Imaging, Remote Medicine Management) & Forecast, 2024 – 2032

Smart Hospital Market Size

Smart Hospital Market size was valued at USD 42.8 billion in 2023 and is anticipated to witness growth at a CAGR of 19.6% between 2024 and 2032, driven by the increasing adoption of EHR and telehealth, the growing need for improved patient care and operational efficiency, and rising healthcare expenditure.

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Hospitals are increasingly adopting electronic health record (EHR) and telehealth, showcasing a shift towards smart healthcare solutions. They are investing more in these technologies to stay competitive, meet patient needs, and improve healthcare services. For instance, according to the Office of the National Coordinator for Health Information Technology, 96% of non-federal acute care hospitals had adopted certified EHRs by 2022. This trend is supported by government initiatives, financial incentives, and the proven benefits of these technologies in improving hospital operations and patient care.

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Additionally, smart hospitals optimize operations through cutting-edge technologies. By automating data entry and refining workflows, these hospitals lighten the administrative load on healthcare professionals, enabling them to prioritize patient care. Additionally, telehealth solutions aid in managing patient flow, curbing overcrowding, and minimizing wait times in emergency departments and outpatient clinics.

A smart hospital is a healthcare facility that integrates advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), big data analytics, and robotics, to enhance patient care, improve operational efficiency, and streamline administrative processes. These hospitals utilize interconnected devices, systems, and applications to provide real-time monitoring, predictive analytics, and automated services, ultimately leading to better clinical outcomes, reduced costs, and a more personalized patient experience.

Smart Hospital Market Trends

Technological advancements are a pivotal driver for the market, revolutionizing healthcare delivery and enhancing the overall efficiency and effectiveness of medical services.

• One of the key technological advancements in smart hospitals is the integration of advanced patient monitoring systems. These systems use sensors, wearable devices, and IoT in healthcare technology to continuously monitor patients' vital signs and health metrics in real time.
• This allows for early detection of potential health issues, enabling timely interventions and personalized care plans. The ability to monitor patients remotely also supports the growing trend of telehealth, providing high-quality care to patients in the comfort of their homes.
• Additionally, robotics and automation are playing a crucial role in the market. Robot surgery systems, such as da Vinci Surgical Systems, offer precision, minimally invasive procedures, leading to faster recovery times and reduced hospital stays.
• Automated systems for medication dispensing, laboratory testing, and patient transport improve efficiency, reduce errors, and free up healthcare professionals to focus on patient care. These advancements contribute to better patient outcomes and increase operational efficiency, thereby fueling the sectors growth.

Smart Hospital Market Analysis

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Based on component, the market is segmented into hardware, software, and services. The hardware segment held a dominant market share and was valued at USD 31.8 billion in 2023.

• Medical devices and equipment in smart hospitals, spanning from infusion pumps to ventilators, heavily rely on cutting-edge hardware. These devices are equipped with sensors, microcontrollers, and specialized components, ensuring precise operation and monitoring. By integrating these hardware components into the hospital's network, centralized monitoring and control are achieved, significantly bolstering patient safety and operational efficiency.
• Additionally, the hardware domain extends to encompass components vital for the smart infrastructure of hospitals, including IoT devices, environmental sensors, and automated systems. These hardware elements oversee and regulate various facets of the hospital environment, from temperature and lighting to energy consumption. By doing so, they not only foster a comfortable and secure setting for patients and staff but also elevate operational efficiency and sustainability.

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Based on application, the smart hospital market is categorized into electronic health records (EHR), medical connected imaging, remote medicine management, and other applications. The electronic health records (EHR) segment is anticipated to witness significant growth over the analysis timeframe, at a CAGR of 19.4%.

• EHR systems play a pivotal role in centralizing patient data management. They act as a unified repository, housing medical histories, treatment plans, lab results, and imaging studies. This consolidation ensures swift and accurate access to patient information, empowering healthcare providers to make informed decisions and coordinate care seamlessly. The system’s ability to swiftly share data across departments and with external providers not only bolsters care quality but also mitigates the risk of errors.
• Additionally, EHR systems revolutionize workflows in smart hospitals by automating tasks such as patient registration, appointment scheduling, and billing. This automation allows healthcare professionals to dedicate more time to patient care. Moreover, automated documentation and order entry reduce paperwork and improve record accuracy, significantly enhancing hospital productivity and operational efficiency.

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North America smart hospital market size in 2023 was valued at USD 19.9 billion and is predicted to grow at a CAGR of 18.9% over the analysis timeframe.

• North America holds a dominant market share in the market, driven by the regions advanced healthcare infrastructure, high adoption rate of advanced technologies, and substantial investments in healthcare IT.
   
• The presence of leading healthcare technology companies and favorable government initiatives supporting digital health transformation contribute to the growth of smart hospitals.
   
• Additionally, the region's focus on patient-centered care and value-based healthcare models further accelerates the adoption of smart hospital solutions.

The U.S. smart hospital market is anticipated to grow at a CAGR of 18.8% to reach USD 86.5 billion by the end of the forecast timeframe.

• The U.S. healthcare system's emphasis on innovation and technology integration drives the widespread implementation of smart hospital initiatives. Major hospitals and healthcare systems in the U.S. are adopting electronic health records (EHR), telehealth services, robotic surgery, and advanced diagnostic tools to improve clinical efficiency and patient outcomes.
• Additionally, government programs such as the Medicare and Medicaid EHR Incentive Programs encourage hospitals to transition to digital health records and other smart technologies. The country's strong regulatory framework and funding for research and development further bolster the growth of the market.

Germany smart hospital market is projected to grow remarkably in the coming years.

• German hospitals are integrating advanced technologies like AI-powered diagnostic tools, robotic-assisted surgeries, and telemedicine platforms to enhance the quality of care and operational efficiency.
• Additionally, the German government's initiatives to digitize healthcare, including the Hospital Future Act, provide significant financial support for hospitals to invest in digital infrastructure and smart technologies. This regulatory backing, along with a strong focus on healthcare modernization, drives the significant market share of smart hospitals in Germany.

Japan is experiencing high market growth in the smart hospital market.

• Japanese hospitals are increasingly adopting smart technologies such as remote monitoring systems, AI-based diagnostic tools, and robotic assistants to address the growing healthcare demands.
• Additionally, the Japanese government's commitment to healthcare innovation, through policies and funding programs, supports the implementation of smart hospital initiatives. Additionally, Japan's leadership in robotics and electronics contributes to the development and integration of cutting-edge technologies in healthcare settings.

Smart Hospital Market Share

The smart hospital industry is characterized by the presence of several established and emerging players that offer a variety of products across the globe. The market players compete based on factors such as product quality, innovation, regulatory compliance, customer service, and pricing strategies.

Smart Hospital Market Companies

Prominent players operating in the smart hospital industry include

• Becton, Dickinson and Company
• Bosch Healthcare Solutions GmbH
• Fujifilm Holdings Corporation
• GE Healthcare
• Honeywell Life Sciences
• Intuitive Surgical
• Medtronic plc
• Oracle
• Philips
• Siemens Healthineers
• Stryker Corporation
• Teladoc Health
• Veradigm LLC 
• Wipro
• Zimmer Biomet

Smart Hospital Industry News

• In March 2024, Intuitive announced that the U.S. Food and Drug Administration (FDA) provided 510(k) clearance for da Vinci 5, the company’s next-generation multiport robotic system. This approval may help the company to generate increased revenue and gain a competitive edge over its peers.
   
• In February 2024, Royal Philips announced that it has received the U.S. Food and Drug Administration (FDA) 510(k) clearance for its latest IntelliVue patient monitor software, designed for lowering patient monitoring alarm noise. This approval may help the company to acquire an enhanced customer base.

The smart hospital market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD Million from 2021 - 2032 for the following segments

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Market, By Component

• Hardware
  • Smart medical devices
  • Diagnostic & therapeutic systems
  • Smart beds
  • Medical robots
  • Other hardware
• Software
  • Electronic health records (EHR)
  • Hospital information systems (HIS)
  • Telehealth platforms
  • Other software
• Services
  • Managed services
  • Professional services

Market, By Application

• Electronic health records (EHR)
• Medical connected imaging
• Remote medicine management
• Other applications

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa