by Smart hospitals are equipped with digitized and automated systems which enhances patient experience and reduces healthcare costs. Smart hospital technologies such as connected medical devices, electronic health records, telemedicine services and remote patient monitoring provide streamlined and efficient patient-centric care delivery. Smart hospitals offer benefits such as reduced medical errors, improved patient outcomes, optimized resource utilization and real-time health data access for doctors and patients. The global Smart Hospitals Market is estimated to be valued at US$ 41.00 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of IoT, AI and cloud computing in the healthcare sector is one of the major trends driving the growth of the smart hospitals market. Integration of IoT enables connection of various medical devices, systems and technologies which helps improve patient monitoring and management. Adoption of AI and machine learning assists in clinical workflow optimization, predictive analytics, drug discovery and personalized treatment recommendations. Cloud based solutions provide secure storage and sharing of voluminous patient health data across different healthcare facilities. This trend is expected to accelerate over the forecast period with continued technological advancements in digital healthcare.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Smart Hospitals market is moderate due to the high capital requirement and stringent regulations for setting up and managing hospitals.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have some influence over prices due to the availability of many providers in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the fragmented nature of suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as there are no close substitutes for Smart Hospitals.
Competitive rivalry: The competitive rivalry is high among existing players due to their pricing strategies and product differentiation.
Key Takeaways
The global Smart Hospitals Market Growth is expected to witness high growth.
Regional analysis:
North America dominated the global market in 2024 and is expected to maintain its leading position during the forecast period as well. Early adoption of advanced healthcare technologies and government initiatives to develop connected healthcare infrastructure are driving the growth of smart hospitals in the region. Asia Pacific is projected to witness the fastest growth owing to increasing healthcare expenditure, rising medical tourism, and growing demand from developing countries in the region.
Key players:
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. The players focus on new product launches and collaborations with technology providers to strengthen their market position. For instance, In September 2022, Philips partnered with Pittsburgh’s UPMC health system to deploy digital technologies and population health management platforms across UPMC’s facilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
