Smart Hospitals Market Size, Share and Global Trend By Component (Software, Hardware, Services), Application (Electronic Health Records (EHR), Remote Medicine Engagement, Clinical Workflow, Medical Assistance), Connectivity (Wired, Wireless), Technology (Artificial Intelligence, Internet of Things, Cloud Computing, Big Data) and Regional Forecast, 2024-2032

The concept of the smart hospital includes a combination of intelligent algorithms with healthcare processes in order to improve patient care, revenue cycle management, clinical workflow and improved communication channel amongst doctors, nurses, and patients, with the help of emerging knowledgeable technologies. These systems are capable of delivering smart insights to stakeholders for taking complex decisions. IBM Corporation is developing a cognitive care system, which is capable of answering questions and executing requests, specific to the user context. Further combination of the Internet of Things (IoT) and cognitive care system will interact with patients, learn and anticipate the habits and needs and will offer guidance to the patients.

Growing need of improving clinical processes and workflow efficiency, clinical resources tracking, improving patient experience, improving care and support services, and optimization of patient data storage, are some of the factors driving the growth of the global smart hospitals market.

The factor that is expected to inhibit the growth of the market is the high cost of software development and deployment, growing concerns over data security, the reluctance of healthcare settings for migrating from conventional to advanced systems, shortage of IT-friendly medical employees, and complex user experience of this system.

Key Players Covered

Some of the major companies that are present in the global Smart Hospitals market Medtronic, GENERAL ELECTRIC COMPANY, Cerner Corporation, McKesson Corporation, Infor, AdhereTech., Allscripts, athenahealth, Inc., Diabetizer GmbH & Co. KG, Siemens AG, Qualcomm Life, IBM Corporation, Inc., Microsoft, Koninklijke Philips N.V., NVIDIA Corporation, Next IT Corp., STANLEY Healthcare, and others.

SEGMENTATION

Key Insights

• Recent industry developments such as partnerships, mergers, and acquisitions


• Key performance indicators for global smart hospitals market


• Technological advancements

Regional Analysis

North America dominated the global smart hospital market in 2018 owing to the integration of advanced computing applications and intelligent sensor networks, the rise in workload on hospital processes due to rise in prevalence of chronic diseases and aging population, need of smart healthcare inventory systems to manage the huge amount of data.  Asia Pacific holds huge potential for global smart hospitals market owing to growth in demand for intelligent systems and increasing indirect and direct costs due to limitations of conventional clinical processes. Middle East & Africa region is poised to register a comparatively higher CAGR from 2019-2026, owing to a rapidly developing hospitals infrastructure in the GCC countries, along with higher per capita healthcare spending and increasing government funding in the region for advancements in the healthcare and hospital segment.

Key Industry Developments

• In May 2018, Amazon, Berkshire Hathaway and JP Morgan Chase & Co., entered into a collaborative partnership to address healthcare for their U.S. employees, as to improve employee satisfaction and reducing costs.


• In Sep 2018, EIR Healthcare, designed the world’s first application of prefabrication and modular technology of hospital rooms to ensure faster delivery and build times, and minimized budgets.