Smart hospitals leverage connected technologies and devices to improve patient care quality and operational efficiency. They utilize internet of things (IoT) based medical devices and tools to remotely monitor patients, streamline workflows, and enhance preventive healthcare delivery. Smart hospitals offer advanced treatment through integration of electronic health records, real-time patient monitoring solutions, telehealth kiosks and interconnected medical equipment. This enables doctors to access comprehensive health data and respond quickly in emergency situations. The growing need for reducing hospital expenses and errors while providing personalized care is propelling the adoption of smart hospital solutions across the globe.
The Global smart hospitals market is estimated to be valued at US$ 47.24 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the smart hospitals market are Silvert€TMs 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. These companies are focusing on introducing advanced IoT enabled medical devices and services to gain a competitive edge.
Major opportunities in the Smart Hospitals Market Demand include growing geriatric population suffering from chronic illnesses, rising investments by hospitals to digitally transform infrastructure and expanding healthcare budgets of governments worldwide. The North American and European regions currently dominate the global market due to high adoption rates of digital health solutions. However, the Asia Pacific region is anticipated to offer lucrative expansion avenues during the forecast period owing to increasing private healthcare expenditures and establishment of new healthcare facilities in developing nations.
Market drivers:
The key driver for the smart hospitals market is the rising adoption of internet of things (IoT) technologies by healthcare facilities to improve operations and patient outcomes. IoT allows interconnectivity between various medical equipment, software applications and healthcare providers. This facilitates remote monitoring of high-risk patients, reduces readmission rates and enhances staff productivity. Furthermore, IoT enables automation of workflows and provides real-time clinical decision support to medical professionals.
Market restrain: High initial installation and integration costs of digital healthcare solutions act as a major restraint for the Smart Hospitals Market Size And Trends Setting up smart hospital infrastructure requires substantial capital expenditure on IoT devices, networking equipment, software, cloud infrastructure and training of personnel. This makes it difficult for smaller hospitals and clinics in price-sensitive markets to adopt advanced connected care technologies. Additionally, data privacy and security concerns regarding patient health records stored on networks poses challenges for widespread acceptance of smart hospital systems.
Segment Analysis
Smart hospitals are segmented into hardware, software and service. The hardware segment currently dominates the smart hospitals market owing to the rising installation of systems such as smart pills, EHR, RFID systems, telemedicine, and others. This segment experiences high demand due to increasing adoption of advanced medical devices and equipment that generate large volumes of healthcare data.
The software segment is anticipated to be the fastest growing segment during the forecast period. Advanced healthcare software assists physicians in disease diagnosis and treatment. They also help provide quality healthcare services to patients remotely through telehealth solutions. This has positively impacted segment growth.
Global Analysis
Regionally, North America dominates the global smart hospitals market and is expected to continue its dominance over the forecast period. Significant technological advancements and increasing healthcare expenditure in the region have aided market growth. The presence of numerous leading market players along with availability of advanced IT healthcare infrastructure boosts the regional market.
Asia Pacific is estimated to grow at the fastest pace during the forecast period. Improving healthcare systems, rising medical tourism, and growing focus of international players entering emerging APAC countries support regional market growth. China and India are expected to offer high potential for smart hospital investments and adoption of advanced healthcare IT solutions.
Get More Insights On, Smart Hospitals Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
Comments
0 comment