Smart Hospitals Market Size is Predicted To Grow at CAGR of 15.26% during 2024-2032 | IMARC Group

IMARC Group, a leading market research company, has recently releases report titled "Smart Hospitals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" The global smart hospitals market size is expected to exhibit a growth rate (CAGR) of 15.26% during 2024-2032.

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Factors Affecting the Growth of the Smart Hospitals Industry:

• Integration of Advanced Technologies:

The integration of the Internet of Things (IoT) and artificial intelligence (AI) technologies in smart hospitals is impelling the market growth. IoT devices allow hospitals to collect real-time data from patients and medical equipment. AI processes this data to provide valuable insights, enabling predictive analytics and personalized patient care. AI-driven chatbots and virtual assistants enhance patient engagement and streamline administrative tasks. These technological advancements not only lead to better healthcare outcomes but also optimize hospital operations, making them more efficient.

• Rising Focus on Patient-Centric Care:

The increasing focus on patient-centric care approaches is contributing to the market growth. Patients are preferring healthcare services tailored as per their needs and preferences. Smart hospitals offer personalized treatment plans, convenient scheduling, and remote monitoring. Moreover, patient engagement platforms enable individuals to actively participate in their healthcare decisions, leading to higher satisfaction levels and improved health outcomes. Smart hospitals prioritize a seamless and positive patient experience, ranging from admission to discharge, using digital tools and technologies. Patient-centered care solutions not only enhance the reputation of hospitals but also encourage long-term patient loyalty.

• Data Security and Privacy:

The increasing focus on data security and privacy among individuals is strengthening the market growth. There is a rise in the need to protect patient data due to the rapid digitization of healthcare records. Patients are seeking healthcare solutions that safeguard their confidentiality and maintain the integrity of health information. Furthermore, smart hospitals are investing in robust cybersecurity measures, encryption protocols, and compliance with data protection regulations to address these concerns. Ensuring data security and privacy not only builds trust among patients but also mitigates the risk of data breaches and associated legal consequences.

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Leading Companies Operating in the Global Smart Hospitals Industry:

• Adheretech Inc.
• Capsule Technologies, Inc. (Francisco Partners)
• Cerner Corporation
• GE Healthcare Inc. (General Electric Company)
• Intel Corporation
• Koninklijke Philips N.V.
• McKesson Corporation
• Medtronic, Inc. (Medtronic Public Limited Company)
• Microsoft Corporation
• SAP SE
• Siemens Healthineers AG (Siemens Aktiengesellschaft)
• STANLEY Healthcare (Stanley Black & Decker Inc.)

Smart Hospitals Market Report Segmentation:

By Component:

• Hardware
o Stationary Medical Devices
o Implanted Medical Devices
o Wearable External Medical Devices
o Others
• Software
• Services
o Professional Services
o Managed Services

Services represent the largest segment, which can be accredited to the rising focus on enhancing diagnostics and personalized treatment plans.

By Product:

• mHealth
• Telemedicine
• Smart Pills
• Electronic Health Record
• Others

Telemedicine holds the biggest market share as it allows seamless sharing of patient data.

By Service Offered:

• General Services
• Specialty
• Super Specialty

General services account for the largest market share due to the increasing need for essential support.

By Connectivity:

• Wireless
o Wi-Fi
o Radio Frequency Identification (RFID)
o Bluetooth
o Zigbee
o Near Field Communication (NFC)
o Others
• Wired

Wireless exhibits a clear dominance in the market on account of the rising focus on seamless connectivity and mobility.

By Technology:

• Artificial Intelligence
• Internet of Things
• Cloud Computing
• Big Data
• Others

On the basis of the technology, the market has been divided into artificial intelligence, internet of things, cloud computing, big data, and others.

By Application:

• Remote Medicine Management
• Electronic Health Record & Clinical Workflow
• Outpatient Vigilance
• Medical Connected Imaging
• Medical Assistance
• Others

Electronic health record and clinical workflow dominate the biggest market share, which can be attributed to the increasing need for enhanced healthcare operations for improved patient care.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America enjoys a leading position in the smart hospitals market due to favorable government initiatives.

Global Smart Hospitals Market Trends:

The rising adoption of smart hospital solutions, as they optimize hospital operations and resource allocation, is impelling the market growth. Smart hospitals can reduce waste and lower operational expenses through automation, predictive analytics, and efficient inventory management. This cost-efficiency benefits both healthcare providers, who can achieve enhanced financial stability, and patients, who may experience reduced healthcare expenses. Moreover, smart hospitals can prevent costly medical errors through real-time monitoring and data-driven decision-making.
Furthermore, the increasing prevalence of chronic diseases among the masses worldwide is propelling the market growth.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.