February 16, 2025
Smart Hospitals Market

The Smart Hospitals Market is estimated to witness high growth owing to integration of Internet of Things (IoT) in healthcare

The global Smart Hospitals Market is estimated to be valued at US$ 41 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The smart hospitals market involves implementation of advanced technologies such as Internet of Things, cloud computing, and artificial intelligence in hospitals. This helps in improving operational efficiency, reducing medical errors, and enhancing patient care. Technologies such as electronic health records and biosensors enable real-time data collection and monitoring, which leads to better health outcomes.

Market key trends:
One of the key trends in the smart hospitals market is growing adoption of AI-based clinical decision support systems. These systems analyze large amounts of patients’ electronic health records and medical imaging data to derive meaningful insights. They help physicians in disease diagnosis, treatment planning, and developing personalized care plans for patients. For example, AI algorithms can read medical imaging scans and flag anomalies to reduce diagnostic errors. This significantly improves quality of care while reducing healthcare costs.
Segment Analysis
The global smart hospitals market is segmented based on product, connectivity and services. The connectivity segment dominated the market in 2021 and is projected to remain dominant over the forecast period. This is attributed to the growing need for wireless technologies in healthcare facilities to enable real-time data transfer and seamless workflow. The connectivity segment also helps improve communication between clinicians and administration, and enables remote patient monitoring.

Key Takeaways
The global Smart Hospitals Market Demand size was valued at US$ 41 Billion in 2023 and is expected to witness high growth, exhibiting a CAGR of 20% over the forecast period, due to increasing demand for improved patient care and quality of care.

Regional analysis: North America dominates the global smart hospitals market and is expected to maintain its dominance over the forecast period. This is attributed to rapid technological advancements in the healthcare sector and growing need to reduce healthcare costs in the region. Asia Pacific is projected to witness the fastest growth owing to increasing government funding for healthcare infrastructure development in emerging economies such as India and China.

Key players: Key players operating in the smart hospitals market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Stanley Healthcare, Siemens Healthineers AG, Athenahealth, Allscripts Healthcare Solutions, Inc., Microsoft Corporation, SAP SE, Samsung Healthcare, Honeywell International Inc., Qualcomm Technologies, Inc., Itrex Group, CitiusTech Inc., and TERSO SOLUTIONS, INC. Medtronic Plc and Koninklijke Philips N.V. captured significant market share owing to their wide product portfolio and global presence.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya, a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

Ravina Pandya

Ravina Pandya, a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

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