by Smart hospitals incorporate advanced medical technologies like telemedicine, electronic health records, remote patient monitoring and digital platforms for improved care management. These digital healthcare solutions help enhance patient experience and optimize clinical workflows.
The global Smart Hospitals Market is estimated to be valued at US$ 41 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digital transformation of healthcare infrastructure through technologies such as artificial intelligence, Internet of Things and cloud computing is a key trend shaping the smart hospitals market. Advanced technologies help improve operational efficiency, provide quality healthcare services and enhance patient experience. For instance, through IoT integrated medical devices, clinicians can remotely monitor patients’ health data and get real-time alerts in case of emergencies. This allows for timely interventions and improved health outcomes. Furthermore, installation of smart facilities and systems enable automation of hospital management tasks ranging from asset tracking to predictive equipment maintenance. This streamlines various processes and helps healthcare providers optimize resource utilization. Such technological advancements are expected to boost the demand for smart hospitals over the coming years.
SWOT Analysis
Strength: Smart hospitals have the ability to connect patients with doctors and provide better healthcare services digitally. This improves access and quality of care.
Weakness: High initial investment costs involved in transforming existing hospitals into smart ones. There are also risks related to data privacy and security concerns.
Opportunity: Growing aging population and rising incidence of chronic diseases is driving demand for improved healthcare services. Adoption of digital technologies in the healthcare sector presents an opportunity to make treatment more efficient.
Threats: Resistance to change from traditional medical practices and healthcare providers can slow the pace of implementing smart hospital solutions. Technology obsolescence is another threat as new innovations may render existing solutions outdated quickly.
Key Takeaways
Global Smart Hospitals Market Size is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the market owing to advanced digital infrastructure and higher healthcare spending. However, Asia Pacific is poised to grow at the fastest pace due to large patient pools and government initiatives to modernize healthcare systems.
Regional analysis: North America holds the highest share of the global smart hospitals market currently due to presence of advanced digital infrastructure and supportive government policies for technology adoption in healthcare. On the other hand, Asia Pacific market is expected to grow rapidly at a CAGR of around 8% during the forecast period. This can be attributed to rising medical tourism, large patient population and initiatives to develop smart healthcare facilities particularly in China and India.
Key players: Key players operating in the smart hospitals market are Shaw Sports Turf, Ten Cate, Hellas Construction, FieldTurf, SportGroup Holding, ACT Global Sports, Controlled Products, Sprinturf, CoCreation Grass, and Domo Sports Grass. They are focusing on developing innovative smart hospital solutions such as remote patient monitoring systems, telemedicine, and computerized physician order entry to drive growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
