by The smart hospitals market involves implementation of various digital platforms and internet of things (IoT) devices in hospitals to improve overall patient care services. Smart hospital solutions offer features like computerized physician order entry, electronic health records, telemedicine, connected medical devices and more. This helps manage healthcare costs efficiently while also improving quality of care. The global smart hospitals market is estimated to be valued at US$ 41 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing healthcare costs across the world have prompted hospitals to implement smart technologies that can optimize operations and resource utilization. This helps reduce costs associated with unnecessary tests and procedures. Integrating IoT solutions allows remote monitoring of patients, which prevents readmissions and unnecessary visits to the emergency room. This emerging trend of cost efficiency driven by smart hospitals market is expected to continue over the forecast period.
SWOT Analysis
Strength: Smart hospitals have the capability of streamlining workflow processes through integration of various technologies like IoT, AI, Blockchain etc. This helps in improving efficiency and reducing operational costs.
Weakness: High initial investment costs associated with installation and upgradation of various smart technologies. Also, there are risks related to cyber security and data privacy.
Opportunity: Growing geriatric population and rising prevalence of chronic diseases are driving the demand for improved healthcare services. Adoption of smart solutions can help meet this growing demand.
Threats: Lack of infrastructure and technical skills in many developing countries pose challenges in implementation of smart hospital projects. Interoperability issues between different systems supplied by various vendors is also a threat.
Key Takeaways
The Global Smart Hospitals Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: The Asia Pacific region is projected to be the fastest growing market during the forecast period. This can be attributed to rising healthcare expenditure, growing medical tourism industry and government initiatives to modernize healthcare infrastructure in various countries.
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 developing innovative smart solutions like AI enabled remote patient monitoring systems, computer assisted surgical devices and IoT based asset management tools to gain more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
