SMART HOSPITALS MARKET ANALYSIS

The global smart hospitals market is estimated to be valued at US$  41 Billion in 2023 and is expected to exhibit a CAGR of 20.7% during the forecast period (2023-2030).

Analysts’ Views on Global Smart Hospitals Market:

Increasing technological advancements by key market players to develop new cloud-based enterprise imaging platforms are expected to drive the growth of the market over the forecast period. For instance, in November 2021, Siemens, a technology company, launched its new syngo Carbon enterprise IT platform, a cloud-based platform that includes image and data management, an image viewer, and a storage container to feed in enterprise data from all departments, which will serve as an umbrella to allow a single access view for all patient data across an enterprise. Furthermore, the company stated that carbon is also optimized, and thus, AI (Artificial Intelligence) functions can be added to enable predictive workflow and an array of new technology applications.

Figure 1. Global Smart Hospitals Market Share (%), by Component, 2023

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Global Smart Hospitals Market – Driver

• Increasing Prevalance of Chronic disorder: The increasing prevalence of chronic diseases such as cancer and others that require the usage of radiological image tracking is expected to drive market growth over the forecast period, as RIS (radiology information system) is used for tracking radiology imaging orders and billing information and often along with PACS (picture archiving and communication systems) and VNAs (vendor neutral archives) to manage image archives, record-keeping, and billing. For instance, in February 2021, according to a report published by Globocan, a worldwide database of cancer incidence and mortality rates, 19.3 million new cancer cases were reported worldwide in 2020. Female breast cancer had surpassed lung cancer as the most commonly diagnosed cancer, with an estimated 2.3 million new cases globally in 2020, followed by lung cancer, colorectal, prostate, and stomach cancers.
• Increasing inorganic growth strategies such as agreement by the market players: Increasing inorganic growth strategies, such as agreements, by the market players to strengthen their market presence are expected to foster the market growth over the forecast period. For instance, in January 2021, eHealth, Inc., an online health insurance company, announced that an affiliate of H.I.G. Capital, a leading global alternative investment firm, had signed a binding agreement to invest US$225 million in eHealth, Inc. by purchasing convertible preferred stock. This agreement will further assist the eHealth, Inc., in investing in its in-house telesales team, broadening its strategic partner channel, and increasing member engagement and retention.

Figure 2. Global Smart Hospitals Market Share (%), by Region, 2023

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Global Smart Hospitals Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global smart hospitals market over the forecast period. This is attributed to the increasing inorganic growth strategies such as partnerships by market players. For instance, on March 3, 2023, Nextech, a U.S.- based provider of electronic medical records (EHR) and practice management (PM) software for specialty practices, announced its integration partnership with DermPRO, a leading provider of managed e-commerce solutions for aesthetic practices in the U.S.

Global Smart Hospitals Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

eHealth is a crucial auxiliary medical service that can relieve the burden on the medical system and improve access to health care. The COVID-19 pandemic has increased the usage of healthcare software and services. Thus, this is expected to have a positive impact on the global smart hospitals market. For instance, according to the factsheet published by Eurohealth, a medical journal, in November 2022, the use of teleconsultation had increased in France during the COVID-19 pandemic, with a total of 19 million teleconsultations reimbursed in 2020.

Global Smart Hospitals Market Segmentation:

The global smart hospitals market report is segmented into component, technology, application, connectivity, and region.

• Based on component, the global smart hospitals market market is segmented into hardware, software systems, and services. Out of which, the software systems segment is expected to dominate the global smart hospitals market market during the forecast period, and this is due to the increasing adoption of various growth stratergies such as product launches by the market players.
• Based on Technology, the global smart hospitals market is segmented into cloud computing, artificial intelligence, wearable technologies, radio frequency identification, and others. The cloud computing segment is expected to dominate the market over the forecast period, and this is due to increasing growth strategies such as partnerships for eHealth software by key market players.
• Based on Application, the global smart hospitals market is segmented into remote medicine management, medical connected imaging, medical assistance, electronic health record and outpatient vigilence. The medical connected imaging segment is expected to dominate the market over the forecast period, and this is due to increasing growth strategies such as product launch and approval.
• Based on Connectivity, the global smart hospitals market is segmented into wired and wireless. The wireless segment is expected to dominate the market over the forecast period, and this is due to the increasing use of wireless technologies in smart hospitals.
• Based on Region, the global smart hospitals market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Out of which, North America is expected to dominate the market over the forecast period, and this is due to increasing inorganic growth strategies such as acquisition, partnership, etc. in North America Region
• Among all the segmentations, the component segment has the highest potential due to increasing growth strategies such as product launches by key market players anticipated to boost market growth over the forecast period. For instance, on March 28, 2023, Fujitsu, a Japan-based multinational information and communications technology equipment and services corporation, announced the launch of a new cloud-based platform that enables users to securely collect and use health-related data to drive digital transformation in the medical field.

Global Smart Hospitals Market Cross Sectional Analysis:

Increasing inorganic growth strategies, such as acquisitions between key market players, are driving the growth of the component segment in the Europe region. For instance, in August 2021, Ehave Corp., a healthcare company, acquired Moksha Digital Software Pvt. Ltd., a provider of medical imaging software and the creator of the U.S. FDA (Food and Drug Administration)-cleared CuriePACS and CurieRIS solutions. Radiologists, doctors, and surgeons employ CuriePACS and CurieRIS at hospitals and diagnostic centers all over the world.

Global Smart Hospitals Market: Key Developments

On April 17, 2023, Microsoft, a software company, and Epic, a software development company, announced that the company are expanding their long-standing strategic collaboration to develop and integrate generative AI (Artificial Intelligence) into healthcare by combining the scale and power of Azure OpenAI Service with Epic's electronic health record (EHR) software. The collaboration expands the long-standing partnership, which includes enabling organizations to run Epic environments on the Microsoft Azure cloud platform.

In October 2022, OMNIMED, a medical technology company, announced the launch of OMNIMED SmartOR, a customized network of modular, data-driven technologies that sense, observe and understand the complex activities of hospital operating rooms and surgical suites. The SmartOR collects, analyzes and measures millions of data-points. These real-time insights can be used to adjust actions, automate routine tasks, optimize traffic and workflow, reduce labor costs and streamline complex procedures.

In November 2022, Konica Minolta Healthcare Americas, Inc., a healthcare technology company, announced that it is planning to make its premier cloud-based Exa Platform and Symmetry Picture Archiving and Communication System (PACS) accessible through the cloud as a Software as a Service (SaaS) model.

In August 2022, Medtronic, a leader in healthcare technology, announced it had entered into a strategic partnership with BioIntelliSense, a continuous health monitoring and clinical intelligence company, for the exclusive U.S. hospital and 30-day post-acute hospital-to-home distribution rights of the BioButton multi-parameter wearable for continuous, connected monitoring. The partnership enables the Medtronic Patient Monitoring business to offer access to a medical-grade device that provides continuous vital sign measurements of general care patients in-hospital as well as post-discharge.

In February 2022, ScImage, Inc., a leading provider of cloud-centric enterprise imaging and reporting solutions, announced the launch of its PICOM365 enterprise imaging workflow. This PICOM365 delivers the full functional capabilities of on-premises Picture Archiving and Communication System (PACS) software solutions and is powered by Microsoft Azure Cloud.

Global Smart Hospitals Market: Key Trends

Increasing growth strategies such as agreement and product launch by the market players

Increasing inorganic growth strategies such as agreements by the market players are expected to drive the growth of the market over the forecast period. For instance, In January 2022, Avisa Smart Hospitals, a private hospital, signed an agreement with Royal Hospital, an UAE-based hospital, to bring a smart hospital to Sharjah, UAE. Under the terms of the agreement, the Royal Hospital is being equipped with cutting-edge healthcare technologies and expertise.

Increasing organic growth strategies such as product launches by the market players are expected to drive the growth of the market over the forecast period. For instance, In August 2021, Change Healthcare, a U.S.-based healthcare company, announced the launch of Change Healthcare Stratus Imaging PACS. The newly launched Change Healthcare Stratus Imaging Picture Archiving and Communication System (PACS) is a comprehensive cloud software as a service (SaaS) solution for radiology practices.

Global Smart Hospitals Market: Restraints

• Cyber-attacks associated with software systems such as RIS and PACS: Radiology information systems (RIS) and Picture Archiving and Communication Systems (PACS) are prone to cyber-attacks, which increases concerns regarding data safety in the healthcare sector, which in turn is expected to hinder the growth of the global Smart Hospitals market over the forecast period. For instance, in August 2020, according to the report published in the National Center for Biotechnology Information, in 2019, several cyber-attacks were published that specifically aim at medical network protocols and file formats, in particular digital imaging and communications in medicine. This can be overcome by implementing guidelines for generic IT (information technology) cybersecurity and integrating healthcare enterprise integration profiles and test tools

Global Smart Hospitals Market- Key Players

Major players operating in the global smart hospitals market include 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.

*Definition: A smart hospital is a medical center that optimizes, redesigns, or builds new clinical processes, management systems, and infrastructure enabled by a digitized network. These smart hospitals maximize productivity, provide greater patient satisfaction, offer more flexibility, and reduce ever-increasing costs. Some of the key characteristics of a smart hospital include hyperconnected, anthropocentric, high reliability, interoperability, participatory.Smart hospitals provide benefits such as real-time access to data, data security, connected care, sustainability, etc. Smart hospitals of the future can leverage technology to transform care, patient experience, staff management, operations, or facility infrastructure design.