Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

The combination of technological advancements in medical devices (wired or wireless) for patient’s safety and efficacy within hospitals or connected through software to clinical information systems, becomes smart hospitals. Internet of Things (IoT) plays a significant role in building the smart hospitals through devices, system components and networks. Smart hospitals is transforming the healthcare industry as electronic devices are collecting information of patients’ vital signs and transferring it too physicians and patients itself to track the records. Major players are continuously building an innovative technologies for the betterment of the market.

The global smart hospitals market is estimated to be valued at US$ 29.6 billion in 2020 and is expected to exhibit a CAGR of 19.6% during the forecast period (2020-2027).

Figure 1. Global Smart Hospitals Market Share (%) in Terms of Value, By Region, 2020

Smart Hospitals  | Coherent Market Insights

Increasing product launches by market players is expected to propel the market growth during the forecast period

Market players are focusing on launching advanced software to facilitate outpatient vigilance which is expected to drive growth of the global smart hospitals market during the forecast period. For instance, in January 2019, Medtronic plc. launched MyCareLink Heart, a mobile app to support Medtronic’s BlueSync technology-enabled pacemakers. MyCareLink Heart is developed to wirelessly send and receive data from the Medtronic CareLink network and eliminate the need for a dedicated bedside monitor or other remote monitoring hardware.

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Smart Hospitals Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 29.6 Bn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 19.6% 2027 Value Projection: US$ 103.6 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Component: Hardware, Systems and Software, Services.
  • By Technology: Cloud Computing, Artificial Intelligence, Wearable Technologies, Radio Frequencies Identification, Others.
  • By Application: Remote Medicine Management, Medical Connected Imaging, Medical Assistance, Electronic Health Record & Clinical Workflow, Outpatient Vigilance.
  • By Connectivity: Wired, Wireless.
Companies covered:

Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Capsule Technologies, Inc., Stanley Healthcare, Siemens AG, athenahealth, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, McKesson Corporation, SAP SE, Samsung Group, and Honeywell International Inc.

Growth Drivers:
  • Product launches by market players
  • Adoption of inorganic growth strategies by key players
Restraints & Challenges:
  • Lack of awareness related to smart healthcare products

Adoption of inorganic strategies is expected to drive the market growth during the forecast period

Collaborations and partnerships by key players are expected to boost the market growth during the forecast period. For instance, in January 2020, KT Corporation, a South Korea based telecommunications company, and Samsung Medical Center (SMC) have developed an innovative, 5G-powered medical service to establish 5G smart hospital. KT Corporation and Samsung Medical Center signed a memorandum of understanding in September 2019. 

Figure 2. Global Smart Hospitals Market Share (%) in Terms of Value, By Component, 2020

Smart Hospitals  | Coherent Market Insights

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

The coronavirus disease (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020.

According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 30.6 million cases and 950,000 deaths due to coronavirus disease (COVID-19) were reported on September 20, 2020 across the globe.

In order to deal with the COVID-19 pandemic, market players are launching various Medicare management services and patient engagement technologies to provide best healthcare services and limit the spread of coronavirus. For instance, on April 2, 2020, MD Revolution, Inc. announced the launch of RevUp Now, a full care management platform developed to help medical practices maintain financial viability and connection with patients during this national shutdown. The RevUp Now platform includes chronic care management, remote patient monitoring, annual wellness visits, COVID-19 screening, and other features.

Global Smart Hospitals Market: Restraints

However, lack of awareness related to smart healthcare products is expected to hinder the growth of the global smart hospitals market during the forecast period.

Key Players

Major players operating in the global smart hospitals market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Capsule Technologies, Inc., Stanley Healthcare, Siemens AG, athenahealth, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, McKesson Corporation, SAP SE, Samsung Group, and Honeywell International Inc.

Smart hospital maximizes productivity due to digital transformation of the healthcare industry and provides better patient satisfaction and flexibility. Smart hospitals are playing a major role during the COVID-19 pandemic situation. Technology can aid social distancing between non-infected and infected patients and has been helpful in limiting the growth and spread of the virus. Hence, several market players are collaborating with healthcare organizations to provide smart hospital solutions which is expected to boost the growth smart hospitals market during the forecast period. For instance, in July 2020, KT Corporation collaborated with the Asan Medical Center, South Korea, and Hyundai Robotics Co., to develop contactless medical services such as real-time health care tracking using wearables and remote diagnosis.

Market Dynamics:

Key players are entering long term collaborations and agreements with healthcare providers in order to provide better and advanced healthcare services and facilities. This is expected to propel the growth of the global smart hospitals market during the forecast period. For instance, GE Healthcare entered a fifteen-year agreement with the Humber River Hospital in Toronto, Canada. Under this agreement, in November 2015, Humber River Hospital (HRH) and GE Healthcare launched a Managed Equipment Service (MES), a long-term, multi-vendor technology and service solution, designed to provide hospitals with sustainable access to cost efficient medical technology. In 2017, Humber River Hospital opened a Hospital Command Centre with GE Healthcare to monitor and manage the flow of patients at every stage of their care and treatment. Hence, such long term partnerships are encouraging technological advancement in healthcare sector which in turn is making the hospitals smarter and driving the market growth.

Key features of the study:

  • This report provides in-depth analysis of the global smart hospitals market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2020–2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global smart hospitals market based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans.
  • Key companies covered as a part of this study are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Capsule Technologies, Inc., Stanley Healthcare, Siemens AG, athenahealth, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, McKesson Corporation, SAP SE, Samsung Group, and Honeywell International Inc.
  • Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, market expansion, and marketing tactics
  • The global smart hospitals market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global smart hospitals market.

Detailed Segmentation:

  • Global Smart Hospitals Market, By Component:
    • Hardware
    • Systems and Software
    • Services
  • Global Smart Hospitals Market, By Technology:
    • Cloud Computing
    • Artificial Intelligence
    • Wearable Technologies
    • Radio Frequencies Identification
    • Others
  • Global Smart Hospitals Market, By Application:
    • Remote Medicine Management
    • Medical Connected Imaging
    • Medical Assistance
    • Electronic Health Record & Clinical Workflow
    • Outpatient Vigilance
  • Global Smart Hospitals Market, By Connectivity:
    • Wired
    • Wireless
  • Global Smart Hospitals Market, By Region:
    • North America
      • By Component
        • Hardware
        • Systems and Software
        • Services
      • By Technology
        • Cloud Computing
        • Artificial Intelligence
        • Wearable Technologies
        • Radio Frequencies Identification
        • Others
      • By Application
        • Remote Medicine Management
        • Medical Connected Imaging
        • Medical Assistance  
        • Electronic Health Record & Clinical Workflow
        • Outpatient Vigilance
      • By Connectivity
        • Wired
        • Wireless
      • By Country:
        • U.S.
        • Canada
    • Latin America
      • By Component
        • Hardware
        • Systems and Software
        • Services
      • By Technology
        • Cloud Computing
        • Artificial Intelligence
        • Wearable Technologies
        • Radio Frequencies Identification
        • Others
      • By Application
        • Remote Medicine Management
        • Medical Connected Imaging
        • Medical Assistance  
        • Electronic Health Record & Clinical Workflow
        • Outpatient Vigilance
      • By Connectivity
        • Wired
        • Wireless
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Component
        • Hardware
        • Systems and Software
        • Services
      • By Technology
        • Cloud Computing
        • Artificial Intelligence
        • Wearable Technologies
        • Radio Frequencies Identification
        • Others
      • By Application
        • Remote Medicine Management
        • Medical Connected Imaging
        • Medical Assistance  
        • Electronic Health Record & Clinical Workflow
        • Outpatient Vigilance
      • By Connectivity
        • Wired
        • Wireless
      • By Country:
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Component
        • Hardware
        • Systems and Software
        • Services
      • By Technology
        • Cloud Computing
        • Artificial Intelligence
        • Wearable Technologies
        • Radio Frequencies Identification
        • Others
      • By Application
        • Remote Medicine Management
        • Medical Connected Imaging
        • Medical Assistance  
        • Electronic Health Record & Clinical Workflow
        • Outpatient Vigilance
      • By Connectivity
        • Wired
        • Wireless
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Component
        • Hardware
        • Systems and Software
        • Services
      • By Technology
        • Cloud Computing
        • Artificial Intelligence
        • Wearable Technologies
        • Radio Frequencies Identification
        • Others
      • By Application
        • Remote Medicine Management
        • Medical Connected Imaging
        • Medical Assistance  
        • Electronic Health Record & Clinical Workflow
        • Outpatient Vigilance
      • By Connectivity
        • Wired
        • Wireless
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Component
        • Hardware
        • Systems and Software
        • Services
      • By Technology
        • Cloud Computing
        • Artificial Intelligence
        • Wearable Technologies
        • Radio Frequencies Identification
        • Others
      • By Application
        • Remote Medicine Management
        • Medical Connected Imaging
        • Medical Assistance  
        • Electronic Health Record & Clinical Workflow
        • Outpatient Vigilance
      • By Connectivity
        • Wired
        • Wireless
      • By Country/Region:
        • South Africa
        • Central Africa
        • North Africa
  • Company Profiles
    • Medtronic Plc.
      • Company Overview
      • Product Portfolio
      • Financial Overview
      • Key Highlights
      • Market Strategies
    • Koninklijke Philips N.V.
    • GE Healthcare
    • Capsule Technologies, Inc.
    • Stanley Healthcare
    • Siemens AG
    • athenahealth, Inc.
    • Allscripts Healthcare Solutions, Inc.
    • Cerner Corporation
    • McKesson Corporation
    • SAP SE
    • Samsung Group
    • Honeywell International Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Component
      • Market Snippet, By Technology
      • Market Snippet, By Application
      • Market Snippet, By Connectivity
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Developments
    • PEST Analysis
  4. Global Smart Hospitals Market – Impact of Coronavirus (COVID-19) Pandemic
    • Impact assessment
    • Pre COVID-19 Market Scenario
    • Post COVID-19 Market Scenario
    • Government measures to combat COVID-19
  5. Global Smart Hospitals Market, By Component, 2016 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Hardware
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Systems and Software
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Services
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
  6. Global Smart Hospitals Market, By Technology, 2016 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Cloud Computing
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Artificial Intelligence  
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Wearable Technologies
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Radio Frequencies Identification  
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
  7. Global Smart Hospitals Market, By Application, 2016 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Remote Medicine Management
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Medical Connected Imaging
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Medical Assistance
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Electronic Health Record & Clinical Workflow
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Outpatient Vigilance
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
  8. Global Smart Hospitals Market, By Connectivity, 2016 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Wired
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Wireless
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
  9. Global Smart Hospitals Market, By Region, 2016 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2017–2027
    • North America
      • Market Size and Forecast, By Component, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • U.S.
        • Canada
    • Latin America
      • Market Size and Forecast, By Component, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • Market Size and Forecast, By Component, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast, By Component, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • Market Size and Forecast, By Component, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast, By Component, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country/Region, 2016 – 2027, (US$ Bn)
        • South Africa
        • Central Africa
        • North Africa
  10. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis
      • Medtronic Plc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Koninklijke Philips N.V.  
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • GE Healthcare
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Capsule Technologies, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Stanley Healthcare
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Siemens AG
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • athenahealth, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Allscripts Healthcare Solutions, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Cerner Corporation
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • McKesson Corporation
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Microsoft Corporation
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • SAP SE
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Samsung Group
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Honeywell International Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
    • Analyst Views
  11. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 47 market data tables and 35 figures on "Smart Hospitals Market” - Global forecast to 2027

Frequently Asked Questions

The global smart hospitals market size is estimated to surpass US$ 103.6 billion by 2027.
The global smart hospitals market is expected to register a CAGR of 19.6% during the forecast period (2020-2027).
Product launches by market players and adoption of inorganic growth strategies by key players are driving the global smart hospitals market growth.
The cloud computing segment is estimated to hold major market share in 2020 owing to product launches by market players
Major factor hampering growth of the market is lack of awareness related to smart healthcare products.
Major players operating in the global smart hospitals market are Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, Capsule Technologies, Inc., Stanley Healthcare, Siemens AG, athenahealth, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, McKesson Corporation, SAP SE, Samsung Group, and Honeywell International Inc.
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