July 23, 2024

Artificial Intelligence Improving Efficiencies To Drive The Growth Of Smart Hospitals Market

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 the integration of advanced technologies such as artificial intelligence, Internet of Things, cloud computing and Big Data to improve clinical workflow as well as patient care. Smart hospitals leverage modern equipment like connected medical devices, electronic health records and networked digital records to enhance clinical processes. This enables improved diagnostics, reduced medical errors, optimized staff activities as well as personalized treatment plans. Additionally, smart hospitals promote a paperless environment through use of electronic health records and digital records. They also allow real-time monitoring of patients as well as remote diagnosis through connected devices. The integration of advanced technologies streamlines clinical operations and facilitates delivery of high quality healthcare.

Market key trends:
One of the key trends in the smart hospitals market is the growing adoption of artificial intelligence solutions. AI is helping automate routine tasks, improve diagnostics, detect health anomalies and enable personalized care. For instance, AI applications can analyze medical images, detect anomalies and recommend the most suitable treatment plan. They can also evaluate patients’ Electronic Health Records and identify people at high risk of diseases. Furthermore, AI powered chatbots and virtual assistants are supporting hospital staff, enabling them to focus more on direct patient care. The ability of AI to handle huge amounts of data is proving valuable for applications like predictive analytics for optimized resource planning and preventive healthcare. Overall, AI is emerging as a powerful tool to enhance operational efficiency and quality of care in smart hospitals.

Porter’s Analysis
Threat of new entrants: The high initial investments required for setting up smart hospitals and healthcare infrastructure raises the entry barriers for new players in this market.

Bargaining power of buyers: Large healthcare providers and institutions have greater bargaining power owing to their ability to demand customized smart healthcare solutions and lower prices.

Bargaining power of suppliers: The presence of multiple health IT providers offering various smart healthcare solutions gives buyers bargaining power over suppliers.

Threat of new substitutes: There are limited alternatives available which can provide similar functionalities as smart hospitals, reducing the threat from substitutes.

Competitive rivalry:
The smart hospitals market features the presence of both established players as well as startups offering customized solutions, leading to high competition.

Key Takeaways
The Global Smart Hospitals Market Size is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing need for better healthcare services at lower costs. North America currently dominates the market owing to advanced infrastructure and early adoption of digital health technologies in the region. 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.

The smart hospitals market in the Asia Pacific region is estimated to be the fastest growing market during the forecast period. This high growth can be attributed to increasing healthcare expenditure, rising geriatric population, growing incidence of chronic diseases, and improving healthcare infrastructure in emerging countries of Asia Pacific.

Among product types, healthcare IT solutions witnessed the highest demand and are expected to continue their dominance over the forecast period. The increasing application of various healthcare IT technologies such as electronic health records, telemedicine, clinical decision support systems, and mHealth apps to enhance clinical outcomes and improve patient experience is driving the segment growth.

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