Research Nester assesses the growth and market size of the global smart hospital market which is anticipated to be on account of the growing increasing adoption of the Internet of Things (IoT) and Artificial Intelligence (AI) in healthcare globally.
Research Nester’s recent market research analysis on “Smart Hospital Market: Global Demand Analysis Opportunity Outlook 2037” delivers a detailed competitor’s analysis and a detailed overview of the global smart hospital market in terms of market segmentation by component, application, and by region.
Growing Advancements in Healthcare to drive Global Smart Hospital Market
AI and Machine learning (MI) are revolutionizing healthcare by providing advanced tools for data analysis, diagnostics, and predictive healthcare. AI algorithms help doctors make faster, more accurate diagnoses based on medical imaging, patient data, and patterns. AI tools can predict patient outcomes, risk factors, and the likelihood of complications, allowing for earlier interventions.
Moreover, robotic systems are becoming increasingly important in smart hospitals, as they are used to enhance both surgical precision and hospital logistics. Robotic-assisted surgeries provide greater accuracy and control, leading to less invasive procedures, quicker recovery times, and better patient outcomes. Robots are used to deliver medication, disinfect rooms, and transport supplies, improving efficiency and reducing the spread of infections. According to a 2023 published report by the National Library of Medicine, by 2023, 7733 robotic surgical systems had been installed around the world and over 10 million robotic procedures had been conducted. These surgeries include a wide range of fields, including general surgery, urology, gynecology, and cardiothoracic surgery.
Some of the major growth factors and challenges that are associated with the growth of the global smart hospital market are:
Growth Drivers:
- Adoption of Electronic Health Records (EHRs)
- Automation and workflow optimization
Challenges:
The adoption of smart hospital technologies requires skilled healthcare IT professionals, including data scientists, software engineers, and healthcare informatics experts. Many hospitals face a shortage of qualified personnel who can manage and maintain these advanced systems. Training existing staff or hiring specialized personnel increases operational costs and can delay the deployment of smart technologies.
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By component, the hardware segment is estimated to be valued at USD 250.32 billion by 2037. The increasing adoption of hardware components such as medical devices and wearables, robotics and automation equipment, IoT sensors, and security sensors are propelling the growth of the global smart hospital market. Devices, like connected diagnostic tools, health monitors, and wearable devices like smartwatches and biosensors, are key drivers of the segment's growth. These devices help monitor patient vitals in real-time and are integral to remote patient monitoring and telemedicine solutions. According to a 2020 published survey report by the Pew Research Center, roughly 1 in 5 U.S. adults (21%) regularly wear a smartwatch or wearable fitness tracker.
By region, the North America smart hospital market is to generate the highest revenue by the end of 2037. The region is experiencing growth due to advancements in healthcare technology, a focus on patient-centered care, and an increasing demand for efficient healthcare delivery. The region has seen rapid advancements in AI, MI, IoT, and robotics, all of which are integral to smart hospitals. These technologies improve diagnostics, patient monitoring, and overall hospital management.
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This report also provides the existing competitive scenario of some of the key players including Siemens Healthineers, GE Healthcare, Medtronic, Philips Healthcare, IBM Watson Health, Cerner Corporation, Allscripts Healthcare Solutions, and others.
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