Smart Hospitals Market Size To Hit USD 213.38 Bn By 2032

The global smart hospitals market was valued at USD 49.22 billion in 2023 and is projected to hit USD 213.38 billion by 2032, poised to grow at a CAGR of 17.70% from 2023 to 2032.

The global smart hospitals market is primarily driven by the rising adoption of the latest technologies such as artificial intelligence, machine learning, internet of things, and augmented reality in the global healthcare industry. The rising government and corporate investments to increase the operational efficiency of the hospitals by installing latest digital technologies in the hospitals is also expected to drive the growth of the global smart hospitals market during the forecast period.

Moreover, the rising popularity of telehealth applications among the population has resulted in its increased adoption among the healthcare professionals. The patients can receive the doctors’ consultations from the comfort of their home. Further, the use of AI and ML improves the patient care by supplying the important health related data of the patient to the healthcare professionals. Furthermore, the rising number of hospital admissions owing to various factors is creating a huge pressure on the hospitals and hence the installation of smart and efficient technologies in hospitals is the need of the moment that can provide fast and reliable treatment to the patients. All these factors are expected to drive the market growth in the forthcoming years.

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Regional Snapshots

North America dominated the global smart hospitals market during the forecast period. The rising investments on the adoption of latest technologies in the healthcare sector coupled with the presence of strong and developed telecommunication infrastructure has driven the market growth in the region. Moreover, the increased consumer awareness regarding the benefits of smart hospitals and innovative treatments has boosted the demand for the services of the smart hospitals. Moreover, the increased penetration of telehealth and electronic health records in the region has resulted in the significant growth of the smart hospitals market in North America.

Europe is estimated to be the fastest-growing market during the forecast period. Europe is characterized by the higher demand for the latest technologies, increased adoption of digital technologies in the healthcare sector, and growing popularity of the telemedicine among the consumers. Moreover, the rising prevalence of various chronic disease among the population such as cancer, diabetes, and CVDs has significantly augmenting the growth of the smart hospitals market in Europe.

Table of Contents

Scope of the Smart Hospitals Market Report

Report Highlights	Details
Market Size In 2032	USD 213.38 Billion
Growth Rate	CAGR of 17.70% From 2023 to 2032
Largest Market	North America
Fastest Growing Market	Europe
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Component Product Connectivity Region

Smart Hospitals Market Dynamics

Driver

Adoption of various developmental strategies to drive market growth

The various developmental strategies like collaborations, acquisition and new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players. For instance, in January 2020, KT Corporation and Samsung Medical Center collaborated to develop a 5G smart hospital.

Restraint

Lack of awareness regarding the smart products

There is a lack of awareness regarding various smart healthcare products such as telemedicine, electronic health records, and telehealth apps among the population, especially in the developing and underdeveloped market of Asia Pacific and Africa, which is a major restraint that can hinder the market growth in the forthcoming future.

Opportunities

Rising adoption of ML, AI, and IoT in the healthcare industry

The adoption of the latest technologies such as artificial intelligence, machine learning, and internet of things is rapidly growing across the healthcare units all over the globe. The potential of these technologies in offering efficient services is expected to provide lucrative growth opportunities during the forecast period.

Challenges

Hurdles faced by the hospitals in adopting smart technologies

The huge capital investments, lack of proper IT and telecommunication infrastructure, data breach, cybersecurity, and unawareness regarding the technological advancements in the underdeveloped markets are the major challenges faced by the market players.

Report Highlights

Based on the component, the services is estimated to be the most opportunistic segment, owing to the rising adoption of the third-party service providers for the efficient handling of various smart hardware and software devices. This is so because of the lack of proper knowledge among the healthcare professionals regarding the handling and management of the smart devices and software. Moreover, the third-party service provider helps in cost reduction, improve profitability, and enhance patient care services.
Based on the product, the telemedicine segment dominated the market in 2020. This is attributable to increased adoption of the telemedicine platforms among the consumers and the healthcare professionals especially during the COVID-19 pandemic. The worldwide lockdown and travelling restricts exponentially boosted the adoption of telemedicine platform across the globe. This trend is expected to continue during the forthcoming future and this segment will retain its dominating position.
Based on the connectivity, the wireless segment was the dominating segment and is expected to be the fastest-growing segment during the forecast period. The increased adoption of various wireless technologies such as AI, IoT, augmented reality, and cloud-based servers, which mostly depends on wireless communication, is a major driving force of this segment. The rising investments on the development of IT and telecommunications infrastructure is fueling the growth of this segment,