Global Smart Hospital Market to Hit USD 77.421 billion by 2032, with 23.60% CAGR from 2023 to 2032

The Smart Hospital Market is likely to garner significant traction. Rising integrations of IoT and smart solutions in hospitals to boost operational efficiency, intelligence, and performance management would drive market growth. Besides, the growing pressure to address common challenges and drive economic development would boost the smart hospital market size.

Market Research Future (MRFR) confirms that the global smart hospital market value is poised to escalate from USD 11.5 BN in 2022 to USD 77.421 BN by 2032, growing at a 23.60% CAGR throughout the anticipated period (2023-2032). Rising numbers of companies involved in smart hospitals and bringing better lives influence the smart hospital market shares.

Moreover, the rising pressure to minimize healthcare document processing costs escalates the market growth to further heights. Additionally, augmenting digitization and automation of documents and transactions in healthcare accelerate smart hospital market shares. With the rising focus on developing healthcare solutions, the market is expected to grow hugely during the next few years.

Growing government support and favorable funding policies for healthcare IT developments propel the smart hospital market revenues. Conversely, concerns about high funding requirements and data security associated with smart hospital implementation impede market growth. However, the rising awareness of smart hospital benefits would support the market growth during the review period.

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Major Players

leading smart hospital market players are

• Qualcomm Life
• Allengers Groups
• Siemens Healthineers
• Cerner Corporation
• Mckesson Corporation
• Adhere Tech
• Koninklijke Philips N.V
• Medtronic PLC.
• GE Healthcare
• Honeywell Life Care Solutions 

Smart Hospital Market – Segments

The report is segmented into types, applications, and regions. The type segment is bifurcated into general services, specialty, super-specialty, and others. The application segment is bifurcated into remote medicine management, outpatient vigilance, medical assistance, medical connected imaging, electronic health record (EHR), clinic workflow, and others. The region segment is bifurcated into the Americas, Asia-Pacific, MEA, Europe, and rest-of-the-world.

Global Smart Hospital Market – Regional Analysis

North America leads the global smart hospital market. The vast presence of advanced healthcare facilities and the availability of funds allow the rapid adoption of advanced healthcare technologies in the region. Besides, high healthcare expenditure and the growing need for medical services like intensive care & long-term care boost the smart hospital market size. Also, the wide accessibility of well-developed multi-specialty and super-specialty hospitals fosters market revenues. 

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Smart Hospital Market – Competitive Analysis

The highly competitive, smart hospital market appears fragmented, with many large and small-scale players alongside new entrants forming a competitive landscape. Industry players make substantial investments to drive R&D and meet their expansion plans. These players initiate strategic partnerships and collaborations to gain a larger competitive share. 

Industry/ Innovation/Related News: 

Aug. 03, 2023 — care.ai, a leading global provider of advanced AI-powered smart care facility platforms and ambient intelligent sensors, announced a partnership with Get Well, a leading global player in digital patient engagement, to accelerate the integration of virtual care in smart hospitals. The partnership will allow clinicians and smart care teams to easily utilize care. AI’s sensors integrated with Get Well’s virtual care solutions like virtual nursing while spending more time with patients, regardless of location.

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