Global Smart Hospitals Market to Reach US$280.5 Billion by 2030

The global market for Smart Hospitals estimated at US$64.3 Billion in the year 2023, is expected to reach US$280.5 Billion by 2030, growing at a CAGR of 23.4% over the analysis period 2023-2030. Services, one of the segments analyzed in the report, is expected to record a 22.3% CAGR and reach US$151.9 Billion by the end of the analysis period. Growth in the Hardware segment is estimated at 23.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$17.4 Billion While China is Forecast to Grow at 26.5% CAGR

The Smart Hospitals market in the U.S. is estimated at US$17.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$38.2 Billion by the year 2030 trailing a CAGR of 26.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 19.5% and 22.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 21.7% CAGR.

Global Smart Hospitals Market - Key Trends and Drivers Summarized

Smart hospitals represent a transformation in healthcare delivery by integrating advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), robotics, and data analytics into hospital operations and patient care. These hospitals leverage these technologies to enhance all aspects of hospital management and clinical operations, from patient registration to surgery, providing more efficient, personalized, and effective healthcare. Smart hospitals not only optimize workflow automation and patient monitoring but also improve the accuracy of diagnostics and the effectiveness of treatments. The architecture of a smart hospital involves a comprehensive network of interconnected devices that collect, analyze, and manage health data in real time, thus enabling healthcare providers to make informed decisions faster and with greater accuracy.

Smart technology and connected medical wearables are enabling the creation of hospitals without walls, in which outpatient and long-term care can be delivered remotely by healthcare professionals to patients in their homes, thus freeing up vital bed space for patients who need more intensive care. IoT combined with the power of emerging technologies such as AI and blockchain is expected to enable the creation of smart hospitals of the future. Blockchain technology is being explored for secure management of medical records and supply chain logistics, ensuring transparency and efficiency in hospital operations. These technologies together create a more connected and seamless healthcare environment that not only enhances patient outcomes but also optimizes resource allocation and management. Though the emergence of robotics in the medical sector is a relatively more recent event when compared to other industries, they today form an integral component of modern medicine. Robotic technology plays a vital role in delivering neuro-rehabilitation therapy to patients suffering from stroke, performing health related tasks, assisting people with disabilities and even carrying out delicate surgical procedures. While initially robots were used purely to assist surgeons during surgeries, the increasing desire of surgeons as well as patients to maximize effectiveness and efficacy led to the debut of additional telemedicine and assistive technologies based automation tools.

The growth in the smart hospital market is driven by several factors, including increasing healthcare costs, which compel healthcare facilities to improve efficiency and reduce operational expenses. Aging populations and the subsequent rise in chronic diseases also necessitate more advanced healthcare infrastructure capable of providing continuous and intensive care. Technological integration into healthcare is further supported by governmental initiatives and investments aimed at improving healthcare quality and accessibility. Moreover, the COVID-19 pandemic accelerated the adoption of digital health technologies as hospitals turned to telemedicine, remote monitoring, and data analytics to manage patient care amidst social distancing protocols. Consumer behavior has also shifted, with more patients now expecting and embracing the use of technology in their healthcare journey. Together, these drivers ensure that the demand for smart hospitals will continue to grow, as they represent a critical evolution in the effort to meet the increasing demands of modern healthcare.