Smart Hospitals Market was valued at US$ 22.43 Bn in 2019. The market is projected to expand at a higher CAGR from 2020 to 2030, Technological advancements, including digitization, Internet of things, artificial intelligence, rise in incidence of coronavirus leading to a surge in the demand for smart hospitals to drive the market
Smart Hospitals Market: Introduction
According to the report, the global smart hospitals market was valued at US$ 22.43 Bn in 2019. The
market is projected to expand at a higher CAGR from 2020 to 2030. Smart hospitals are technically
equipped hospitals that offer valuable insights, services, and provide patient engagement and
Operational efficiency is improved by streamlining logistics and inventory, thus reducing their
operational costs. The global smart hospitals market is driven by a rise in the prevalence of various
diseases, sudden outbreak of infectious diseases in year 2020, and technological advancements such as
biotelemetry and block chain technology. This, in turn, is also expected to boost the smart hospitals
market during the forecast period.
North America dominated the global smart hospitals market in 2019, followed by Europe and Asia
Pacific. North America’s dominance can be ascribed to technological advancements, adoption and
development of smart healthcare models, robotic technology, privatization of hospitals, and investment
by key players.
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Technological Advancements to Drive Global Market
Technological advancements offer various technically advanced solutions, which further enhance
services provided to patients. Various organizations are increasing their efforts to support the
healthcare process and boost interconnectedness among patients and physicians.
Innovative technologies seek to improvise and expand treatment options, thereby reducing the
healthcare burden. Moreover, innovation is leading to the development of devices such as new sensors
that are connected to mobile applications, which further guide patients to conduct daily exercise
routines after orthopedic surgery. The data is shared with the physician to track the physical
development of patients.
Various systems and software ease the implementation of smart hospitals concept and