Key Players
The major players operating in the global smart hospital market are:
- Medtronic PLC
- Koninklijke Philips NV
- GE Healthcare (General Electric)
- Stanley Healthcare
- SAP SE
- Honeywell Life Care Solutions (Honeywell International Inc.)
- Microsoft Corporation
- Allscripts Healthcare Solutions Inc.
- Cerner Corporation
- Schneider Electric Healthcare
- ThoughtWire Corp.
- McKesson Corporation
Market Dynamics
The healthcare industry is experiencing a rapid transformation due to the increasing trend of the Internet of Things (IoT). Connected medical devices are being used to improve patient safety and efficiency, resulting in the emergence of "Smart Hospitals" when applied to the entire healthcare organization.
Despite the high costs involved, hospitals worldwide have been hesitant to adopt these technologies and practices. However, as technology costs decrease and use cases demonstrate the importance of digital connectivity solutions, hospitals are increasingly compelled to embrace these technologies. The implementation of these technological changes can also benefit hospitals by digitizing personnel management, asset tracking, and scheduling, leading to enhanced operational efficiency.
The growth of the market is being influenced by the increasing demand for remote patient monitoring solutions, driven by the rise in aging population and long-term chronic disease conditions in many regions. Hospitals are under constant pressure to reduce costs while maintaining the standard of patient care. To achieve this, hospitals are turning to wireless technologies that enable them to operate more efficiently, support patient care, and improve patient experiences.
One example of this is the use of RFID tags on nurse ID badges, which are connected to the hospital's Wi-Fi network. These tags track the movement of the nurses throughout their shifts, providing hospitals with valuable data that can be used to optimize their procedures and improve workflow for nursing staff. This is just one of the many ways in which hospitals are embracing technology to improve their operations and provide better care for patients.
Hospitals have been able to track the real-time location and condition of critical equipment using wireless RFID technology. One example of this is Shands hospital in Florida, which experienced a 98.8% reduction in the hours spent searching for missing items after adopting this technology.
The COVID-19 pandemic put a strain on hospitals worldwide, but it also encouraged innovation in response to the crisis. The need to maintain social distance and make the most effective use of overworked workers accelerated the progress of digital transition in healthcare.
Driver: Growing Prevalence of Chronic Diseases
As the global economy grows, people are becoming more interested in maintaining long-term health and wellness. Unfortunately, chronic diseases are also on the rise, which is a major concern in many countries. The aging population in Western countries is one of the primary drivers of this trend. The growth of better healthcare systems in every country is also contributing to the increase in chronic diseases.
Infectious diseases are also on the rise, leading to a significant increase in mortality rates. Sedentary lifestyles are contributing to the growing prevalence of lifestyle-associated disorders such as hypertension and diabetes. As a result, there is a growing demand for proper health management, which is driving the integration of healthcare data with portable devices and the demand for e-health services.
This trend is expected to continue, leading to an increase in the demand for e-health services and propelling market growth in the forecast period.
Segment Analysis
By Component Type
Software segment to show significant growth during the forecast period. Reducing patient wait times is a challenging task for hospital staff, and the adoption of various software solutions can optimize workflows, improve patient care, and reduce staff burnout. Vendors are focusing on developing software and solutions to enhance the efficiency of hospitals.
Digital solutions such as AI, 3D rendering, and cloud-based technology can address some of the most pressing issues in the medical device industry and are expected to be implemented during the forecast period. While these technologies will not replace human workers, they will enable medical workers to operate more efficiently and in conjunction with the workforce. As a result, many medical device organizations are expected to adopt such digital solutions in the near future.
Regional Analysis
Europe holds the largest market share during the forecast period. Germany, the United Kingdom, Sweden, and the Netherlands are European countries that have developed advanced infrastructure for deploying next-generation health informatics applications and building smart hospitals.
These countries are leveraging AI for smart medical services and IoT to connect devices for transferring patient data and reducing health risks. In the United Kingdom, the rapid implementation of Industry 4.0, involving businesses, consumers, and workers, is a revolutionary step towards the development of smart hospitals.
Despite regulatory constraints caused by Brexit, Europe has emerged as one of the leading manufacturers of smart medical devices. The healthcare sector in the region continues to attract steady investments, providing opportunities for the market to grow. The introduction of technologies like the Internet of Medical Things (IoMT) is expected to propel the well-established healthcare industry.
For example, Royal Philips announced in October 2021 that its Philips Capsule Medical Device Information Platform (MDIP) had integrated more than 1,000 unique medical device models, thanks to the release of new device drivers that enable integration and interoperability.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com
Recent Developments
- In September 2022, Honeywell signed Memorandums of Understanding (MOUs) with two leading healthcare companies that provide a framework to co-innovate error-prone processes and tasks, improve the patient experience and enhance operational agility through digitalization.
- In August 2022, Medtronic entered into a partnership with BioIntelliSense for exclusive US distribution of multi-parameter wearable for continuous remote patient monitoring from in-hospital to home.
- In July 2022, GE Healthcare and AWS brought their partnership in Europe with first cloud deployment of Edison True PACS at The Royal Orthopaedic Hospital NHS Foundation Trust in Birmingham, England.
- In March 2022, Microsoft Corp. released new capabilities in its various cloud technologies for healthcare and life sciences industry with the general availability of Azure Health Data Services and updates to Microsoft Cloud for Healthcare.
- In March 2022, Royal Philips, a global leader in health technology, launched new features in its analytics and interoperability solutions at the HIMSS22 Global Health Conference & Exhibition.
