Smart hospitals incorporate advanced medical devices, systems, and software to help patients and healthcare providers. They utilize electronic health records to store medical history, Internet of Things devices to monitor vitals remotely, and telehealth services to enable virtual consultation. This integration of technology aims to improve clinical outcomes, enhance coordination between doctors, reduce hospital stays and medical errors, and lower healthcare costs.

The global Smart Hospitals Market is estimated to be valued at US$ 41 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for improved patient care through smart hospital technologies is expected to significantly drive market growth over the forecast period. Remote monitoring systems allow continuous tracking of vitals and prompt alerts in case of emergencies. This improves safety and health outcomes for chronic patients. Further, integration of electronic health records enables doctors to access complete medical history on the go. It facilitates faster diagnosis and coordinated care between different specialists. Telehealth services also provide an opportunity to extend healthcare access to remote areas. Overall, technological advancements in smart hospitals aim to enhance the quality of care while reducing costs, presenting lucrative prospects.

Porter’s Analysis
Threat of new entrants: The smart hospitals market requires high capital investment for technology adoption and infrastructure development which poses barriers for new players.
Bargaining power of buyers: Individual consumers have limited bargaining power however group purchasing is increasing buyers power for hospitals.
Bargaining power of suppliers: Major technology and equipment suppliers dominate the market however increasing competition is reducing their bargaining power.
Threat of new substitutes: Alternate technologies pose minimal threat currently however ai, 5g and other advances may bring substitutes in future.
Competitive rivalry: Fierce competition exists among leading players to adopt new technologies and roll out advanced solutions.

SWOT Analysis
Strength: Emerging technologies enable improved patient care, operational efficiency and analytics driven insights. Adoption supports delivery of value based care.
Weakness: High initial investment requirements and challenges integrating legacy systems with new technologies. Require well trained workforce for maintaining and operating advanced infrastructure.
Opportunity: Ageing global population driving demand for enhanced healthcare delivery. Growth in chronic diseases and demand for quality care present large addressable markets.
Threats: Cyber security risks, equipment malfunctions/downtime and difficulty changing behaviors are challenges that if not addressed properly may affect adoption. Regulations play a key role in growth and need to be supportive.

Key Takeaways
The Global Smart Hospitals Market Size is expected to witness high growth over the forecast period supported by ageing population growth driving demand for enhanced healthcare services and technologies enabling efficiencies. The market size is projected to reach over US$ 41 Billion by 2024 growing at a CAGR of 6.7% during the forecast period of 2023 to 2030.

Regional analysis: North America currently dominates the market owing to advanced healthcare infrastructure, high technology adoption and presence of leading players. Asia Pacific is emerging as the fastest growing region supported by improving healthcare investments, rising medical tourism and focus on developing smart cities in major countries.

Key players operating in the smart hospitals market are Silvert€TMs Adaptive Clothing & Footwear, Izzy Camilleri, NBZ Apparel International, Able2Wear, Adaptions by Adrian, Professional Fit Clothing, Adaptive Clothing Showroom, Creation Confort, Buck & Buck, PVH Corp. and Lycra Company. Major players are focusing on new product launches, partnerships and mergers to expand geographic footprint and service offerings.

For More Insights, Read: https://www.trendingwebwire.com/smart-hospitals-market-trends-growth-and-regional-outlook-2023-2030/

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