The Smart Hospitals Market is estimated to be valued at US$ 41 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The smart hospitals market involves implementation of internet of things(IoT) technologies in the healthcare sector to provide improved patient care and management. IoT devices such as connected medical equipment, RFID tags, sensors etc. are used to remotely monitor patients as well as automate various workflow and operational processes in hospitals. This provides advantages such as improved diagnosis, reduced medical errors and waiting time, streamlined supply chain management. The growing need for quality healthcare coupled with technological advancements is fueling adoption of smart hospital solutions across the world.
Market Dynamics:
Rapid adoption of IoT technologies is a key driver boosting the growth of smart hospitals market. IoT enabled devices help collect large amounts of medical data which provide valuable insights to clinicians for improved decision making. This drives the demand for installation of smart hospital solutions. Additionally, demand for reduced healthcare costs is also propelling the market growth. Implementation of smart hospital technologies allow optimizing resource utilization and automating routine tasks which helps lower operational expenses for healthcare providers. However, high investment costs required for deployment of smart infrastructure and security & privacy concerns around patient data are some factors hindering full scale adoption. Ongoing research & development focused on developing advanced yet affordable smart hospital solutions is expected to create new avenues for market expansion during the forecast period.
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