North America Smart Hospitals Market

North America Smart Hospitals Market Size (2023 to 2028)

The smart hospitals market in the North American region is anticipated to grow at a CAGR of 23.32% from 2023 to 2028 and be worth USD 64.61 billion by 2028 from USD 22.65 billion in 2023.

The growing patient population suffering from chronic diseases across the North American region is one of the key factors propelling the North American smart hospitals market. According to the statistics published by the Centers for Disease Prevention and Control (CDC), an estimated four people in ten suffer from at least one chronic disease. In the coming future, the population suffering from chronic diseases is expected to grow considerably in the North American region, which is expected to fuel the need for smart hospitals. The advantages associated with smart hospitals, such as improved healthcare and reduced costs to patients, especially patients suffering from chronic diseases, compared to traditional hospitals, are further promoting regional market growth. As a result, the North American region has the fastest growth in adopting smart hospitals.

Growing investments to further develop the healthcare infrastructure in North America are boosting the smart hospitals market in this region. Most hospitals and clinics seek to enhance the quality of the infrastructure further to provide better patient treatment. This infrastructure includes advanced equipment, improving building maintenance, increasing staff, and others. In addition, developed countries such as the United States focus more on improving technologically advanced infrastructure using artificial intelligence, IoT, etc. By including all these facilities in hospitals, the hospital can change into smart hospitals, which is helpful for the people and drives the market forward.

The rising adoption of mHealth and increasing digitization in healthcare favor the smart hospitals market in the North American region.  During the COVID-19 pandemic, the usage of mobile health has grown significantly to reduce the spread of the virus, and the awareness of smart hospitals has also grown. As a result, smart hospitals have taken advantage of mobile healthcare during the COVID-19 pandemic and treated patients in comfort.

However, the high costs associated with establishing and maintaining smart hospitals are one of the major factors hampering the market's growth rate in North America. In addition, issues associated with data security and the lack of skilled professionals who can handle the healthcare IT of smart hospitals are hindering the regional market growth. Furthermore, poor awareness levels among people regarding the benefits associated with visiting smart hospitals are impeding market growth in North America.

This research report on the North American smart hospitals market has been segmented and sub-segmented into the following categories.

By Component:

• Software
• Hardware
• Services

The software segment had a major share of the North American smart hospitals market in 2022.   

By Application:

• Remote Medicine Management
• Medical Connected Imaging
• Medical Assistance
• Electronic Health Records & Clinical Workflow
• Outpatient Vigilance

By Technology:

• Cloud Computing
• Artificial Intelligence
• Wearable Technologies
• Radio Frequencies Identification

By Connectivity:

• Wired
• Wireless

The wireless segment accounted for the largest share of the smart hospitals market in North America by connectivity in 2022.

By Country:

• The United States
• Canada
• Rest of North America

North America dominated the smart hospitals market worldwide in 2022 owing to the growing adoption of advanced technologies in hospitals and improving patient care.

The U.S. led the smart hospitals market in the North American region in 2022 and the domination is expected to continue throughout the forecast period.  Smart hospitals are now playing a vital role in the U.S. in saving lives and providing better healthcare. The U.S. government has taken several initial steps to make every hospital a smart hospital. Smart hospitals help to gather all the information about a patient in a single place to reduce the time taken to check the patient's report and related bills. Increasing manufacturing of different types of equipment for intelligent work in this region also drives the smart hospital market. Key players are focusing on designing and manufacturing the products and the software according to the view of healthcare providers and patients using them.

During the forecast period, the Canadian smart hospitals market is anticipated to occupy a considerable share of the North American market. In 2020, Canada also started using innovative technology in hospitals which drives the market forward in this country. The Canadian government uses competent healthcare to help the staff reduce their workload. In addition, due to increasingly innovative technology in hospitals, patients get fast access to treatment, which saves their lives.

KEY MARKET PLAYERS:

A few noteworthy companies in the North American Smart Hospitals market profiled in this report are Medtronic, Philips, Microsoft, GE Healthcare, Qualcomm, SAP, Stanley Healthcare, Cerner Corporation, McKesson, and Siemens.