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Smart Hospitals Market Size Worth Around USD 164.8 Bn by 2030

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Ottawa, Dec. 20, 2021 (GLOBE NEWSWIRE) — According to Precedence Research, the global smart hospitals market size was estimated at USD 39.56 billion in 2021. The global smart hospitals market is primarily driven by the rising adoption of the latest technologies such as artificial intelligence, machine learning, internet of things, and augmented reality in the global healthcare industry. The rising government and corporate investments to increase the operational efficiency of the hospitals by installing latest digital technologies in the hospitals is also expected to drive the growth of the global smart hospitals market during the forecast period.

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Moreover, the rising popularity of telehealth applications among the population has resulted in its increased adoption among the healthcare professionals. The patients can receive the doctors’ consultations from the comfort of their home. Further, the use of AI and ML improves the patient care by supplying the important health related data of the patient to the healthcare professionals. Furthermore, the rising number of hospital admissions owing to various factors is creating a huge pressure on the hospitals and hence the installation of smart and efficient technologies in hospitals is the need of the moment that can provide fast and reliable treatment to the patients. All these factors are expected to drive the market growth in the forthcoming years.

Scope of the Smart Hospitals Market

Report Coverage Details
Market Size in 2021 USD 39.56 Billion
Growth Rate from 2021 to 2030 CAGR of 17.2%
Fastest Growing Market Asia Pacific
Largest Market North America
Base Year 2021
Forecast Period 2021 to 2030
Companies Covered Microsoft, Allscripts, Philips, Medtronic, Honeywell Life Care Solutions, Stanley Healthcare GE Healthcare, SAP, Qualcomm Life, Cerner Corporation

Regional Snapshots

North America dominated the global smart hospitals market during the forecast period. The rising investments on the adoption of latest technologies in the healthcare sector coupled with the presence of strong and developed telecommunication infrastructure has driven the market growth in the region. Moreover, the increased consumer awareness regarding the benefits of smart hospitals and innovative treatments has boosted the demand for the services of the smart hospitals. Moreover, the increased penetration of telehealth and electronic health records in the region has resulted in the significant growth of the smart hospitals market in North America.

Europe is estimated to be the fastest-growing market during the forecast period. Europe is characterized by the higher demand for the latest technologies, increased adoption of digital technologies in the healthcare sector, and growing popularity of the telemedicine among the consumers. Moreover, the rising prevalence of various chronic disease among the population such as cancer, diabetes, and CVDs has significantly augmenting the growth of the smart hospitals market in Europe.

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Market Dynamics

Driver

Adoption of various developmental strategies to drive the market growth

The various developmental strategies like collaborations, acquisition and new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players. For instance, in January 2020, KT Corporation and Samsung Medical Center collaborated to develop a 5G smart hospital.

Restraint

Lack of awareness regarding the smart products

There is a lack of awareness regarding various smart healthcare products such as telemedicine, electronic health records, and telehealth apps among the population, especially in the developing and underdeveloped market of Asia Pacific and Africa, which is a major restraint that can hinder the market growth in the forthcoming future.

Opportunities

Rising adoption of ML, AI, and IoT in the healthcare industry

The adoption of the latest technologies such as artificial intelligence, machine learning, and internet of things is rapidly growing across the healthcare units all over the globe. The potential of these technologies in offering efficient services is expected to provide lucrative growth opportunities during the forecast period.

Challenges

Hurdles faced by the hospitals in adopting smart technologies

The huge capital investments, lack of proper IT and telecommunication infrastructure, data breach, cybersecurity, and unawareness regarding the technological advancements in the underdeveloped markets are the major challenges faced by the market players.

Report Highlights

  • Based on the component, the services is estimated to be the most opportunistic segment, owing to the rising adoption of the third-party service providers for the efficient handling of various smart hardware and software devices. This is so because of the lack of proper knowledge among the healthcare professionals regarding the handling and management of the smart devices and software. Moreover, the third-party service provider helps in cost reduction, improve profitability, and enhance patient care services.
  • Based on the product, the telemedicine segment dominated the market in 2020. This is attributable to increased adoption of the telemedicine platforms among the consumers and the healthcare professionals especially during the COVID-19 pandemic. The worldwide lockdown and travelling restricts exponentially boosted the adoption of telemedicine platform across the globe. This trend is expected to continue during the forthcoming future and this segment will retain its dominating position.
  • Based on the connectivity, the wireless segment was the dominating segment and is expected to be the fastest-growing segment during the forecast period. The increased adoption of various wireless technologies such as AI, IoT, augmented reality, and cloud-based servers, which mostly depends on wireless communication, is a major driving force of this segment. The rising investments on the development of IT and telecommunications infrastructure is fueling the growth of this segment,

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Segments Covered in the Report

By Component

  • Software& systems
  • Hardware
  • Service

By Product

  • Smart Pills
  • Telemedicine
  • M Health
  • Electronic Health Record

By Connectivity

  • Wireless
  • Wired

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

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About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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