Europe Smart Hospitals Market

Europe Smart Hospitals Market Size (2023 to 2028)

The European smart hospitals market is estimated to be growing at a remarkable CAGR of 25.68% from 2023 to 2028 and will be worth USD 24.08 billion by the end of 2028.

The growing aging population that requires quick healthcare and the increasing population suffering from various health difficulties are propelling the smart hospitals market growth in Europe. Compared to traditional hospitals, smart hospitals are equipped with advanced systems and equipment that are required to treat patients cost-effectively. Smart hospitals work by forming a connection between medical devices, patient monitoring systems, electronic health records, and other advanced IT systems. With smart hospitals, people can eliminate waiting time, make hassle-free appointments, avail treatment with ease, and pay bills. Furthermore, using advanced software, healthcare systems can gather information on patients all in one place and reduce the time taken for appointments. It also helps to check the patient's previous health reports even if they forget to bring a hard copy of their previous reports.

An increasing number of R&D activities around humanoid robots have been noticed in the European region, which is expected to favor the growth of the regional market. These humanoid robots aid hospitals in surgeries and assist patients. Furthermore, the increasing efforts of key market participants to manufacture advanced medical devices for smart hospitals and growing support from the governments in favor of smart hospitals are further boosting the growth rate of the smart hospitals market in the European region.

However, the high costs associated with transforming the traditional hospital into a smart hospital are significant factors limiting the growth rate of the European smart hospital market. In addition, the lack of skilled workforce required to handle smart hospital operations is hampering the regional market growth. Furthermore, a lack of awareness among people regarding the advantages associated with smart hospitals is inhibiting the smart hospitals market growth in Europe.

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

By Component:

• Software
• Hardware
• Services

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

By Country:

• United Kingdom
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Rest of Europe

The European smart hospitals market is one of the promising regions in the worldwide market. Most European organizations collaborate with clinical organizations to bring an advanced point-of-care system using Artificial Intelligence and making the right choices. Increasing the 5G network in Europe also drives the market forward. 5G connectivity is used between the software and the system to ensure fast access to the information in the hospital. 5G networks deliver high-speed and ultra-low latency data connection in smart hospitals. The scope to convert hospitals into smart hospitals in the European region has recently increased owing to the increasing investments in the healthcare sector. This includes the transformation of the hospital with the advanced technological instrument and software along with the staff and healthcare providers. Furthermore, the government has conducted several programs to motivate hospitals to change to smart hospitals, which will increase the hospitals' productivity and patient care.

The UK smart hospitals market is anticipated to register CAGR during the forecast period. The increasing use of remote monitoring devices drives the market forward in the United Kingdom. Smart hospitals provide use remote monitoring devices and systems. This remote monitoring system uses innovative technology to monitor patients outside the hospital and securely give treatment online. Smart devices, wearable devices, and video consultations help the patient to adopt the system. According to the latest survey, nearly 9 million people are using this digital communication for treatment sitting in their homes. In addition, the increasing use of electronic health records and telemedicine in the region also drives the market forward.

The German smart hospitals market is expected to account for a significant share of the European market during the forecast period. To increase patient care and quality of treatment, Germany is also adopting the smart hospital in their region. However, German hospitals need help integrating large amounts of data to do specific tasks quickly. In addition, the exchange of information from one place to another place between the hospital and the handwritten records may cause problems with some movements. To reduce all these problems, in the hospital, Germany is adopting the hospital with advanced technology and adopting the digital format.

KEY MARKET PLAYERS:

Companies playing a leading role in the European smart hospitals market profiled in this report are Medtronic, Philips, Microsoft, GE Healthcare, Qualcomm, SAP, Stanley Healthcare, Cerner Corporation, McKesson, and Siemens.