Europe Smart Hospital Market to reach USD 135.7 billion by 2031 from USD 20.04 billion in 2022, at a CAGR of 19.1% during the forecast period

Key Companies Covered in the Market Research are Allscripts, Medtronic, Honeywell Life Care Solutions, GE Healthcare, SAP, Qualcomm Life, Cerner Corporation, Philips, and Stanley Healthcare and other key market players.

The global Market size is projected to reach USD 135.7 billion by 2031 from USD 20.04 billion in 2022, at a CAGR of 19.1% during the forecast period. Kenneth Research has evaluated the current market opportunities in Europe Smart Hospital Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.

Rise in prevalence of diseases across the globe and adoption of artificial intelligence, electronic health records, Internet of Things, and other technically advanced solutions boost the development of well-equipped smart hospitals across the world.

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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Europe smart hospital market (2018-2023)

With growing number of chronic diseases, demand for medical services has increased rapidly in the region. The smart hospital market uses advanced technologies to help doctors for better medical treatment. In Europe, countries like Germany, the UK, Sweden and Netherlands have advanced infrastructure to deploy next-generation health informatics application and build smart hospitals. It uses artificial intelligence (AI) for smart medical services and internet of things (IoT) to connect devices with each other in order to transfer patient data and make use of it to reduce the risks involved in health. According to Netscribes, the Europe smart hospital market is expected to have a significant compound annual growth rate (CAGR) of 21.98% and reach a market size of USD 16.70 Bn by 2023.

In Europe, there has been changes in the lifestyles of people with the countries getting developed and increase in per capita income causing people to adopt unhealthy lifestyles and eating habits. It increases the chances of severe diseases not only for the aging crowd but also for young generation. This demands the need for smart hospitals in this region. Also, the European Health Insurance Card has encouraged people to opt for treatment with heavy costs involved to get it done with government financing. This region has seen good growth for smart hospitals in past few years and it is forecasted to be consistent with it.

The European smart hospital market is bifurcated on the basis of product (smart pills, mHealth, telemedicine, electronic health record and others), application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance), artificial intelligence (offering and technology). The technologies used are artificial intelligence, cloud computing, radio frequencies identification, wearable technologies, zigbee technologies, internet of things (IoT) and others. This region includes the United Kingdom (UK) and Germany as majorly contributing countries.

Key growth factors

One of the major factors that drive market growth in the European region is the huge amount of expenditure for medical technologies. Countries like Sweden, France and Ireland are getting aware of the value of technology-enabled healthcare, and the demand for smart hospitals in the European region is rising. Regulatory bodies are relaxed for the smart equipment and devices in Europe making it easier for companies to cater to the market.

Threats and key players

Smart hospitals in Europe have faced a major blow on its economy recently due to the exit of Britain from the European Union (EU). It has impacted the working structure of the countries as well as the development of medical industry. It has also affected the innovation centres in the European region, which has put the challenge in front of the major players in this market.
The major players in the smart hospital market are SAP, Medtronic, GE Healthcare, Qualcomm Life, Honeywell Life Care Solutions, Allscripts, CitiusTech Inc., Infor, Athenahealth, PhysIQ, AdhereTech, Epic, GlucoVista, STANLEY Healthcare, etc.

What’s covered in the report?

1. Overview of the European smart hospital market.
2. Historical, current and forecasted market size data for smart pills, mHealth, telemedicine, electronic health record and others.
3. Historical, current and forecasted market size data for remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance.
4. Historical, current and forecasted market size data for offering and technology.
5. Historical, current and forecasted country-wise (the UK and Germany) market size data for the UK and Germany smart hospital market segments by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance), by artificial intelligence (offering and technology).
6. Market trends in the European smart hospital market.
7. Qualitative analysis of the key drivers and challenges affecting the European smart hospital market and its segments by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance), by artificial intelligence (offering and technology)
8. Analysis of the competitive landscape and profiles of major players operating in the market

Why buy?

1. Get a broad understanding of the European smart hospital market.
2. Get country-specific market size and observations for the European smart hospital market and its segments by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance), by artificial intelligence (offering and technology).
3. Get specific trends, drivers and challenges for the European smart hospital market and its segments by product (smart pills, mHealth, telemedicine, electronic health record and others), by application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging and medical assistance), by artificial intelligence (offering and technology).
4. Recognize major competitors’ business and market dynamics, and respond accordingly

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The Market report answers the following questions:

What is the aim of the report?

• The market report presents the estimated market size of Europe Smart Hospital Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
• Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
• An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
• The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
• The various parameters accelerating the growth of Market are incorporated in the research report.
• The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

• Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
• The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
• The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

• The report offers detailed analysis of leading companies in the market across the globe.
• It provides details of the major vendors involved in the Market including Key Playes
• A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
• The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
• The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

• Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
• The report offers the present scenario and future growth prospects Market in various geographical regions.
• The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
• The SWOT analysis is conducted along with Porter’s Five Force analysis.
• The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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