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December 2024
The smart ward market was estimated at US$ 3.06 billion in 2023 and is projected to grow to US$ 11.83 billion by 2034, rising at a compound annual growth rate (CAGR) of 13.1% from 2024 to 2034. The rising geriatric population, technological advancements, and demand for efficient treatment drive the market.
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Smart wards completely change the way a hospital functions. By implementing advanced technologies, hospitals improve their services, and healthcare professionals spend more time on patient treatment. IoT solutions provide real-time information about patient’s health and well-being, reducing operational costs, improving patient efficiency, and generating revenue. Cloud-based services offer scalable, reliable, and efficient access to patient data. This enables storing, monitoring, and analyzing patient data, promoting faster decision-making. Additionally, voice-based interactive devices can improve how healthcare professionals interact with patients, eliminating the need to visit them personally. Hence, smart wards can improve patient experience, increase treatment efficiency, and reduce the risk of errors.
The advancements in technology and the demand for faster and more efficient patient care promote the market. The rising patient population and sedentary lifestyles lead to an increase in several acute and chronic disorders, resulting in more number of patients being hospitalized. This rising number of hospitalizations demands the use of advanced technologies to streamline the process.
The rising geriatric population is a major concern for the healthcare sector. It is the most vulnerable population with the highest risk of several acute and chronic disorders. The latest technologies incorporated into a traditional ward can create more opportunities to deliver advanced care and improve treatment outcomes. Smart wards can meet the individualized care needs of the patients, improving the quality and efficiency of care. Also, the lack of sufficient trained healthcare professionals for the growing population necessitates the use of advanced technologies in a ward. The WHO report estimates a shortfall of 10 million health workers by 2030, mostly in low- and lower-middle-income countries. Hence, smart wards revolutionize the healthcare ecosystem, contributing to major growth and development.
The primary challenge of implementing a smart ward in a hospital is the high risk of breach of privacy and security of patient health data. Medical device hacking allows hackers to obtain patient data and produce erroneous vital metrics. These can result in incorrect prescription dosages and potentially fatal outcomes. Another major challenge is the high initial cost of installation. Also, the new technology is unproven due to a lack of patient-reported outcome measures and usability research.
North America dominated the smart ward market in 2023. Technological advancements, increased investments, and favorable infrastructure drive the market. The market is also driven by favorable government policies. The US Department of Health and Human Services (HHS) aims to leverage AI capabilities to solve mission challenges and gain new insights into complex problems while ensuring that the solutions are ethical, effective, and secure. The presence of key players boosts the market growth. Major hospital giants in the US such as Mayo Clinic, Massachusetts General Hospital, The John Hopkins Hospital, etc. use artificial intelligence, digital imaging, telemedicine, robotics, and electronic functionalities. According to the Newsweek magazine’s report, 87 US hospitals and 15 Canadian hospitals were listed among the top 300 international smart hospitals in 2023.
Asia-Pacific is anticipated to grow the fastest during the forecast period. The rising geriatric population, increasing acute and chronic illnesses, technological advancements, and increasing investments & collaborations drive the market. Asia-Pacific countries like India and China account for the major population in the world. The rising population demands more efficient treatment care for the patient. Favorable government policies also augment the market growth. The Chinese government has implemented various policies and initiatives to expand healthcare coverage, promote preventative care, and increase investment in healthcare infrastructure. In March 2023, the Indian Council of Medical Research (ICMR) released “The Ethical Guidelines for Application of AI in Biomedical Research and Healthcare”.
By type, the software segment held the largest share of the smart ward market in 2023. Several software such as cloud-based technologies and mobile applications revolutionize the healthcare ecosystem. Software is highly preferred as they do not require special infrastructure for its installment. Also, it can be accessed by anyone, anywhere, and at any time. Large amounts of patient data can be stored easily, simplifying the decision-making process. Additionally, digital signage in a ward displays patient status and attendance schedules. It also provides an effective way for doctors to communicate with other healthcare professionals.
The hardware segment is estimated to significantly growing in the smart ward market during the forecast period. IoT medical devices such as sensors and wearable devices significantly improve patient monitoring and treatment. These devices can provide and record real-time patient data such as blood pressure, heart rate, oxygen levels, etc. which reduces the time of nurses, providing more time in patient care.
By application, the general hospital segment held a dominant presence in the smart ward market in 2023. General hospitals provide multidisciplinary treatment and care to the patient with expertise. Hence, patients prefer general hospitals for their treatment at the same place. The different wards in a general hospital include the admission ward, general medicine ward, acute care units, ICU, maternity services, pediatrics, oncology, etc. The increasing number of patients in general hospitals and the more complex schedules and workflows of a general hospital, necessitate the use of smart wards.
The specialized hospital segment is projected to expand rapidly in the smart ward market over the coming years. Specialized hospitals require customized software and hardware solutions for effective treatment of the patient. Smart wards assist healthcare professionals with specialized equipment and support.
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December 2024
December 2024
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December 2024
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