Smart Hospital Market Size To Expand at a Notable CAGR Of 25% During 2017 - 2023

Pune, India, December 2018/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Smart Hospital Market.

Market Snapshot:The Global Smart Hospital Market is predicted to garner USD 62 billion during the forecast period (2017-2023). The Global Market is presumed to capture 25% CAGR owing to the technological advancements, asserts Market Research Future (MRFR). Smart hospitals are referred to as medical settings which are equipped with advanced software and devices in order to reduce the reduce the workload besides minimizing the cost associated with the procedures required in a hospital. Smart hospitals highly depend on artificial intelligence (AI) and internet of things (IoT). It is a technological revolution in the healthcare sector which make use of electronic patient records and streamlining process which reduces the risk of health by improving the quality of life and well-being of the people.

Drivers and Constraints Impacting the Market:With growing demand for cloud computing in smart hospitals, the market has evolved during the assessment period. Smart hospitals offer complete information of lifecycle of the patients which is stored securely in the cloud and is accessible to the doctors, patient, and pharmacy staff. They also use wearable devices at wide range as they enable to get notified in case the patient is experiencing an asthma situation, journaling, displays, treatment plans, and others. It also tracks and provides information on treating symptoms. Such factors are considered to augment the smart hospital market growth during the assessment period.

With accelerating technological advancements in the healthcare sector and increasing need for cost-effective solutions are some of the major factors stimulating the market growth during the appraisal period. Additionally, the growing investments in the healthcare sector, especially in the developing countries are further creating lucrative opportunities in the market across the globe. Moreover, the increasing penetration of instruments and connected devices in hospitals and advancements in the healthcare infrastructure are some of the other major factors contributing to the market growth.

On the flip side, lack of governance standards coupled with lack of competence in deploying IoT solutions in the hospitals is considered to dampen the market growth in the coming years.

Global Smart Hospital Market: Segmental Analysis:The Global Smart Hospital Market has been segmented on the basis of components, connectivity, technology, application, and region.

By mode of component, the global smart hospital market has been segmented into software, hardware, service, and others. Among these, the hardware segment is considered to be the most lucrative segment during the appraisal period owing to the extensive use of hardware in the hospital settings. Hardware devices used in hospitals are implanted, wearable, and other stationary devices. The increased usage of such devices is anticipated to drive the growth of the smart hospitals market.

By mode of technology, the global smart hospital market has been segmented into cloud computing, artificial intelligence, wearable technologies, radio frequencies identification, internet of things, ZigBee technologies, and others.

By mode of connectivity, the global smart hospital market has been segmented into wired, wireless and others. Among these, the wireless segment accounts for the largest market share during the appraisal period. Wireless segment comprises devices like RFID, Wi-Fi, Bluetooth, and others. Such devices are used in hospitals for easing the clinical workflow along with reducing the cost of treatment and diagnosis purposes.

By mode of application, the global smart hospital market has been segmented into remote medicine management, outpatient vigilance, medical connected imaging, medical assistance, electronic health record & clinical workflow, and others.

Regional Insights:Geographically, the smart hospital market span across regions namely, North America, Asia Pacific, Europe and Rest-of-the-World (RoW).

Among all the regions, North America is considered one of the leading regions in terms of market share as the smart hospital rooms are incorporated with sensors that measure temperature, heart rate, light, humidity, and others. The smart hospitals in this region are gaining huge prominence owing to the number of technologies used for the treatment of the patients at a very low cost.

Asia-Pacific countries such as Japan, China, and India are considered to be emerging markets for smart hospital and is anticipated to experience the highest CAGR during the assessment period as the companies are taking an interest in targeting the smart hospital in order to meet the requirement of the customers.

Industry Updates:December 24, 2018: KKR, the private equity giant which had previously backed the diagnostics chain Metropolis Healthcare and the promoters of Apollo Hospitals is making its biggest bet in the healthcare services space. They are set to own a majority stake in Max Healthcare after merging its portfolio firm Radiant Life Care Pvt. Ltd with the hospital chain.

Competitive Dashboard:The prominent players operating the global smart hospital market are SAMSUNG Group (South Korea), Cerner Corporation (U.S), Siemens AG (Germany), Microsoft Corporation (U.S), Qualcomm Life Inc. (US), GE Healthcare (US), Oracle Corporation (US), Philips N.V (Netherlands), Stanley Healthcare (US), Athenahealth Inc. (U.S), and SAP SE (Germany).

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