According to the latest report published by Variant Market Research, the global smart hospitals market size is projected to reach $101.6 billion by 2025. In this report,smart hospitals market forecast says that the global market is growing at a CAGR of 25.4%from 2017 to 2025. By geography, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. Smart hospitals enhance existing patient care procedures as well as introduce new capabilities to them. Smart hospitals depend on enhanced and automated processes built on an information and communications technology (ICT) environment of interconnected assets, mainly based on Internet of things (IoT).
"Smart Hospitals Market (By Component: Hardware, Systems & Software, and Services; By Connectivity: Wired, and Wireless; By Service Rendered: General Services, Super Specialty, and Specialty;By Artificial Intelligence:Offering and Technology;By Application: Electronic Health Record & Clinical Workflow, Remote Medicine Management, Medical Connected Imaging, Outpatient Vigilance, and Medical Assistance;By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
Growing demand for cost effective solutions in hospitals drives the global smart hospitalsmarket
The global smart hospitals market trend includes mounting need of connected devices in hospitals, growing demand for cost effective solutions in hospitals, and acceptance of IoT technologies in healthcare. Thoughhigh cost of connected systems, and absence of awarenessregarding implementing IoT solutions in hospitalsmight act as a roadblock for the global Smart Hospitals market growth. Moreover,mounting government investments in healthcare sector is likely to offer worthwhile opportunities for the market in the coming years.
The global smart hospitals markethas been classified on the basis of component, connectivity, service rendered, artificial intelligence, application, and geography. The component segment is categorized into hardware, systems & software, and services.Connectivity includes wired, and wireless. Service rendered segment is sub-segmented into general services, super specialty, and specialty. On the basis of artificial intelligence, the segmentation includes offering and technology. Moreover, application includes electronic health record & clinical workflow, remote medicine management, medical connected imaging, outpatient vigilance, and medical assistance.
By geography, global Smart Hospitals market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further split in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into China, India, South Korea, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Systems & software, by component projected to grow at a highest growth rate over the forecasted period
On the basis of component, systems and software segment is expected to grow with a highest CAGR over the forecast period.This segment primarilygive attention on device management and integration, data collection,information security, & data analytics. It alsosupports to create a high degree of smart characteristics&autonomy among hospital infrastructure, healthcare providers, and patients. This is driving the growth of the systems and softwaresegment of the global smart hospitalsmarket.
Outpatient vigilance, byapplication is anticipated to gain the fastest CAGR between 2017 and 2025
Outpatient vigilance, by applicationis predicted to achieve the fastest CAGR during the forecast period. The growth of this segment is attributed to the fact thatoutpatient vigilance permits healthcare facility to efficiently monitor all patient bed &continuously monitor a patient’s status without connecting cables, sensors, &leads to the individual.
Asia-Pacific is expected to be the fastest growing market during the forecast period
Asia-Pacific is likely to attain the fastest CAGR throughout the forecast period, driven by factors such as growing number of hospitals &surgical centers in the Asia Pacific region. Additionally, growing start-up companies, the upgradation of the healthcare infrastructure, as well as mergers & acquisitions in the healthcare sector has supported the healthcare industry growth in India, China, Japan, & South Korea.
Key players are offering innovative products and services to increase theirsmart hospitalsmarket share. Main players competing in the market includeQualcomm Life, Inc.,Medtronic, Koninklijke Philips N.V., GE Healthcare, Siemens AG, Honeywell Life Care Solutions, Allengers, Cerner Corporation, McKesson Corporation,and AdhereTech, among others.