Smart Hospital Market 2019: Global Overview, Key Players Analysis, Sales Revenue, Industry Segments, Growth Factors, Opportunities, Competitive Landscape and Forecast 2025

Smart Hospital Market 2019: Global Overview, Key Players Analysis, Sales Revenue, Industry Segments, Growth Factors, Opportunities, Competitive Landscape and Forecast 2025

Market Research Future
Market Research Future published a research report on “Smart Hospital Market Research Report- Global Forecast 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2025.

Market Snapshot

The global smart hospital market is projected to post a dynamic CAGR of 21.5% over the forecast period of 2018-2025, asserts Market Research Future (MRFR) in its extensive study. 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.

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Global Smart Hospital Market – Segments

For ease of understanding, the analysis has been segmented into three key dynamics:

  • By Type : General Services, Specialty, and Super-Specialty
  • By Application: Electronic Health Record (HER) and Clinic Workflow, Remote Medicine Management, Medical Connected Imaging, Outpatient Vigilance, and Medical Assistance, among others.
  • By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.

Key Players

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

Global Smart Hospital Market – Geographical Analysis

North America heading with the vast technological advancements and high per capita healthcare expenditures, leads the global smart hospital market. The region has some of the best medical facilities around the globe, which helps the region to account for close to 38% share of the global market.

The smart hospital market in North America is expected to reach a valuation of over USD 28, 700 MN by the year 2025, registering a CAGR of 21.1% throughout the forecast period. The US, backed by the availability of a good number of smart hospitals, leads the regional market. The availability of well-established healthcare infrastructure is undoubtedly impacting the market growth positively. 

The smart hospital market in the European region holds the next largest share, globally. Consistent efforts by governments toward healthcare transformation facilitate a favorable environment for the smart hospital market to flourish in the region, witnessing rapid adoption of advanced healthcare technologies. In 2017, the region accounted for 29% share of the global smart hospital market.

The resurgence in the economy in this region is playing a vital growth in the market, availing the best possible healthcare by increasing healthcare expenditures. Additionally, government support that encourages players operating in the smart hospital market to come up with unique ideas and advanced technologies is, in turn, fostering the market growth in the region.

The Asia Pacific smart hospital market is emerging as a promising market globally.   Rapidly developing APAC countries such as India and China are witnessing a rapid expansion of the healthcare sector, which is expected to help the region to exhibit a double-digit CAGR of 25.8% during 2018-2025. 

Rapidly improving healthcare infrastructure coupled with the technological advancements, impacts the regional market, positively. The developing economies are expected to provide immense opportunities for the growth of the smart hospital. Furthermore, increasing adoption of technologies is positively impacting the market growth in the region.

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Intended Audience

  • Professional service providers
  • Research and development companies
  • Market research and consulting firms
  • Solution providers
  • Technology standards organizations
  • Technology investors
  • System Integrators

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