Market Snapshot
Market Research Future (MRFR), in its newest “Smart Hospital Market” report, reveals that worldwide market of smart hospital is expected to thrive at a lucrative CAGR of 21.5% during the evaluation period of 2018-2025. MRFR recorded that the global market of smart hospital valued USD 16,519.8 Mn in 2017. The rising demand for reliable, more effective, and affordable medical solutions among patients is expected to a major contributing factor to the increase in the smart hospital market size. The worldwide Smart Hospital Market is expected to value at USD 77,299.6 Mn by 2025.
The need to simplify hospital procedures from appointment to discharge to offer a seamless overall experience of patients and people associated with them. This is expected to promote the worldwide smart hospital market growth. Modern technologies, such as big data, artificial intelligence, internet of things, and cloud analytics are observed to make remarkable contribution for effective and smooth functioning of smart hospitals. Hence, the adoption of latest technology is expected to push the growth of the global smart hospital market. The growing requirement to improve internal environment of hospitals can also improve the health of the smart hospital market. An increase in investing to deploy advanced heavy technologies to transform traditional hospitals into smart hospitals is also likely to boost the expansion of the market. Alongside, the growing focus on the upgradation of hospitals and builders concentrating on incorporating new facilities is expected to foster trust of patient and their families, which, in turn, can impel the growth of the global smart hospital market. The growing need for effective and reliable medical infrastructure is promoting the incorporation of RFID technology, wireless communication, sensor network technology, and embedded technology in smart hospitals that can help the healthcare industry reap the benefits of increased security and reliability.
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Key Players
Honeywell Life Care Solutions, GE Healthcare, Koninklijke Philips N.V., Medtronic PLC., Adhere Tech, Cerner Corporation, Mckesson Corporation, Siemens Healthineers, Qualcomm Life, and Allengers Groups.
Segmental Analysis
The smart hospital market is studied by type and application. By type, the worldwide smart hospital market is segmented into specialty, general services, and super-specialty. The general service segment is expected to hold the grand share of the global market in the forecast period. MRFR states in the report that the general services segment can expand at a CAGR of 19.8% during the review period. By application, the smart hospital market is studied by medical connected imaging, electronic health record and clinic workflow, outpatient vigilance, medical assistance, and remote medicine management. The remote medicine management is likely to retain its dominance through the evaluation period.
Regional Outlook
By region, the global smart hospital market has been segmented into North America., Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America is domineering the global smart hospital market and accounted for almost 38% share of the global market in 2017 with a market valuation of USD 6,284.4 Mn. The region tends to briskly adopt the latest technology and is a frontrunner in the incorporation of advanced technologies within the healthcare sector. Furthermore, availability of funds supports the growth of the smart hospital market in North America which is expected to register a 21.1% over the forecast period.
APAC region stores a host of opportunities for the growth of the smart hospital market and is expected to capture a CAGR of 25.8% over the forecast period. Speedy expansion of the healthcare sector in the emerging economies of the region such as China and India acts as a plus for the growth of the market. In addition, government initiatives towards the modernization of the healthcare sector are expected to create a conducive environment for the growth of the smart hospital market in APAC.
Europe too is an important market and held 29% share of the global market in 2017. Considerable efforts by EU towards transforming the healthcare sector is expected to bode well for the Europe smart hospital market.
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Intended Audience
- Technology providers
- Research organizations
- Government organizations
- Technology investors
- Technology standards organizations
- Forums, alliances, and associations, and government bodies
- Venture capitalists
- Private equity firms, analysts, and strategic business planners
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