The market for smart hospitals is expected to grow at a CAGR of around 18.9% from 2020 to 2027 and expected to reach the market value of around US$ 109.9 Bn by 2027.
Smart hospitals are those optimized, redesigned, and built with new clinical processes, management systems, and infrastructure. These are particularly designed to enable the underlying digitized networking infrastructure of interconnected assets. The overall system is intended to provide valuable component or insights which are not possible or available earlier in order to achieve better patient care, experience, and operational efficiency. Moreover, smart hospitals encompass three important aspects of the digital world including data, insight, and access.
The modernization of healthcare infrastructure coupled with the increasing penetration of connected devices and instruments in hospitals is boosting the market growth. The rising need for cost-effective application in hospitals and the development of IoT technologies in healthcare is bolstering the market value. The rising prevalence of chronic diseases all across the globe whose patients need long-term support and consistent monitoring of health conditions is further accelerating the market value. Furthermore, favorable government support in terms of investments in the healthcare sector as well as the high growth potential of emerging economies is anticipated to create potential opportunities over the forecast period from 2020 to 2027.
On the other side, the high cost of connected systems and lack of competence in deploying IoT Application in hospitals are the factors projected to limit the growth to an extent over the forecast timeframe from 2020 to 2027.
Segment Instance of Global Smart Hospitals Market
Wireless Connectivity segment accounted for the major revenue share in the global Smart Hospitals Market
In 2019, the wireless segment is leading the market with maximum revenue share in the smart hospital market due to the increasing usage of software and internet-connected devices in the hospitals. The benefits associated with wireless connectivity such as remote & consistent monitoring of patients with chronic illness as well as wireless connectivity decrease the burden of complexities associated with the wired devices are some of the factors driving the market growth.
North America accounted for the maximum revenue share in the global Smart Hospitals Market
In 2019, North America held the major share (%) in terms of revenue, and the region is expected to exhibit consistent growth throughout the forecast period from 2020 to 2027. The well-established healthcare infrastructure along with the early adoption and development of healthcare sector technologies is supporting the regional market value. The high spending power of people in the developed economies of the region is further bolstering the regional market value. Additionally, the presence of major players in the region is further bolstering the regional market value.
Asia Pacific is projected to exhibit fastest growth over the forecast period
The major economies of the region including Japan, China, and India are the major contributors to the growing regional market value. The increasing investment in the healthcare sector for the development and installation of new and advanced technologies is further supporting the regional market value. The increasing number of skilled Information Technology (IT) experts in the healthcare sector of the region is further bolstering the regional market growth. The increasing prevalence of infectious diseases, cancers, genetic disorders, along with the rising medical tourism, and the adoption of e-health are additionally bolstering the regional market value.
Key Market Players
The players profiled in the report include Accenture, Cognizant, GE Healthcare, IBM, IQVIA, MaxisIT, Medtronic, Microsoft, Oracle, Philips, Qualcomm Life, SAS Institute Inc., SCIOInspire, Corp., TAKE Application Limited and Wipro Limited among others.
Market By Component
Systems and Software
Market By Technology
Radio Frequencies Identification
Market By Application
Remote Medicine Management
Medical Connected Imaging
Electronic Health Record & Clinical Workflow
Market By Connectivity
Market By Geography
Middle East & Africa
The market for smart hospitals is expected to reach a market value of around US$ 109.9 Bn by 2027.
The smart hospitals market is expected to grow at a CAGR of around 18.9% from 2020 to 2027.
Wireless is the leading segment by connectivity in the smart hospitals market
The modernization of healthcare infrastructure instruments in hospitals, rising need for cost-effective application in hospitals, development of IoT technologies in healthcare, and rising prevalence of chronic diseases across the globe are some of the factors driving the market growth.
Accenture, Cognizant, GE Healthcare, IBM, IQVIA, MaxisIT, Medtronic, Microsoft, Oracle, Philips, Qualcomm Life, SAS Institute Inc., SCIOInspire, Corp., TAKE Application Limited, and Wipro Limited among others are the prominent players in the market.
North America held the highest market share in the smart hospitals market
Asia Pacific is expected to be the fastest growing market over the forecast period