Smart Hospitals Market Witness Impressive Growth and Predicted to Achieve Double Digit 17.3% CAGR By 2023: Global Opportunity Analysis and Industry Forecast

The global smart hospitals market was valued at $16,925 million in 2017, and is expected to reach $58,777 million by 2025 at a CAGR of 17.3% during the forecast period.

The increase in technological advancements in healthcare coupled with the rise in need for cost-effective solutions in hospitals drive the growth of the market. However, the lack of governance standards and lack of competence in deploying IoT solutions in hospitals restrain the market growth. Moreover, the increase in investments in healthcare sector, especially in the developing economies create lucrative opportunities in the market.

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The hospitals, which are completely depended on Internet of Things and artificial intelligence to improve the existing patient care and introduce new capabilities are known as smart hospitals. In addition, smart hospitals help reduce healthcare cost, increase efficiency, reduce error, and improve patient satisfaction.

The increase in penetration of connected devices and instruments in hospitals coupled with the advancements in healthcare infrastructure are the major factors that augment the market growth. However, lack of competence in deploying internet of things (IoT) solutions in hospitals and lack of governance standards might hamper the growth of this market. Moreover, the rise in disposable income in developing economies is expected to create lucrative opportunities in the market.

Among the product segment, telemedicine accounted for about half share of the global market in 2017. This is owing to the increase in awareness regarding the potential benefits of telemedicine such as low cost diagnosis and consultation, improved access to patients, and improved quality of treatments.

Among the connectivity segment, the wireless segment accounted for about three-sevenths share of the global market in 2017. Wireless segment includes devices such as Wi-Fi, radio-frequency identification (RFID), Bluetooth, and others. These devices are utilized in hospitals for easing the clinical workflow and reducing the cost associated with the treatment and diagnosis purposes.

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In 2017, North America was the dominant revenue contributor, owing to high prevalence rate of chronic diseases and the already increased awareness regarding Internet of Things (IoT) and artificial intelligence. Also, the increase in geriatric population, who are prone to certain diseases boosts the market growth in North America. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the presence of high populace countries such as India and China.

The key players operating in the global smart hospitals market are

• Alphabet Inc. (Google Inc.),
• Enlitic Inc.,
• General Vision,
• Intel Corporation,
• IBM Corporation,
• Microsoft Corporation,
• Nvidia Corporation,
• Next IT Corp.,
• Welltok Inc. and
• GE healthcare.

Other players operating in the value chain are Adheretech, Allscripts, Cerner Corporation, Diabetizer, Medtronic, Proteus Digital Health, and Qualcomm Life.

Table Of Content

Chapter: 1: INTRODUCTION
1.1. Report description
1.2. Key benefits for stakeholders
1.3. Key market segments
1.4. Research methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools & models

Chapter: 2: EXECUTIVE SUMMARY
2.1. CXO perspective

Chapter: 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. Advancements in healthcare infrastructure
3.4.1.2. Rising need for cost effective solutions in hospitals
3.4.1.3. Increase in penetration of connected devices and instruments in hospitals
3.4.2. Restraints
3.4.2.1. High cost of connected systems
3.4.2.2. Lack of competence in deploying IoT solutions and lack of governance standards in hospitals
3.4.3. Opportunity
3.4.3.1. Rising investments in healthcare sector in developing economies

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