Smart Hospital Market To Hit 24.0% CAGR to 2023: Asia-Pacific Expected Highest Growth Rate During (2017-2023)

The smart hospital market is estimated to be valued at $63.49 Billion by 2023, growing at a CAGR of 24.00% between 2017 and 2023 driven by the increasing prevalence of chronic diseases, rising need for better patient care, and efficient and accurate solutions.

Smart hospital market in APAC expected to grow at the highest CAGR during the forecast period. This report covers regions such as North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest rate between 2017 and 2023. Increasing healthcare investments and stringent government regulations pertaining to patient safety are anticipated to boost the growth of the smart hospital market in APAC.

Browse 71 Market Data Tables and 50 Figures spread through 176 Pages and in-depth TOC on "Smart Hospital Market - Global Forecast to 2023"

The modernization of healthcare infrastructure boosting the demand for smart hospitals and also the development of IoT technologies in the field of healthcare are the major driving factors behind the growth of the smart hospital market. Furthermore, the increasing interoperability risk and the lack of governance standards are the major restraining factors for the smart hospital market.

Healthcare IT systems and instruments are fairly high-priced solutions. Moreover, the maintenance and software update costs of these systems are on the higher side. Support and maintenance services, which include software upgrades according to users’ requirement, represent a recurring expenditure amounting to almost 30% of the total cost of the ownership.

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The market for super specialty is expected to grow at the highest CAGR during the forecast period. The connectivity of the healthcare systems through IoT places importance on the patients’ needs. Super specialty hospitals offer efficient operations for saving lives of patients with the help of diagnostic equipment, therapeutic equipment, and skilled staff. Also, the accuracy of devices and instruments should be very high because an error might risk a patient’s life. Thus, IoT plays acrucial role in super specialty hospitals. The key reason behind the highest growth of the adoption of IoT in super specialty hospitals is the requirement for patients’ safety, the quality of medication, and the priority for families pertaining to medical treatments.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts.

The breakup of the profiles of primary participants is given below:

By Company Type: Tier 1—25%, Tier 2—40%, and Tier 3—35%
By Designation: C Level—50%, Director Level—40%, and Others—10%
By Region: North America—35%, Europe—22%, APAC—28%, and RoW—15%

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Major players in the smart hospital market are Medtronic (Ireland), Philips (Netherlands), Microsoft (US), GE Healthcare (US) and Qualcomm Life (US), Infor (US), Athenahealth (US), PhysIQ (US), Diabetizer (Germany), AdhereTech (US), Epic (US), GlucoVista (US), STANLEY Healthcare (US), Cerner Corporation (US), McKesson (US), St. Jude Medical (US), SAMSUNG (South Korea), Oracle (US), and Renesas Electronics Corporation (Japan).

Research Coverage:

This report segments the smart hospital market on the basis of component into hardware, systems and software, and services. In terms of connectivity, the smart hospital market is segmented into wired and wireless. Based on services rendered, the smart hospital market is segmented into general, specialty, and super specialty. Moreover, the smart hospital market is divided on the basis of application in to remote medicine management; electronic health record & clinical workflow; outpatient vigilance; medical data cloud; and medical assistance. Also, based on artificial intelligence, the smart hospital market is segmented into technology and offering. The overall smart hospital market is classified on the basis of region into North America, Europe, APAC, and RoW.

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Target Audience For This Research:

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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Key Benefits of Buying the Report:

This report includes the market statistics pertaining to connectivity, component, service rendered, artificial intelligence, application, and region, along with their respective revenues.
It also includes the value chain analysis to provide an insight into the smart hospital market.
Major drivers, restraints, challenges, and opportunities for the smart hospital market have been detailed in this report.
A detailed competitive landscape has been provided, which includes DIVE analysis, business strategy, product offerings, and key players and their revenues.
The available customizations for the report offer further country-wise segmentation of the smart hospital market in terms of value and break down of the industry, along with the profiling of additional companies in the report.

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Release ID: 240450