The APAC market is expected to grow at the highest rate during the forecast period
According to the new market research report ‘Smart Hospital Market by Component (Hardware, Services, and Systems & Software), Services Rendered (General, Specialty, and Super Specialty), Connectivity, Application, Artificial Intelligence, and Region – Global Forecast to 2023’, published by MarketsandMarkets, the market is estimated to be valued at $63.49 billion by 2023, growing at a CAGR of 24 per cent between 2017 and 2023.
The growth of smart hospitals is attributed to the increasing prevalence of chronic diseases, rising need for better patient care, and efficient and accurate solutions. In addition, the benefits of a smart hospital such as the decreased cost of treatment, improved outcomes of treatment, enhanced patient experience, reduced errors, and improved disease management boost the growth of the smart hospital market.
The report mentions that outpatient vigilance application is expected to grow at the highest CAGR during the forecast period. Outpatient vigilance technology allows healthcare facility to effectively monitor every patient bed and constantly monitor a patient’s status without having to connect cables, leads, and sensors to the individual. This is the key factor behind the growth of outpatient vigilance application.
The systems and software component of the smart hospital market is expected to grow at the highest CAGR between 2017 and 2023. The systems and software segment mainly focusses on device management and integration, information security, data collection, and data analytics. In addition, it helps to create a high degree of smart characteristics and autonomy among healthcare providers, hospital infrastructure, and patients. This drives the growth of the system and software segment during the forecast period.
The smart hospital market in APAC expected to grow at the highest rate during the forecast period. The reason behind the growth in APAC is the increasing number of hospitals and surgical centres in the region. Furthermore, the modernisation of the healthcare infrastructure, rising start-up companies, and mergers and acquisitions in the healthcare sector has aided the growth of the healthcare industry in China, Japan, India, and South Korea.
The major players in the smart hospital market are Medtronic (Ireland), Philips (Netherlands), Microsoft (US), GE Healthcare (US) and Qualcomm Life (US), Honeywell Life Care Solutions (US), SAP (Germany), Allscripts (US), Allengers (India), Siemens AG (Germany), and CitiusTech Inc. (US), Infor (US), Athenahealth (US), PhysIQ (US), Diabetizer (Germany), AdhereTech (US), Epic (US), GlucoVista (US), STANLEY Healthcare (US), Cerner Corporation (US), and McKesson (US).