Industry Insight
Market Research Future, in its latest study, summed clearly that the global smart hospitals market 2020, could witness much bigger stability from the years 2018–2025. In these years, the market’s potentiality might raise high at 21.5% CAGR, with a high market valuation. It could be the great achievement of the market to see the future amidst COVID 19 pandemic across the world.
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Top Factors Driving Market Growth
The global smart hospitals market is motivated by hastily mounting chronic illnesses and infectious diseases, which is awe-inspiring for conventional hospitals. Governments in various regions are actively investing in healthcare systems that have resulted in the rising need for cost-effective solutions in hospitals and development of the IoT in healthcare. These are some of the factors contributing to the extensive market growth of smart hospitals globally.
In the healthcare industry, the smart hospital is a technological advancement that aims to provide wide-ranging services to accomplish better-quality health care service and operational efficiency. The technologies used in smart hospitals are active RFID (Radio Frequency Identification), AI, Wi-Fi, sensors, mobile apps, integration platforms, wearables, and many more. Smart hospitals are also designed to diminish pollution and mitigate their impact on the environment by using paints, eco-friendly flooring, furniture, and furnishing. These factors have also been liable for the market’s expansion since the past years.
Since COVID 19 disease has spread globally, the demand for the smart hospital has raised significantly owing to the factors such as advanced healthcare system, adoption of healthcare IT solutions and a high number of skilled IT experts. Furthermore, more factors such as swelling need for cost-effective medical services increased focus on the development of healthcare solution and rapid integration of IoT in healthcare. These are future-ready developments that are expected the support the growth of the market during the forecast period.
On the contrary, the factor of the high cost of connected systems and rising concerns on data security are probable to hold back market growth in the future timeframe.
Leading Segments
MRFR report offers a holistic impression of the smart hospital market with segmentation which includes segments such as type and application.
In terms of type segment, the market has included speciality, general services and super-speciality.
In terms of application segment, the market has included outpatient vigilance, remote medicine management, medical assistance, electronic health record and clinic workflow, connected medical imaging.
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Top Players
The notable players operating in global Smart Hospital market are listed as GE Healthcare, Honeywell Life Care Solutions, Medtronic PLC., Qualcomm Life, Koninklijke Philips N.V., Cerner Corporation, Adhere Tech, Siemens Healthineers, Mckesson Corporation, and Allengers Groups.
Leading Regions
North America held the leading market share in the global Smart Hospital market back in 2018 and still making its mark. The factors behind the expansion of the market credits to the well-established and aware healthcare services and infrastructure and rise in the adoption of artificial intelligence software and devices across various hospitals settings.
APAC region grabs a host of opportunities for the growth of the smart hospital market and is likely to capture a CAGR of 25.8% over the assessment period. The speedy expansion of the healthcare sector in developing regions such as China and India acts as a bonus for the growth of the market. With this, government initiatives towards the modernization of the healthcare sector are likely to create a favourable environment for the growth of the smart hospital market in APAC.
Whereas, the Rest of the World is predicted to grow at a moderate rate in the next few years.
