Smart Hospitals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026


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Transparency Market Research

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The smart hospital is an upcoming technological revolution in the health care industry that needs to cope up with vast amount of available data. A smart hospital depends on improved and automated processes that are built upon an ICT environment of interconnected assets (the Internet of Things (IoT)) that aims to improve the existing patient care procedures.

Key factors driving the global smart hospitals market include cloud computing services, machine learning, radio-frequency identification (RFID), artificial intelligence (AI), and others. The RFID helps provide real-time information which helps in decision making and leads to the creation of a secure and reliable smart hospital management information system. Additionally, real-time patient management systems support automation and help streamline the identification processes of patients.

The global smart hospitals market can be classified based on component, connectivity, technology, and region. In terms of component, the global market can be further segmented into hardware, software, service, and others. Based on technology, the global smart hospitals market can be divided into RFID, AI, zigbee technologies, cloud computing, wearable technologies, IoT, and others. In terms of connectivity, the global market can be categorized into wired, wireless, and others. Based on application, the global smart hospitals market can be divided into medical connected imaging, medical assistance, outpatient vigilance, remote medicine management, electronic health record & clinical workflow, and others. In terms of geography, the global smart hospitals market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on component, the software segment accounted for a dominant share of the smart hospitals market in 2017. The software fetches, creates, and operates upon the data obtained from the hardware. It also processes the data in the AI system to generate an intelligent response. Technologies such as machine learning, predictive analysis, natural language processing, and deep learning are utilized in the development of software. Thus,  software supports the medical system in in-patient care and hospital management, lifestyle management and monitoring, medical imaging and diagnostics, virtual assistance, precision medicine, drug discovery, patient data and risk analysis, research, and identification of relevant insights.

In terms of application, the outpatient vigilance segment is anticipated to expand at a substantial pace during the forecast period. Each of the operating rooms and ICU devices such as blood pressure cuffs, ventilators, and intravenous pumps can be integrated for the detection of automatic errors with the help of IoT. Thus, these devices are able to provide better care to patients in hospitals.

Based on region, North America accounts for the highest share of market in terms of revenue followed by Europe. North America dominates the global smart hospitals market. Smart hospital rooms are integrated with sensors that measure heart rate, temperature, light, humidity, and others. Moreover, the smart hospitals market in Europe is expected to expand at a rapid pace during the forecast period. North America accounted for a large share of the smart hospitals market due to well established health care infrastructure and rise in adoption rate of these hospitals.

The smart hospitals market in Asia Pacific is anticipated to expand at a considerable pace during the forecast period. Rise in the number of hospitals and surgical centers, modernization of health care infrastructure, increase in the number of start-up companies, and surge in mergers & acquisitions in the health care sector are some factors driving the smart hospitals market in the region.

Some of the major players operating in the global smart hospitals market include Siemens AG, Qualcomm Life Inc.,Athenahealth Inc.,SAP SE, Microsoft Corporation, Cerner Corporation, Stanley Healthcare, Oracle Corporation, SAMSUNG Group, Philips N.V, and GE Healthcare.

MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.

The report provides the following information:

  • Tailwinds and headwinds molding the market’s trajectory
  • Market segments based on products, technology, and applications
  • Prospects of each segment
  • Overall current and possible future size of the market
  • Growth pace of the market
  • Competitive landscape and key players’ strategies

The main aim of the report is to:

  • Enable key stakeholder’s in the market bet right on it
  • Understand the opportunities and pitfalls awaiting them
  • Assess the overall growth scope in the near term
  • Strategize effectively with respect to production and distribution

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