According to the report, the global smart hospitals market accounted for $16.92 billion in 2017 and is projected to garner $58.78 billion by 2025, registering a CAGR of 17.3% from 2017 to 2025.
Rapid advancements in healthcare infrastructure, increase in penetration of connected devices and instruments in hospitals, and surge in need for cost-effective solutions have boosted the growth of the global smart hospitals market. However, high cost of connected systems and dearth of competence in deploying IoT solutions and lack of governance standard in hospitals hamper the market growth. On the contrary, rising investments in the healthcare sector in emerging economies are expected to create lucrative opportunities in the near future.
The global smart hospitals market is divided into component, product, connectivity, application, artificial intelligence, and region. Based on component, the market is segmented into hardware, system & software, and service. The hardware segment held the largest share in 2017, contributing about one-fourth share of the total market. Moreover, the segment is estimated to register the fastest CAGR of 13% from 2018 to 2025.
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On the basis of product, the market is divided into smart pill, mHealth, telemedicine, and electronic health record. The electronic health records segment dominated the market in terms of revenue, contributing about one-third share of the total market in 2017. Additionally, the segment is projected to register a CAGR of 4.1% during the study period.
Based on connectivity, the market is bifurcated into wired and wireless. The wireless segment is further divided into Wi-Fi, RFID, Bluetooth, and others. The radio-frequency identification (RFID) segment held the lion’s share in 2017, contributing about one-third share of the total market and is projected to register a CAGR of 11.5% through 2025.
On the basis of application, the market is divided into remote medicine management, medical assistance, medical connected imaging, electronic health record & clinical workflow, and others. Based on artificial intelligence, the market is segmented into offering, technology, and application.
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The smart hospitals market is analyzed in various regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The market in North America held the largest share in 2017, owing to high prevalence rate of chronic diseases, increased awareness regarding artificial intelligence and internet of things, and surg.
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