Development in healthcare infrastructure, rise in need for cost effective solutions in hospitals and surge in penetration of connected devices & instruments in hospitals drive the growth of the global smart hospitals market.
According to the report, the global smart hospitals market was pegged at $16.9 billion in 2017, and is expected to hit $58.7 billion by 2025, registering a CAGR of 17.3% from 2018 to 2025. The report offers an in-depth analysis of the top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, top investment pockets, and wavering market trends.
Advancements in healthcare infrastructure, increasing need for cost effective solutions in hospitals and rise in penetration of connected devices & instruments in hospitals propel the growth of the global smart hospitals market. On the other hand, high cost of connected systems and lack of competence in deploying IoT solutions in hospitals hamper the growth to some extent. Nevertheless, surge in investments in healthcare sector in developing economies is expected to create a pool of opportunities in the near future.
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The global smart hospitals market is divided into component, product, connectivity, application, artificial intelligence and region. Based on component, the market is classified into Hardware, System & Software and Service. Based on product, the report segments the market into Smart Pill, mHealth, Telemedicine and Electronic Health Record. By connectivity, the market is bifurcated into Wired and Wireless. By application, the market is fragmented into Remote Medicine Management, Medical Assistance, Medical Connected Imaging, Electronic Health Record & Clinical Workflow and Others. Based on artificial intelligence, the market is categorized into Offering, Technology and Application. Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on product, the telemedicine segment contributed to nearly half of the total market share in 2017. Based on component, the hardware segment held one-fourth of the total market in 2017 and is anticipated to register a high CAGR of 13.0% during the estimated period. Based on application, the electronic health records segment generated nearly one-third share of the total market in 2017. Based on geography, North America garnered the highest share in 2017 and expected to rule the roost by 2025.
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The key players analyzed in the market report include Enlitic Inc., Nvidia Corporation, Alphabet Inc. (Google Inc.), General Vision, Intel Corporation, GE healthcare, IBM Corporation, Microsoft Corporation, Next IT Corp., and Welltok Inc. They have adhered to different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their stand in the market.
| Report Attribute | Details |
| Market size available for years | 2017 – 2025 |
| Base year considered | 2018 |
| Forecast period | 2018 – 2025 |
| Forecast units | Value (USD) |
| Segments covered | By Component, Product, Application and Artificial Intelligence |
| Geographies covered | North America, Europe, Asia-Pacific, LAMEA |
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