Asia Pacific Smart Hospitals Market Highlights 2019-2028
The Asia Pacific smart hospitals market is anticipated to witness growth by a CAGR of 25.28% during the forecast period, i.e., 2020-2028. The market attained a revenue of USD 8244.18 Million in 2019 and is projected to garner USD 61289.56 Million by 2028. The growth of the market can be attributed to the rapid increase in private investments as well as increasing government expenditure in the healthcare sector, followed by the growing need for quality healthcare services amongst the individuals. Additionally, increasing geriatric population and the increasing adoption of smart technologies in hospitals for cost control and process optimization are some of the additional factors anticipated to drive the market growth. According to the statistics by the World Bank, current health expenditure (% of GDP) in Australia, China, Japan, Korea Republic, and India in the year 2018 was 9.28%, 5.35%, 10.95%, 7.56%, and 3.54% respectively. Moreover, the percentage of population aged 65 years or over almost doubled from about 6% in 1990 to approximately 11% in 2019 in Eastern and South-Eastern Asia. The region is also home to around 60% of the world’s population and includes the world’s most populous countries, namely China and India. Such factors are anticipated to drive the growth of the market during the forecast period.
Asia Pacific Smart Hospitals Market Segmentation Geographical Synopsis
The Asia Pacific smart hospitals market is segmented into eight geographical segments which comprises of nations, namely, China, India, Japan, South Korea, Taiwan, Vietnam, Australia, and Rest of Asia Pacific. Amongst the market in these geographical areas, the market in China registered the largest market share of 50.7% in the year 2019. The market in the nation is further anticipated to grow with a CAGR of 26.47% during the forecast period. The growth of the market in the nation can be attributed to the increasing population rate in the nation, and therefore the need to improve the healthcare capacity. The government of the nation also laid down various initiatives to focus on developing the healthcare infrastructure in the nation. Such factors are anticipated to drive the growth of the market in the nation. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers and Challenges Impacting the Growth of the Asia Pacific Smart Hospitals Market
Growth Drivers
- Increase in Private Investments and Surge in Government Expenditure in the Healthcare Sector
- Rising Adoption of Smart Technologies in Hospitals
Challenges
- Lack of Technical Knowledge Among the Healthcare Providers
Asia Pacific Smart Hospitals Market Segmentation Synopsis
The Asia Pacific smart hospitals market is segmented by technology into artificial intelligence, wearable technology, blockchain, augmented reality, radio frequency identification (RFID), and others. Among these segments, the artificial intelligence segment is projected to hold the largest market share in the year 2021 and attain a revenue of USD 4041.69 Million in the year 2021. The artificial intelligence technology converts analytical insights into cognitive engagement solutions which improves predictive interventions, enhances diagnosis, and optimizes clinical productivity. Various AI applications in the healthcare industry include diagnostic imaging interpretation, customer service bots, health monitoring systems, robot-assisted surgery processes, and others.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Asia Pacific smart hospitals market that are included in our report are Siemens Aktiengesellschaft, Microsoft Corporation, athenahealth, Inc., Samsung, Cerner Corporation, Koninklijke Philips N.V., Medtronic plc, and others.
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