Introduction to Smart Hospitals
The integration of artificial intelligence, Internet of Things and other such advanced technologies into healthcare services gives rise to concept of smart hospitals. These smart hospitals improve healthcare services, reduce treatment costs and increase the efficiency of medical professionals. In order to increase the focus on patient care, various smart devices and equipment is present in smart hospitals which continuously monitor the patients and regularly keep a check on them. This eliminates the constant need for a healthcare provider to be present for observing patients at all times.
More hospitals are inclining towards converting into smart hospitals on account of better patient outcomes and cost-effective treatment and hospital management methods.
Market Size and Forecast
The smart hospitals market is anticipated to record a CAGR of around 20% over the forecast period, i.e., 2019-2027. The market is segmented by hospital, by services, by component, by technology and by region, out of which, the component segment is further segmented into hardware, system & software and services. Based on component, the hardware segment is anticipated to hold the largest share in the smart hospitals market on account of growing use of hardware devices for the purpose of patient monitoring. The devices such as smart wearable devices and implants are increasingly being used in hospitals which further raises the demand for this segment and is estimated to result in a significant market growth. The various services included in smart hospitals are electronic health record (EHR), telemedicine, clinical workflow, connected medical imaging, outpatient vigilance and medical assistance. On the basis of service, the telemedicine segment is estimated to witness significant growth as a result of ease of patient-doctor contact and provision of healthcare services through telecommunication methods. This allows the medical professions to diagnose and treat patients through a long distance by using video-conferencing tools.
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Growth Drivers
Increasing Demand For Healthcare Services To Increase The Growth Of Smart Hospitals Market
The rising demand for enhanced quality of treatment and healthcare services in hospitals along with increased productivity which provides more efficient services are estimated to considerably uplift the market growth. Moreover, smart hospitals provide patient satisfaction with a focus on better care of patients and reduced pressure on the medical professionals, which minimizes errors during treatment procedures. Additionally, the growing technological advancements in the medical industry increases the potential for improved healthcare facilities which is another factor anticipated to boost the market growth during the forecast period.
Growing Expenditure On Healthcare By People To Drive The Market Growth
The healthcare expenditure has been observed to grow substantially during the past few years and it is estimated to further grow during the forecast period, thereby raising the demand for smart hospitals in the medical industry. For instance, the health expenditure in North America was recorded to be around 16.5% of GDP in 2016 by the World Health Organization.
Restraints
Cyber-attacks In The Healthcare Industry To Restrict The Market Growth
Rising cases of cyber-attacks in hospitals for the purpose of stealing patient data and other private information is a major drawback of digitalization in the healthcare industry. This is anticipated to become a restraining factor for the market growth in the upcoming years.
Market Segmentation
Our in-depth analysis of the smart hospitals market includes the following segments:
By Hospital
- General
- Specialty
- Super Specialty
By Services
- Electronic Health Record
- Telemedicine
- Clinical Workflow
- Connected Medical Imaging
- Outpatient Vigilance
- Medical Assistance
By Component
- Hardware
- System & Software
- Services
By Technology
- Artificial Intelligence
- Wearable Technologies
- Radio Frequency Identification
- Others
By Region
On the basis of regional analysis, the smart hospitals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The demand for smart hospitals is the highest in North America which accounts for the presence of advanced technology and improved healthcare services in the region. The presence of major key players of smart hospitals and medical technology in North America is another growth inducing factor for the smart hospitals market. As a result of these factors, the market in North America is anticipated to hold the largest share in the market during the forecast period. The growing demand for healthcare services in Asia-Pacific is bringing in the leading companies for smart hospitals in the region, which is estimated to contribute towards the significant growth of market in this region, especially in countries such as Japan, China and India. According to the global health expenditure database by W.H.O., the expenditure on healthcare in Japan was recorded to be around 10.9% of the country’s GDP in the year 2016.
The smart hospitals market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating the Market
- Siemens AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Microsoft Corporation
- Athenahealth, Inc.
- Qualcomm Technologies, Inc.
- SAP SE
- Resideo Technologies, Inc.
- Koninklijke Philips N.V.
- Medtronic
- Cerner Corporation
- Samsung
