Smart Hospital Market worth 63.49 Billion USD by 2023

[176 Pages Report] The smart hospital market was valued at USD 13.52 Billion in 2016 and is expected reach USD 63.49 Billion by 2023, at a CAGR of 24.00% from 2017 to 2023. The base year used for this study is 2016 and the forecast period is between 2017 and 2023. This report provides a detailed analysis of the market based on component, connectivity, service rendered, artificial intelligence, application, and region. The report also provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). Moreover, the report provides industry trends, insights based on the value chain analysis, and strategic benchmarking of the market.

Of all the applications, the outpatient vigilance application is expected to grow at the highest CAGR during the forecast period (2017–2023). Almost all operating room and ICU devices such as blood pressure cuffs, ventilators, and intravenous pumps can be interconnected for automatic error detection by introducing IoT in them, so that these devices help provide better care to patients in hospitals. This is driving the market for outpatient vigilance during the forecast period.

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Among all services rendered, the market for super specialty hospitals is expected grow at the highest CAGR during the forecast period. The key reason behind the highest growth of adoption of IoT in super specialty hospitals is the requirement for patients’ safety, the quality of medication, and the priority for families pertaining to medical treatments.

In terms of artificial intelligence offering, software accounted for the largest share of the smart hospital market in 2017. The AI software fetches, creates, and operates the data received from the hardware and processes the data in the AI system to generate an intelligent response. The software is developed using AI technologies such as machine learning, predictive analysis, natural language processing, and deep learning and is expected to help the medical system in medical imaging and diagnostics, drug discovery, in-patient care and hospital management, virtual assistance, precision medicine, lifestyle management and monitoring, patient data and risk analysis, research, and identify relevant insights.

Healthcare IT systems and instruments are fairly high-priced solutions. Moreover, the maintenance and software update costs of these systems are on the higher side. Support and maintenance services, which include software upgrades according to users’ requirement, represent a recurring expenditure amounting to almost 30% of the total cost of the ownership. Moreover, the lack of internal IT expertise in the healthcare industry necessitates training for end users to maximize the efficiency of various healthcare IT solutions, thereby adding to the cost of the ownership of the systems. High cost of connected systems, increasing interoperability risk, and lack of governance standards are the major restraining factors for the smart hospital market.

The major players in the smart hospital market are Medtronic (Ireland), Philips (Netherlands), Microsoft (US), GE Healthcare (US), and Qualcomm Life (US). These players have adopted various strategies such as contracts, agreements, partnerships, product launches, and business expansions to cater to the demand for electronic toll collection systems.

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