Modernization of Healthcare Infrastructure is Boosting the Demand for Smart Hospitals | Smart Hospital Market
The largest hospital market is expected to be valued at USD 63.49 Billion by 2023, growing at a CAGR of 24.00% between 2017 and 2023.
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Governments' initiatives for the implementation of IT solutions in healthcare, spending in government spending on healthcare, and increasing the number of skilled IT experts are major factors in the adoption of healthcare solutions in Asia Pacific Asia (APAC).
Of all the applications, the outpatient vigilance application is expected to grow at the highest CAGR during the forecast period (2017-2023). Such devices, such as blood pressure, ventilators, and intravenous pumps, may be interconnected by the patient. This is driving the market for outpatient vigilance during the forecast period.
CAGR during the forecast period is one of the largest markets in the world. The key reason behind the highest growth of IoT adoption 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, 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.
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