ID: MRFR/SEM/3090-CR | February 2020 | Region: Global | 101 pages
Global Smart Hospital Market is predicted to touch USD 67,299.60 Million at a 23.65% CAGR between 2019- 2026, reveals the latest Market Research Future’s (MRFR) smart hospital market forecast report. The strong growth of the market can be accredited to integration of IoT in hospitals.
The rising prevalence of coronavirus cases has led to the growing need for constant patient monitoring utilizing the internet of things and sensors devices for tracking patients, movements, temperatures, and items for coping with the outbreak and offering treatment of patients that are COVID positive. Organizations are laying emphasis on introducing new apps to establish smart hospitals with artificial intelligence that is likely to boost the smart hospitals market growth over the forecast period.
In comparison to non-smart hospitals, smart hospitals are managing the pandemic better. They are capable of maintaining better social distancing owing to the utilization of technology. Physicians can get patients real-time data without visiting patients at their beds. These hospitals can also tell the total number of beds that are accessible in comparison to hospitals that are not using technologies. Social distancing norms, along with other restrictions owing to the COVID-19 spread, offer further opportunities to smart hospitals for remote consultations, symptom tracking, and follow-ups.
Demand for IoT to Bolster Market Growth
The burgeoning need for IoT is likely to bolster market growth. Internet of things helps the healthcare sector in implementing monitoring and management, position tracking, laser scanning, intelligent recognition GPS along with other information sensing equipment for improving treatment management and facilities.
Additional factors adding to the smart hospital market demand include the need for affordable medical services, increased focus on the development of healthcare solution, initiatives by the government to implement IT solutions in healthcare, increasing government spending on healthcare systems, rising number of skilled IT experts, increasing awareness about the benefits of smart hospitals such as improved disease management, reduced errors, enhanced patient experience, enhanced outcomes of treatment, and reduced cost of treatment, rising prevalence of chronic diseases, growing need for better patient care & accurate and efficient solutions. Besides, growing need for smart hospitals, increasing need for affordable solutions in hospitals, rising penetration of instruments and connected devices in hospitals, initiatives by the government for better healthcare infrastructure, acceptance of connected appliances, increasing investments in the healthcare sector, and need for effective medical services are adding to the smart hospital market size over the forecast period.
Demand for AI and Machine Learning to Offer Robust Opportunities
The burgeoning demand for artificial intelligence and machine learning is likely to offer robust opportunities to market players in the forthcoming years.
Cyber-Attacks on Smart Hospitals to Act as Market Restraints
The risk of cyber-attacks on smart hospitals may act as a market restraint over the forecast period. Besides, lack of installation of the internet of things solutions in hospitals, lack of governance standards, and increasing interoperability risk may also restrict the market growth.
High Cost to Act as Market Challenge
The high cost of connected devices and systems may act as a market challenge over the forecast period.
Global Smart Hospital Market as per the MRFR smart hospital market statistics has been bifurcated based on Application & Type.
General Service Segment to Lead the Smart Hospital Market
By type, the global smart hospital market is segmented into super-specialty, specialty, and general services. Of these, the general service segment is predicted to lead the market over the forecast period. The general services segment is predicted to grow at 19.8% CAGR.
Remote Medicine Management to Dominate the Smart Hospital Market
The global smart hospital market application segment is segmented into remote medicine management, outpatient vigilance, medical assistance, medical connected imaging, and electronic health record and clinic workflow. Of these, remote medicine management will dominate the market over the forecast period.
North America to Spearhead the Smart Hospital Market
By region, the global smart hospital market covers the opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. The rapid adoption of the latest technology, incorporation of advanced technologies in the healthcare sector, availability of funds, rise in healthcare expenditure, accessibility of advanced health care facilities, growing need for healthcare medical services like critical care, intensive care, acute care, and long-term care, and accessibility of highly developed hospitals like multi-specialty and super-specialty hospitals are adding to the global smart hospital market share over the forecast period. Besides, need for medical equipment like hospital beds, medical equipment, and other forms of supportive products, supportive government policies to deploy digital health, accessibility of infrastructure with high digital literacy, the presence of key market players, increasing awareness regarding connected healthcare, high penetration of smartphones and internet, and the use of health-related apps are also adding market growth.
APAC to Have Robust Growth in the Smart Hospital Market
In the APAC region, the global smart hospital market is predicted to have robust growth over the forecast period. It is predicted to grow at a 25.8% CAGR. The booming healthcare sector in emerging economies in India and China, initiatives by the government towards the healthcare sector’s modernization, rising number of surgical centers and hospitals, rising start-up companies, acquisitions and mergers in the healthcare sector, growing healthcare industry in South Korea, India, Japan, and China, developed healthcare IT infrastructure, increasing investments in smart healthcare, and an increasing number of government digitalization programs in India and China are adding to the global smart hospital market growth in the region.
The smart hospital market is moderately fragmented for the presence of key players. These key players have incorporated several strategies to sustain the intense competition as well as cater to the consumers growing needs, such as partnerships, acquisitions, high expenditure on research and development activities, mergers, and product launches.
Global Smart Hospital Market offers detailed information on the latest market trends and opportunities, drivers and restraints, market insights, and detailed segmentation of the market and the different regions to offer a better understanding to the reader.
|Market Size||USD 67,299.60 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW|
|Key Vendors||Allengers Groups, Qualcomm Life, Siemens Healthineers, Mckesson Corporation, Cerner Corporation, Adhere Tech, Medtronic PLC., Koninklijke Philips N.V, GE Healthcare, Honeywell Life Care Solutions|
|Key Market Opportunities||The burgeoning demand for artificial intelligence and machine learning is likely to offer robust opportunities.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
MRFR study reveals that the smart hospital market can thrive at a high CAGR and generate substantial turnover through the study period.
Mckesson Corporation, Qualcomm Life, Siemens Healthineers, and Allengers Groups are some reputed names in the smart hospital market.
Investment in innovations by key players can favor smart hospital market growth.
Electronic health record and clinic workflow, remote medicine management, and medical connected imaging are areas of application of smart hospital solutions.
The hike in healthcare budget by governments in the APAC to bolster the APCA smart hospital market growth.
General services, super-specialty, and specialty are services offered under smart hospital solutions.
The report elaborates growth inducers and limiting causes of the market. It also discusses contributions of smart hospital market players on the market.
The concept of smart hospital is gaining a tremendous commercial interest, which can be attributed to the booming popularity of IoT enabled medical devices. It is projected that the global smart hospital market will exhibit an impressive CAGR of 21.5% during the forecast period (2018-2026). Demand for cost-effective healthcare services is increasingly sharply on the back of rising patient influx and improved healthcare penetration. As the pressure increases, newer approaches are considered for delivering care. Innovative patient monitoring applications and outpatient vigilance systems are being utilized to meet the growing healthcare needs.
Today, hospitals are being integrated with more than just conventional medical equipment, emphasis is being placed on creating a dynamic setup. Technology has a far-reaching effect on modern healthcare setups with connectivity being one of the key areas of focus. The internet defines the idea of connectivity in true sense, where machine to machine and man to machine communication is achieved inexorably. Smart hospital exemplifies such visions and rendering the future potentials of hospital systems. Smart hospital allows both patients and caregivers to leverage connectivity for receiving and delivering superior healthcare services respectively.
Smart hospital brings the Internet of Things (IoT), information communication and technology (ICT) and cloud under one roof for making caring giving seamless and streamlining the clinical workflow. Additionally, medical software applications such as Practo, Netmeds, and others have provided various benefits by reducing the waiting time and duration of hospital stay, lower medical errors that eventually cuts down healthcare cost. For stakeholders, it allows development of a better revenue model with improved patient experience.
Segmental analysis of the global smart hospital market has been conducted on the basis of type and application.
By type, the market has been segmented into general services, specialty and super-specialty. The general service segment accounted for 46% share of the market in 2017. The segment is projected to exhibit a CAGR of 19.8% during the forecast period and reach a valuation in excess of USD 31,600 Mn. General hospitals cater to a wide variety of medical needs, which covers internal medicines, pediatrics, gynecology, general surgery, general practices and others.
By application, the market has been segmented into electronic health record and clinic workflow, remote medicine management, medical connected imaging, outpatient vigilance and medical assistance. The remote medicine management segment holds the dominant share of the market. In 2017, the segment accounted for 29% market share in terms of value. Remote medicine management is a combination telemedicine services integrated with IoT ecosystem. It is increasingly used in nursing homes and general clinics.
On the basis of region, the global smart hospital market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA) and Latin America. North America is expected to spearhead the global smart hospital market during the forecast period. The region currently accounts for close to 38% share of the global market. The market in North America is expected to reach a valuation of more than USD 28, 700 Mn by the year 2025, reflecting a CAGR of 21.1%.
During the forecast period, lucrative opportunities are expected to arise from fast-developing countries is Asia Pacific. The APAC smart hospital market is set to exhibit a double-digit CAGR of 25.8% till 2025. Countries such as China and India are witnessing a rapid expansion of the healthcare sector, which is proving an impetus to the smart hospital market in these countries.
Europe is also expected to remain an important market for smart hospital in 2019 and beyond. EU’s consistent efforts toward healthcare transformation facilitates a quick adoption of advanced healthcare technologies such as smart hospital. In 2017, Europe accounted for 29% share of the global smart hospital market.
Some of the key players operating in the global smart hospital market GE Healthcare, Mckesson Corporation, Honeywell Life Care Solutions, Siemens Healthineers, Koninklijke Philips N.V., Cerner Corporation, Medtronic PLC., Qualcomm Life, Allengers Groups, and Adhere Tech. Many of these companies are implementing organic and inorganic growth strategies such as new product launches, mergers and acquisition, and partnerships and collaboration. These efforts are allowing market players to increase their service offerings.
The smart hospital market consists of many international players and vendors. Continuous fluctuating currency, intense market competition, and innovation for cost-efficient patient care devices are likely to be some of the factors that influence the growth of smart hospital market. The vendors compete based on highly efficient connected devices that offer network connectivity to operate the devices and compatibility with different platforms. However, according to MRFR analysis, the growth of the market vendors is dependent on the market conditions, availability of solutions, and industry development. Companies such as McKesson Corporation, GE Healthcare, Honeywell Life Care Solutions, Siemens Healthineers, Koninklijke Philips N.V, Cerner Corporation, Medtronic, Qualcomm Life, Allengers Group, AdhereTech. are some of the key players in the market, competing in terms of pricing, geographical presence, and industrial experience.
These companies are likely to adopt an inorganic growth approach through partnerships and collaborations to innovate secure and efficient devices. These companies are highly focused on the development of sophisticated devices for developing smart medical equipment such as mobile client devices, interconnected clinical information systems, network medical devices and others. It has also been forecasted that the improvement of the global economic scenario combined with efforts to enhance infrastructure in the emerging nations, is fueling the market growth, thereby making it an ideal time to launch new connected solutions and increase the global market share. The competitive environment in the market is likely to intensify further due to the increase in product/service extensions, technological innovations, and M&A.
McKesson Corporation (McKesson) is a globally recognized pharmaceutical company specializing in distribution services and information technology solutions. The company operates through two business division namely distribution solutions and technology solutions. The distribution solutions segment offers branded and generic pharmaceutical drugs, technology & clinical support, and other specialty practices. The company focuses on providing enhanced technological solution for its customers. In this regard, the company has adopted acquisitions, mergers, and partnerships as its core strategy to strengthen its technical capabilities which offers innovative solutions.
GE Healthcare is a leading provider of monitoring, medical imaging, cell and gene therapy technologies, and biomanufacturing. The company enables precision healthcare services in diagnostics, monitoring, and therapeutics through data analytics, intelligent devices, services, and applications. It primarily follows an organic growth strategy. The company plans to increase the productivity and output of its business by building partnerships with tech giants and expanding into untapped markets. The organic growth is also showing positive signs towards increasing its market presence. The company mainly focuses on digital strategy and investment in technical innovation.
Honeywell Life Care Solutions is a subsidiary of Honeywell International Inc. that offers its products through Honeywell International‘s home and building technologies segment. The company operates through four segments namely aerospace, home and building technologies, performance materials and technologies, and safety and productivity solutions. It is focusing on innovation through collaboration and diversification of its product portfolio. For instance, Honeywell collaborated with MobileHelp to provide high-quality monitoring devices to its consumers.
Siemens Healthineers is a subsidiary of Siemens AG which operates through a few business divisions namely healthcare, power and gas, wind power and renewables, energy management, building technologies, mobility, digital factory, process industries and drives, and financial services. It follows organic as well as inorganic growth strategy. With high investment in its research & development, the company is continuously expanding its product portfolio which is supporting its market growth.
Koninklijke Philips N.V (Philips) is one of the leading healthcare technology companies engaged in improving people's health and enabling better outcomes across the healthcare continuum from healthy living and prevention. The company operates through several segments including personal health, diagnosis and treatment, connected care & health informatics, and healthtech among others. It is one of the leading healthcare technology companies engaged in improving people's health and enabling better outcomes across the healthcare continuum from healthy living and prevention. The company operates through several segments including personal health, diagnosis and treatment, connected care & health informatics, and healthtech among others.