According to MarketsandMarkets’ forecast, the smart hospital market is expected to be valued at USD 63.49 Billion by 2023, growing at a CAGR of 24.00 percent between 2017 and 2023. Governments’ initiatives for the implementation of IT solutions in healthcare, rise in government spending on healthcare systems, and increase in the number of skilled IT experts are major factors favoring the adoption of healthcare IT solutions in the emerging markets across Asia Pacific (APAC).
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.
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.
The smart hospital market based on component comprises hardware, systems and software, and services. The market for systems and software, the most promising components in the smart hospital market, is expected to witness the highest growth between 2017 and 2023.
Of all the regions, North America held the largest share of the smart hospital market. Moreover, the market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The reason behind the growth is the increasing number of hospitals and surgical centers in the region. Furthermore, the modernization of the healthcare infrastructure, increasing start-up companies, and mergers & acquisitions in the healthcare sector has aided the growth of the healthcare industry in China, Japan, India, and South Korea. – Markets and Markets