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18-Feb-2021

Smart Hospitals Market Projected to Grow At A CAGR Of 20% As A Result Of Rising Healthcare Expenditure During 2019-2027

Summary

The market for smart hospitals is estimated to grow at a substantially high CAGR of about 20% during the forecast period, i.e., 2019-2027.
Editor: Pooja Singh Last Updated: 18-Feb-2021

Research Nester released a report titled “Smart Hospitals Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global smart hospitals market in terms of market segmentation by hospital, by services, by component, by technology and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The integration of smart devices and Internet of Things (IoT) technology with hospitals generates the idea of smart hospitals that provide patients with highly efficient and better quality healthcare services. The market for smart hospitals is estimated to grow at a substantially high CAGR of about 20% during 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 market is further segmented on the basis of component into hardware, system & software and services. Out of these, the hardware segment is anticipated to hold the largest share in the market in the upcoming years as a result of increasing demand for hardware devices in the form of smart wearable devices and implants along with smart patient monitoring systems.

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Smart hospitals market in North America is estimated to hold the largest share in the market on account of presence of major key players and advanced technologies in medical industry in the region. Additionally, the rising demand for better healthcare services in hospitals by the population in this region is another factor estimated to result in the market growth. The market in Asia-Pacific region is estimated to grow at the highest rate during the forecast period on account of growing healthcare expenditure in the region. For instance, the expenditure on healthcare in Japan was recorded to be around 10.9% of the country’s GDP in the year 2016 as reported by the World Health Organization.

Improved Healthcare Facilities To Result In Growth Of Smart Hospitals Market

The rising demand for improved and advanced healthcare facilities that leads to the adoption of smart devices with IoT and artificial intelligence is estimated to result in the growth of smart hospitals market in the upcoming years. However, the market is anticipated to witness a reduction in growth on account of risks associated with cyber-attacks and leakage of private data from hospitals.

This report also provides the existing competitive scenario of some of the key players of the global smart hospitals market which includes company profiling of Siemens AG (SIE), Microsoft Corporation (MSFT), Athenahealth, Inc., Qualcomm Technologies, Inc., SAP SE, Resideo Technologies, Inc., Koninklijke Philips N.V. (PHIA), Medtronic, Cerner Corporation and Samsung. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart hospitals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.