Smart Hospitals Market is anticipated to grow at a CAGR of 23.6% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Smart Hospitals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global smart hospitals market is estimated to account for over US$ 14.5 billion in 2018. It is anticipated to grow at a CAGR of 23.6% from 2019 to 2030.

The increasing prevalence of chronic illnesses and infectious diseases is one of the key factors resulting in the significant market growth of smart hospitals. Moreover, the increasing need for cost-effective solutions, governments investing in research & development activities and technological advancements are creating lucrative growth opportunities in the smart hospitals market. However, the lack of competence in the deployment of IoT solutions at hospitals and the high costs involved are some of the factors hindering market growth.

The Internet of things (IoT) is currently being embedded in multiple markets, including healthcare. These devices streamline processes, enabling healthcare practitioners to save time. Medical devices integrated with the IoT help in remote patient monitoring and improve patient care. For instance, the Kinect HoloLens Assisted Rehabilitation Experience (KHARE) platform was developed by Microsoft in conjunction with the National Institute for Insurance Against Accidents at Work (INAIL) for the mirror neuron therapy. This KHARE platform permits real-time data feeds, allowing practitioners to create complete & personalized physical therapy programs for patients at any place. This platform is currently undergoing a clinical study that is anticipated to end in 2020.

Technological advancements in the healthcare sector are playing a pivotal role in improving care quality and patient experience. The integration of newer technologies into healthcare, such as Artificial Intelligence (AI), robotics, precision medicine, 3D printing, genomics, etc., enables optimum results in terms of quality of service and patient recovery. According to the World Health Organization (WHO), even in developed countries, seven out of every 100 hospitalized patients develop infections each year. Thus the use of newer technologies, such as AI, robotics, and others, can improve the precision of treatment procedures and dramatically decrease the probability of error.

Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Smart Hospitals Market By Component (Hardware, System & Software, and Services), By Connectivity (Wired and Wireless), By Application (Remote Medicine Management, Electronic Health Record (EHR), Medical Assistance, Outpatient Vigilance, and Medical Connected Imaging) - Analysis & Forecast 2019-2030 in detail along with the table of contents:

However, the high costs of devices, software & instruments and the dearth of skilled professionals will restrain market growth to a certain extent. Moreover, the lack of competence in deploying IoT solutions, the high costs involved in software maintenance & upgrade and the concerns related to data security are major hindrances for market growth.

Asia Pacific is estimated to account for the highest CAGR in the smart hospitals market during the forecast period. Rising initiatives by governments in these regions to upgrade the healthcare infrastructure, increasing incidences of chronic illnesses & infectious diseases and mergers & acquisitions are some of the factors that are anticipated to propel market growth during the forecast period, especially in India, China, and Japan.

Some of the prominent players in the global smart hospitals market include Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Medtronic, Cerner Corporation, STANLEY Healthcare, Qualcomm Technologies, Inc., McKesson Corporation, Resideo Technologies, Inc., Microsoft, and Allscripts Healthcare, LLC., among others.

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