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

Report ID : 191  |  Published Date : May 2020  |  Pages : 160  |  Region : Global  |  Report Code : HC-109

Smart Hospitals Market Introduction & Overview

According to the definition provided by the European Union Agency for Network and Information Security (ENISA), a smart hospital can be defined as, “A smart hospital is a hospital that relies on optimized and automated processes built on an ICT environment of interconnected assets, particularly based on Internet of things (IoT), to improve existing patient care procedures and introduce new capabilities”. The main objective of smart hospitals is to provide enhanced patient care. It involves improved remote medical care and enhanced diagnostic, surgical, & organization capabilities while ensuring patient safety. The three areas that smart hospitals address are operations, clinical tasks, and patient centricity.

The global smart hospitals market is driven by rapidly growing chronic illnesses and infectious diseases, which is overwhelming for conventional hospitals. Moreover, governments across different regions investing in healthcare systems, the increasing need for cost-effective solutions in hospitals and the development of the IoT in healthcare are some of the factors contributing to the extensive market growth of smart hospitals globally. However, the high cost of connected systems and growing concerns regarding data security are likely to restrain market growth to a certain extent.

The global smart hospitals market is segmented by component, connectivity, application, and region.

Smart Hospital Market By Component

Based on component, the smart hospitals market can be segmented into hardware, system & software, and services. The system & software segment is anticipated to grow at the highest CAGR during the forecast period owing to its extensive applications including data collection, security, and data analytics.

Smart Hospital Market By Connectivity

Based on connectivity, the market can be segmented into wired & wireless devices. The wireless segment is estimated to account for the largest market share owing to the broad spectrum of benefits that they offer.  Wireless devices help healthcare providers to capture & monitor data with convenience. Moreover, they are capable of connecting to a private & public clouds. This helps to automatically trigger certain events and transform patient care.

Smart Hospital Market By Application

Based on the application, the market is segmented into remote medicine management, Electronic Health Record (EHR), medical assistance, outpatient vigilance, and medical connected imaging. The outpatient vigilance segment is anticipated to grow at the highest CAGR during the forecast period owing to the convenience that they offer to healthcare providers. The segment enables interconnections between medical & surgical instruments, further allowing practitioners to effectively monitor the health conditions of patients without the need for sensors.  

Smart Hospital Market By Region

The global cosmetic laser market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the smart hospitals market in 2019 and will continue its dominance during the forecast period owing to well-established healthcare infrastructure, rising incidences of chronic illnesses & infectious diseases and an increase in the adoption of artificial intelligence software and devices by hospitals in this region. 

Smart Hospital Market Prominent Players

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.