The global Smart Hospital market was valued at USD 22.2 billion in 2018, and is expected to reach USD 83.1 billion by 2026, growing at a CAGR of 18.0% during 2019–2026. The key factors boosting growth of the market are the increasing number of patients suffering from chronic diseases, increase in need for quality patient care and growing demand of accurate diagnosis and treatment.
Furthermore, advancements in healthcare management and advanced surgical procedures with the use of artificial intelligence across the globe have led to burgeoning market growth of Smart Hospital market.
Wireless connectivity type segment is expected to dominate global Smart Hospital market during the forecast period. In 2018, almost half of the market share was held by software & services in the component segment. However, the highest growth rate is expected to be witnessed by the Hardware component segment during the forecast period owing to increasing demand of automated healthcare equipment.
Technological and service advancements in Smart Hospital industry and increasing technological awareness regarding the evolved surgical equipment and components are likely to drive the growth of global Smart Hospital market in near future. Outpatient Vigilance to dominate the market in terms of revenue share in application segment.
Based on geography, North America held the largest share in the market in 2018 because of high penetration of technological advancement in the hospitals, increase in number of hospitals and surgical centers in the region and increasing awareness in the population regarding technology and application. In addition, there has been a rise in the number of people wanting technological advanced hardware and software & services for the diagnosis and treatment.
Key Market Developments:
- In 2018, the Wireless Connectivity type held more than half of the market share.
- Siemens AG, Microsoft Corporation, SAP SE, SAMSUNG Group are the leading players holding approximately around one third of the market share.
- The hardware segment is anticipated to grow at the highest rate during the forecast period from 2019 to 2026.
- Medical Assistance segment is the emerging services segment in the Smart Hospital field, which is intended to cater to the unmet needs of the Smart Hospital market.
- North America region dominated the global Smart Hospital market in 2018.
Some of the key players operating in global Smart Hospital market include Siemens AG, Microsoft Corporation, SAP SE, SAMSUNG Group, Qualcomm Life, Inc, Stanley Healthcare, Intel Corporation, Medtronic, Philips N.V, Cerner Corporation among others.
The Global Smart Hospital Market has been segmented on the basis of application type, the market comprises of Remote Medicine Management, Electronic Health Record & Clinical Workflow, Outpatient Vigilance, Medical Connected Imaging, Medical Assistance. The connectivity includes Wired and Wireless. The component type includes Hardware and Software & Services.
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