Image: The global smart hospital market is projected to reach over USD 63 billion by 2023 (Photo courtesy of IFRoute).
The global smart hospital market was valued at USD 13.52 billion in 2016 and is projected to grow at a CAGR of 24.00% from 2017 to 2023 to reach USD 63.49 billion, driven by the increasing prevalence of chronic diseases, rising need for better patient care, and efficient and accurate solutions. Additionally, the benefits of a smart hospital such as lower treatment costs, improved treatment outcomes, enhanced patient experience, reduced errors, and improved disease management are also boosting the growth of the smart hospital market.
These are the latest findings of MarketsandMarkets (Seattle,WA,USA), a global market research company.
The outpatient vigilance segment is projected to record the highest CAGR in the smart hospital market, by application, during the forecast period, due to the technology’s ability to allow healthcare facilities to effectively monitor every patient bed and constantly monitor a patient's status without having to connect cables, leads, and sensors to the individual.
The systems and software segment is projected to record the highest CAGR in the smart hospital market, by component, during the forecast period, due to its focus on device management and integration, information security, data collection, and data analytics, as well as its ability to create a high degree of smart characteristics and autonomy among healthcare providers, hospital infrastructure, and patients.
APAC is projected to record the highest CAGR in the smart hospital market, by region, during the forecast period, on account of increasing number of hospitals and surgical centers in the region, coupled with the growth of the healthcare industry in China, Japan, India, and South Korea, driven by the modernization of healthcare infrastructure, rising start-up companies, and mergers & acquisitions in the healthcare sector.