DUBLIN, October 17, 2017 /PRNewswire/ --

The "Smart Hospital Market by Component (Hardware, Services, and Systems & Software), Services Rendered (General, Specialty, and Super Specialty), Connectivity, Application, Artificial Intelligence, and Region - Global Forecast to 2023" report has been added to Research and Markets' offering.

The smart hospital market is expected to be valued at USD 63.49 Billion by 2023, growing at a CAGR of 24.00% between 2017 and 2023.

Governments' initiatives for the implementation of IT solutions in healthcare, rise in government spending on healthcare systems, and increase in the number of skilled IT experts are major factors favoring the adoption of healthcare IT solutions in the emerging markets across Asia Pacific (APAC).

Of all the applications, the outpatient vigilance application is expected to grow at the highest CAGR during the forecast period (2017-2023). Almost all operating room and ICU devices such as blood pressure cuffs, ventilators, and intravenous pumps can be interconnected for automatic error detection by introducing IoT in them, so that these devices help provide better care to patients in hospitals. This is driving the market for outpatient vigilance during the forecast period.

Among all services rendered, the market for super specialty hospitals is expected grow at the highest CAGR during the forecast period. The key reason behind the highest growth of adoption of IoT in super specialty hospitals is the requirement for patients' safety, the quality of medication, and the priority for families pertaining to medical treatments.

In terms of artificial intelligence offering, software accounted for the largest share of the smart hospital market in 2017. The AI software fetches, creates, and operates the data received from the hardware and processes the data in the AI system to generate an intelligent response. The software is developed using AI technologies such as machine learning, predictive analysis, natural language processing, and deep learning and is expected to help the medical system in medical imaging and diagnostics, drug discovery, in-patient care and hospital management, virtual assistance, precision medicine, lifestyle management and monitoring, patient data and risk analysis, research, and identify relevant insights.

The smart hospital market based on component comprises hardware, systems and software, and services. The market for systems and software, the most promising components in the market, is expected to witness the highest growth between 2017 and 2023.

The major players in the smart hospital market are Medtronic (Ireland), Philips (Netherlands), Microsoft (US), GE Healthcare (US), and Qualcomm Life (US). These players have adopted various strategies such as contracts, agreements, partnerships, product launches, and business expansions to cater to the demand for electronic toll collection systems.

Market Dynamics

Drivers

• Modernization of Healthcare Infrastructure is Boosting the Demand for Smart Hospitals
• Rising Need for Cost-Effective Solutions in Hospitals
• Development of Iot Technologies in Healthcare
• Increasing Occurrence of Chronic Diseases
• Increasing Penetration of Connected Devices And Instruments in Hospitals

Restraints

• High Cost of Connected Systems
• Lack of Competence in Deploying Iot Solutions in Hospitals

Opportunities

• Rising Government Investments in Healthcare Sector
• Growth Potential in Emerging Economies

Challenges

• Increased Interoperability Risks in Hospital Security
• Lack of Governance Standards

Value Chain Analysis

• Research And Development
• Raw Material/Component Providers
• Manufacturing And Assembly
• Key Technology Providers/System Integrators
• Marketing And Sales
• End Users
  

Companies Mentioned

• Adheretech
• Allscripts
• Cerner Corporation
• Diabetizer
• Ge Healthcare
• Honeywell Life Care Solutions
• Mckesson
• Medtronic
• Microsoft
• Philips
• Physiq
• Proteus Digital Health
• Qualcomm Life
• Sap
• Stanley Healthcare

For more information about this report visit https://www.researchandmarkets.com/research/rgdmnr/smart_hospital

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SOURCE Research and Markets