(EMAILWIRE.COM, September 22, 2018 ) According to the new market research report "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", the smart hospital market is estimated to be valued at USD 63.49 Billion by 2023, growing at a CAGR of 24.00% between 2017 and 2023. The growth of smart hospitals is attributed to the increasing prevalence of chronic diseases, rising need for better patient care, and efficient and accurate solutions. In addition, the benefits of a smart hospital such as the decreased cost of treatment, improved outcomes of treatment, enhanced patient experience, reduced errors, and improved disease management boost the growth of the smart hospital market.

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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.

Of all the regions, North America held the largest share of the smart hospital market. Moreover, the market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The reason behind the growth is the increasing number of hospitals and surgical centers in the region. Furthermore, the modernization of the healthcare infrastructure, increasing start-up companies, and mergers & acquisitions in the healthcare sector has aided the growth of the healthcare industry in China, Japan, India, and South Korea.

Healthcare IT systems and instruments are fairly high-priced solutions. Moreover, the maintenance and software update costs of these systems are on the higher side. Support and maintenance services, which include software upgrades according to users’ requirement, represent a recurring expenditure amounting to almost 30% of the total cost of the ownership. Moreover, the lack of internal IT expertise in the healthcare industry necessitates training for end users to maximize the efficiency of various healthcare IT solutions, thereby adding to the cost of the ownership of the systems. High cost of connected systems, increasing interoperability risk, and lack of governance standards are the major restraining factors for the smart hospital market.

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.

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