Pune, India, June 04, 2019 (GLOBE NEWSWIRE) -- According to the report found on Wise Guy Reports (WGR), the global smart hospital market is expected to scale a valuation of USD 77,299.6 Mn towards the end of the forecast period 2017 to 2025. Increasing patient population, coupled with the rising burden of chronic diseases, is anticipated to drive the growth of the market in the foreseeable future. The automation of the healthcare sector is likely to gain momentum in the upcoming years owing to advancements in healthcare IT.
The rapid developments being witnessed in technologies such as IoT, connected devices, Artificial Intelligence (AI), sensors, etc. are expected to boost the adoption of the digital ecosystem in the healthcare sector. This, in turn, is projected to catapult the market on an upward trajectory. Healthcare industry leaders are endeavoring to bring cost-efficient solutions and improved care services to the masses. It is anticipated to encourage the expansion of the smart hospital market during the review period.
The advent of blockchain technology in the healthcare sector is projected to encourage the growth pattern of the smart hospital market over the assessment period. However, the lack of skilled personnel for the deployment of smart technology is anticipated to pose a challenge to market players in the upcoming years.
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Market Segmentation:
This report offers a comprehensive segmental analysis of the global smart hospital market based on type and application. The market, by type, has been segmented into speciality, general services, and super-speciality. Among these, the general services segment was valued at USD 7,583 Mn in 2017 and is projected to hold a substantial market share through the assessment period striking a CAGR of 19.8%. In addition, the super-specialty segment is expected to remain highly lucrative over the next couple of years. It is anticipated to expand at a relatively higher CAGR of 23.8% during the review period.
By application, the smart hospital market has been segmented into electronic health record and clinic workflow, medical connected imaging, remote medicine management, outpatient vigilance, and medical assistance. The remote medicine management segment held the largest share of the market in 2017 and was valued at USD 4751.1 Mn. It signifies tremendous developmental opportunities and is anticipated to strike a CAGR of 16.2% during the projection period. Meanwhile, the outpatient vigilance segment is expected to expand at a comparatively higher CAGR of 25.9% across the forecast period.
Asia Pacific Expected to Expand at a Higher CAGR over the Forecast Period
The geographical analysis of the global smart hospital market spans across four major regions, viz. Europe, North Americas, Asia Pacific, and the Rest of the World (RoW). North America, valued at USD 6284.4 Mn in 2017, is projected to lead the growth of the global market over the next couple of years. It is anticipated to expand at 21.1% during the projection period. The technological advancements of the region are projected to dictate the growth trajectory of the regional market in the years to come. Europe is prognosticated to attract massive inflow of investments, thus, retaining its second spot in the global marketplace in the forthcoming years. The regional market is projected to strike a CAGR of 19.9% over the assessment period. Asia Pacific signifies strong growth potential and is expected to emerge as the fastest growing regional market, reflecting a CAGR of 25.8% during the forecast period. The advancements in healthcare technology witnessed in the region are likely to boost the revenue growth of the market in the forthcoming years.
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Key Players:
The prominent players operating in the global smart hospital market are GE Healthcare (US), McKesson Corporation (US), Honeywell Life Care Solutions (US), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Cerner Corporation (US), Qualcomm Life (US), Medtronic PLC. (Ireland), Allengers Groups (India), and AdhereTech (US).
Latest Industry News:
Seoul Medical Center has collaborated with the Korean Ministry of Science and ICT for the “Smart Hospital” project. The hospital is working on the launch of a blockchain-based platform for improving its medical services.
Infectious Diseases Hospital, Kuwait, is working on equipping its new building with next-gen technologies for making it the first smart hospital of the country.
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