The Global Smart Hospital Market is Expected to Exceed $55 Billion by 2023 - Analysis on Key Trends & Lucrative Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Smart Hospital Market (2018-2023)" report has been added to ResearchAndMarkets.com's offering.

According to the report, the global smart hospital market is expected to have a significant compounded annual growth rate (CAGR) of 23.29% and reach a market size of USD 55.76 billion by 2023.

Key Growth Factors

Initiatives taken by governments for the implementation of IT solutions in healthcare, rise in government expenditure on healthcare systems and increase in the number of skilled IT experts are the major factors favoring the adoption of healthcare IT solutions in not only developed regions, but also in emerging markets. The factors that drive the market growth are machine learning, artificial intelligence, cloud computing services, RFID and others.

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.

Major Threats

The smart hospital has cyber-attacks as the major threat. The increasing number of ransomware cases and distributed denial of security (DDoS) attacks is just a glimpse of things to come. The introduction of Internet of Things (IoT) components in the hospital ecosystem increases the attack, rendering hospitals even more vulnerable to cyber-attacks.

Also, smart hospitals have robotic process automation in which security issues may arise when a particular susceptibility is introduced in the programming system of a medical robot. This can significantly compromise healthcare quality.

Segment Analysis

The global smart hospital market is bifurcated on the basis of products (smart pills, mHealth, telemedicine, electronic health record and others), application (remote medicine management, electronic health record and clinical workflow, outpatient vigilance, medical connected imaging, and medical assistance) and artificial intelligence (offering and technology) and regions.

The technologies used are AI, cloud computing, radio frequencies identification, wearable technologies, zigbee technologies, Internet of Things (IoT) and others. The regions include North America, Europe, Asia-Pacific, Latin America, and The Middle East and Africa.

Almost all operating room and intensive care unit (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.

Key Players Profiled

• Medtronics
• Philips
• Microsoft
• GE Healthcare
• Qualcomm
• SAP
• Stanley Healthcare
• Cerner Corporation
• McKesson
• Siemens

Topics Covered

Chapter 1. Executive Summary

Chapter 2. Global Smart Hospital Market - Overview

Chapter 3. North America Smart Hospital Market - Market Overview

Chapter 4. Europe Smart Hospital Market - Market Overview

Chapter 5. Asia-Pacific Smart Hospital Market - Market Overview

Chapter 6. Latin America Smart Hospital Market - Market Overview

Chapter 7. The Middle East and Africa Smart Hospital Market - Market Overview

Chapter 8. Competitive Landscape

Chapter 9. Conclusion

For more information about this report visit https://www.researchandmarkets.com/research/l9l2kr/the_global_smart?w=4