HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: September 2017
Report Code: SE 5568

 

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The smart hospital market was valued at USD 13.52 Billion in 2016 and is expected reach USD 63.49 Billion by 2023, at a CAGR of 24.00% from 2017 to 2023. The base year used for this study is 2016 and the forecast period is between 2017 and 2023. This report provides a detailed analysis of the market based on component, connectivity, service rendered, artificial intelligence, application, and region. The report also provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). Moreover, the report provides industry trends, insights based on the value chain analysis, and strategic benchmarking of the market.

To estimate the size of the smart hospital market, we have considered the top players in the market and their market share. This study involves an extensive use of secondary sources such as annual and financial reports of top players, presentations, press releases, journals, paid databases, and interviews with industry experts. The research methodology is explained below:

  • Analyzing the overall size of the individual markets through the percentage split with the help of primary and secondary research
  • Analyzing the several market segments and subsegments
  • Analyzing the supply and demand sides of the smart hospital market ecosystem
  • Analyzing the market trends in various regions and countries, supported by ongoing research and development in these regions
  • Finalizing the overall market sizes by triangulation method with supply-side data, which include product developments, supply chain, and estimated sales of the medical devices

After arriving at the overall market size, the total market has been split into several segments and subsegments and has been confirmed with the key industry experts. The following figure depicts the breakdown of primaries conducted during the research on the basis of company type, designation, and region.

Smart Hospital Market

To know about the assumptions considered for the study, download the pdf brochure

Market Ecosystem

The smart hospital market ecosystem includes component providers such as Medtronic (Ireland), Philips (Netherlands), GE Healthcare (US), Siemens AG (Germany), Qualcomm Life (US), Allengers (India), Athenahealth (US), AdhereTech (US), Cerner Corporation (US), McKesson (US), St. Jude Medical (US), SAMSUNG (South Korea),  Renesas Electronics Corporation (Japan) and Honeywell Life Care Solutions (US). Some of the solution providers are SAP (Germany), Microsoft (US), Allscripts (US), CitiusTech Inc. (US), Infor (US), Athenahealth (US), PhysIQ (US), Diabetizer (Germany), AdhereTech (US), Epic (US), STANLEY Healthcare (US), and Oracle (US). Furthermore, key system integrators in the smart hospital ecosystem include CitiusTech Inc. (US), Infor (US), Epic (US), Cerner Corporation (US), and McKesson (US).

Target Audience

  • Technology providers
  • Research organizations
  • Government organizations
  • Technology investors
  • Technology standards organizations
  • Forums, alliances, and associations, and government bodies
  • Venture capitalists
  • Private equity firms, analysts, and strategic business planners

Scope of the Report

This report categorizes the overall smart hospital market on the basis of component, connectivity, artificial intelligence, service rendered, application, and region.

Smart Hospital Market, by Component

  • Hardware
  • Systems and Software
  • Services

Smart Hospital Market, by Connectivity

  • Wired
  • Wireless

Smart Hospital Market, by Artificial Intelligence

  • Offering
  • Technology

Smart Hospital Market, by Service Rendered

  • General Services
  • Specialty
  • Super Specialty

Smart Hospital Market, by Application

  • Remote Medicine Management
  • Electronic Health Record & Clinical Workflow
  • Outpatient Vigilance
  • Medical Connected Imaging
  • Medical Assistance

Smart hospital Market, by Region

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Rest of Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Rest of APAC
  • RoW
    • Middle East
    • Africa
    • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Regional Analysis

Further breakdown of region- or country-specific analysis

Company Information

Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Scope of the Study
           1.3.1 Markets Covered
           1.3.2 Geographic Scope
           1.3.3 Years Considered for the Study
    1.4 Currency
    1.5 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 32)
    4.1 Attractive Opportunities for the Smart Hospital Market
    4.2 Smart Hospital Market, By Connectivity
    4.3 Market, By Component
    4.4 Market, By Application
    4.5 Smart Hospitals Market in APAC, By Country & Services Rendered

5 Market Overview (Page No. - 35)
    5.1 Introduction
    5.2 Market Dynamics: Smart Hospital Market
           5.2.1 Drivers
                    5.2.1.1 Modernization of Healthcare Infrastructure is Boosting the Demand for Smart Hospitals
                    5.2.1.2 Rising Need for Cost-Effective Solutions in Hospitals
                    5.2.1.3 Development of IoT Technologies in Healthcare
                    5.2.1.4 Increasing Occurrence of Chronic Diseases
                    5.2.1.5 Increasing Penetration of Connected Devices and Instruments in Hospitals
           5.2.2 Restraints
                    5.2.2.1 High Cost of Connected Systems
                    5.2.2.2 Lack of Competence in Deploying IoT Solutions in Hospitals
           5.2.3 Opportunities
                    5.2.3.1 Rising Government Investments in Healthcare Sector
                    5.2.3.2 Growth Potential in Emerging Economies
           5.2.4 Challenges
                    5.2.4.1 Increased Interoperability Risks in Hospital Security
                    5.2.4.2 Lack of Governance Standards
    5.3 Value Chain Analysis
           5.3.1 Research and Development
           5.3.2 Raw Material/Component Providers
           5.3.3 Manufacturing and Assembly
           5.3.4 Key Technology Providers/System Integrators
           5.3.5 Marketing and Sales
           5.3.6 End Users
    5.4 Key Trends: Smart Hospital Market

6 Smart Hospital Market, By Component (Page No. - 44)
    6.1 Introduction
    6.2 Hardware
           6.2.1 Medical Devices
                    6.2.1.1 Wearable External Medical Devices
                    6.2.1.2 Implanted Medical Devices
                    6.2.1.3 Stationary and Supportive Medical Devices
                    6.2.1.4 By Semiconductor Components
                               6.2.1.4.1 Processors
                               6.2.1.4.2 Sensors
                               6.2.1.4.3 Connectivity ICS
    6.3 Systems and Software
    6.4 Services
           6.4.1 Professional Services
                    6.4.1.1 Consulting and Integration Services
                    6.4.1.2 Support and Maintenance Services
           6.4.2 Managed Services

7 Smart Hospital Market, By Services Rendered (Page No. - 54)
    7.1 Introduction
    7.2 General
    7.3 Specialty
    7.4 Super Specialty

8 Smart Hospital Market, By Application (Page No. - 59)
    8.1 Introduction
    8.2 Remote Medicine Management
    8.3 Electronic Health Record & Clinical Workflow
    8.4 Outpatient Vigilance
    8.5 Medical Connected Imaging
    8.6 Medical Assistance

9 Smart Hospital Market, By Connectivity (Page No. - 67)
    9.1 Introduction
    9.2 Wired
    9.3 Wireless
           9.3.1 Wi-Fi
           9.3.2 RFID
           9.3.3 Bluetooth
           9.3.4 Zigbee
           9.3.5 Near Field Communication (NFC)
           9.3.6 Others

10 Artificial Intelligence in Smart Hospital Market (Page No. - 74)
     10.1 Introduction
     10.2 Offering
             10.2.1 Hardware
             10.2.2 Software
                        10.2.2.1 AI Platform
                        10.2.2.2 Solution
             10.2.3 Services
                        10.2.3.1 Deployment and Integration
                        10.2.3.2 Support and Maintenance
     10.3 Technology
             10.3.1 Natural Language Processing (NLP)
             10.3.2 Context–Aware Processing
             10.3.3 Deep Learning
             10.3.4 Querying Method

11 Geographic Analysis (Page No. - 82)
     11.1 Introduction
     11.2 North America
             11.2.1 US
             11.2.2 Canada
     11.3 Europe
             11.3.1 UK
             11.3.2 Germany
             11.3.3 France
             11.3.4 Italy
             11.3.5 Rest of Europe
     11.4 APAC
             11.4.1 China
             11.4.2 Japan
             11.4.3 South Korea
             11.4.4 India
             11.4.5 Rest of APAC
     11.5 RoW
             11.5.1 Middle East
             11.5.2 Africa
             11.5.3 Latin America

12 Competitive Landscape (Page No. - 112)
     12.1 Introduction
     12.2 Market Rank Analysis, 2016
     12.3 Competitive Scenario
             12.3.1 Battle for Market Share: Product Launches Were the Key Strategies Adopted Between 2014 and 2016

13 Company Profiles (Page No. - 116)
     13.1 Introduction
(Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View)*
     13.2 Philips
     13.3 GE Healthcare
     13.4 Medtronic
     13.5 Qualcomm Life
     13.6 Honeywell Life Care Solutions
     13.7 Stanley Healthcare
     13.8 SAP
     13.9 Microsoft
     13.10 Allscripts
     13.11 Cerner Corporation
     13.12 McKesson
     13.13 Key Innovators
             13.13.1 Diabetizer
             13.13.2 Proteus Digital Health
             13.13.3 AdhereTECH
             13.13.4 PhysIQ

*Details on Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 167)
     14.1 Insights of Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (71 Tables)

Table 1 Smart Hospital Market, By Component, 2014–2023 (USD Billion)
Table 2 Market for Hardware, By Region, 2014–2023 (USD Billion)
Table 3 Market for Medical Devices, By Type 2014–2023 (USD Billion)
Table 4 Market for Medical Devices, By Type, 2014-2023 (Million Units)
Table 5 Market for Semiconductor Components, By Type, 2014–2023 (USD Billion)
Table 6 Market for Systems & Software, By Region, 2014–2023 (USD Billion)
Table 7 Market for Services, By Region, 2014–2023 (USD Billion)
Table 8 Market for Services, By Type, 2014–2023 (USD Billion)
Table 9 Market, By Services Rendered, 2014–2023 (USD Billion)
Table 10 Market for General Hospitals, By Region, 2014–2023 (USD Billion)
Table 11 Market for Specialty Hospitals, By Region, 2014–2023 (USD Billion)
Table 12 Market for Super Specialty Hospitals, By Region, 2014–2023 (USD Billion)
Table 13 Market, By Application, 2014–2023 (USD Billion)
Table 14 Market for Remote Medicine Management, By Region, 2014–2023 (USD Billion)
Table 15 Market for Electronic Health Record and Clinical Workflow, By Region, 2014–2023 (USD Billion)
Table 16 Market for Outpatient Vigilance Application, By Region, 2014–2023 (USD Billion)
Table 17 Market for Medical Connected Imaging, By Region, 2014–2023 (USD Billion)
Table 18 Market for Medical Assistance Application, By Region, 2014–2023 (USD Billion)
Table 19 Smart Hospital Market, By Connectivity, 2014–2023 (USD Billion)
Table 20 Market for Wired Connectivity, By Region, 2014–2023 (USD Billion)
Table 21 Market for Wireless Connectivity, By Region, 2014–2023 (USD Billion)
Table 22 Market for Wireless Connectivity, By Protocol, 2014–2023 (USD Billion)
Table 23 Artificial Intelligence in the Market, By Offering, 2014–2023 (USD Billion)
Table 24 Artificial Intelligence in the Market, By Software, 2014–2023 (USD Billion)
Table 25 Artificial Intelligence in the Market, By Service, 2014–2023 (USD Billion)
Table 26 Artificial Intelligence in the Market, By Technology, 2014–2023 (USD Billion)
Table 27 Market, By Region, 2014–2023 (USD Billion)
Table 28 North America Market, By Connectivity, 2014–2023 (USD Billion)
Table 29 Market in North America, By Component, 2014–2023 (USD Billion)
Table 30 Market in North America, By Medical Devices Type, 2014–2023 (USD Billion)
Table 31 Market in North America, By Services Type, 2014–2023 (USD Billion)
Table 32 Market in North America, By Application, 2014–2023 (USD Billion)
Table 33 Market in North America, By Services Rendered, 2014–2023 (USD Billion)
Table 34 Market in North America, By Country, 2014–2023 (USD Billion)
Table 35 Market in the US, By Component, 2014–2023 (USD Billion)
Table 36 Market in Canada, By Component, 2014–2023 (USD Billion)
Table 37 Market in Europe, By Connectivity, 2014–2023 (USD Billion)
Table 38 Market in Europe, By Component, 2014–2023 (USD Billion)
Table 39 Market in Europe, By Medical Devices, 2014–2023 (USD Billion)
Table 40 Market in Europe, By Services, 2014–2023 (USD Billion)
Table 41 Market in Europe, By Application, 2014–2023 (USD Billion)
Table 42 Market in Europe, By Services Rendered, 2014–2023 (USD Billion)
Table 43 Market in Europe, By Country, 2014–2023 (USD Billion)
Table 44 Market in Germany, By Component, 2014–2023 (USD Billion)
Table 45 Market in the UK, By Component, 2014–2023 (USD Billion)
Table 46 Market in France, By Component, 2014–2023 (USD Billion)
Table 47 Market in Italy, By Component, 2014–2023 (USD Billion)
Table 48 Market in Rest of Europe, By Component, 2014–2023 (USD Billion)
Table 49 Market in APAC, By Connectivity, 2014–2023 (USD Billion)
Table 50 Market in APAC, By Component, 2014–2023 (USD Billion)
Table 51 Market in APAC, By Medical Devices Type, 2014–2023 (USD Billion)
Table 52 Market in APAC, By Services Type, 2014–2023 (USD Billion)
Table 53 Market in APAC, By Application, 2014–2023 (USD Billion)
Table 54 Market in APAC, By Services Rendered, 2014–2023 (USD Billion)
Table 55 Market in APAC, By Country, 2014–2023 (USD Billion)
Table 56 Market in Japan, By Component, 2014–2023 (USD Billion)
Table 57 Market in China, By Component, 2014–2023 (USD Billion)
Table 58 Market in South Korea, By Component, 2014–2023 (USD Billion)
Table 59 Market in India, By Component, 2014–2023 (USD Billion)
Table 60 Market in Rest of APAC, By Component, 2014–2023 (USD Billion)
Table 61 Market in RoW, By Connectivity, 2014–2023 (USD Billion)
Table 62 Market in RoW, By Component, 2014–2023 (USD Billion)
Table 63 Market in RoW, By Medical Devices Type, 2014–2023 (USD Billion)
Table 64 Market in RoW, By Services Type, 2014–2023 (USD Billion)
Table 65 Market in RoW, By Application, 2014–2023 (USD Billion)
Table 66 Market in RoW, By Services Rendered, 2014–2023 (USD Billion)
Table 67 Market in RoW, By Region, 2014–2023 (USD Billion)
Table 68 Market in the Middle East, By Component, 2014–2023 (USD Billion)
Table 69 Market in Africa, By Component, 2014–2023 (USD Billion)
Table 70 Market in Latin America, By Component, 2014–2023 (USD Billion)
Table 71 Ranking of the Top 5 Players in the Smart Hospital Market, 2016
 

List of Figures (48 Figures)
 
Figure 1 Smart Hospital Market Segmentation
Figure 2 Smart Hospital Market: Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Wireless Connectivity Held the Largest Market Share in 2017
Figure 7 Systems and Software Components Expected to Grow at the Highest Rate By 2023
Figure 8 Outpatient Vigilance Application is Expected Grow at the Highest Rate During Forecast Period 2017-2023
Figure 9 Super Specialty Hospitals to Be the Fastest-Growing Segment in the Market During the Forecast Period
Figure 10 North America Held the Largest Share of the Smart Hospitals Market in 2017
Figure 11 Software Offering of Artificial Intelligence Expected to Hold the Largest Market Share During the Forecast Period (2017–2023)
Figure 12 Rising Need for Effective Patient Care and Cost-Effective Healthcare Solutions to Drive the Growth of the Smart Hospital Market During the Forecast Period
Figure 13 Wireless Connectivity for the Market is Expected to Grow at the Highest Rate During 2017–2023
Figure 14 Hardware Holds the Largest Share of the Smart Hospital Market in 2017
Figure 15 Remote Medicine Management Lead the Market for Smart Hospitals During the Forecast Period
Figure 16 China Holds the Largest Share of the Market in APAC in 2017
Figure 17 Total Health Expenditure in Germany, the UK, and the US (% of Gdp)
Figure 18 Smart Hospital Market: Value Chain Analysis
Figure 19 Systems and Software Segment is Expected to Grow at the Highest Rate During the Forecast Period
Figure 20 Systems and Software Segment in APAC is Expected to Grow at the Highest Rate During the Forecast Period
Figure 21 Super Specialty Segment is Expected to Grow at the Highest Rate During the Forecast Period
Figure 22 Super Specialty Segment in APAC is Expected to Grow at the Highest Rate During the Forecast Period
Figure 23 Outpatient Vigilance Application is Expected to Grow at the Highest Rate During the Forecast Period
Figure 24 Outpatient Vigilance Application in APAC Expected to Hold the Largest Share During the Forecast Period
Figure 25 Wireless Technology Expected to Grow at the Highest Rate During the Forecast Period
Figure 26 System and Software Component is Expected to Grow at the Highest Rate During the Forecast Period
Figure 27 Natural Language Processing Technology Expected to Hold the Largest Share of Market in Artificial Intelligence During the Forecast Period
Figure 28 Geographic Snapshot: Smart Hospital Market in APAC Expected to Grow at the Highest Rate Between 2017 and 2023
Figure 29 North America: Smart Hospital Market Snapshot
Figure 30 US Expected to Hold the Largest Share of the Smart Hospital Market in North America During the Forecast Period
Figure 31 Europe: Smart Hospital Market Snapshot
Figure 32 Medical Assistance for the Market in Europe is Expected to Grow at the Fastest Rate During the Forecast Period
Figure 33 APAC: Smart Hospital Market Snapshot
Figure 34 Japan Holds the Largest Share of the Market During the Forecast Period in APAC
Figure 35 Key Developments in the Smart Hospitals Market During 2014-2016
Figure 36 Market Evaluation Framework: Product Launches Fueled Growth and Innovation Between 2014 and 2016
Figure 37 Geographic Revenue Mix of Major Players in the Smart Hospital Market, 2016
Figure 38 Philips: Company Snapshot
Figure 39 GE Healthcare: Company Snapshot
Figure 40 Medtronic: Company Snapshot
Figure 41 Qualcomm Life: Company Snapshot
Figure 42 Honeywell Life Care Solutions: Company Snapshot
Figure 43 Stanley Healthcare: Company Snapshot
Figure 44 SAP: Company Snapshot
Figure 45 Microsoft: Company Snapshot
Figure 46 Allscripts: Company Snapshot
Figure 47 Cerner Corporation: Company Snapshot
Figure 48 McKesson: Company Snapshot

According to MarketsandMarkets’ forecast, 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.

Smart Hospital Market

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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