Asia Pacific Smart Hospital Market Outlook 2028

Smart hospitals are the hospitals where the assets are interconnected by a digitized networking infrastructure to provide a valuable service or insight so as to provide better patient care, greater customer experiences and enhance operational efficiency. The process of conversion to smart hospitals usually includes optimization, redesigning or building new clinical processes or management systems. The technologies that are used in smart hospitals are AI, active RFID (radio frequency identification), sensors, Wi-Fi, integration platforms, blockchain, wearables, and augmented reality among others. The Asia Pacific smart hospitals market is anticipated to witness growth by a CAGR of 25.28% during the forecast period, i.e., 2020-2028. Factors such as the growing adoption of smart technologies in hospitals, backed by the need for quality healthcare services, along with the rising government expenditure in the healthcare sector, and the increasing investments from the private players for advancements in the healthcare industry are some of the significant factors anticipated to drive the growth of the market during the forecast period.

The market is segmented on the basis of technology into artificial intelligence, wearable technology, blockchain, augmented reality, radio frequency identification (RFID), and others. Out of these segments, the artificial intelligence segment is projected to hold the largest market share in the year 2021. The segment is also projected to reach close to USD 4000 Million in the same year. Factors such as the benefits associated with artificial intelligence technology in the healthcare setting, such as optimization of clinical productivity, enhancement of diagnosis, and others, are anticipated to drive the growth of the segment during the forecast period.

Among all the countries in the Asia Pacific, the market in China registered the largest market share of about 51% in 2019 and is expected to grow with a CAGR of approximately 26% during the forecast period. Rising population rate along with the need for improving the existing healthcare setting in the nation are some of the major factors anticipated to drive the growth of the market in the coming years.

Some of the key players in the Asia Pacific smart hospitals market are Siemens Aktiengesellschaft, Microsoft Corporation, athenahealth, Inc., Samsung, Cerner Corporation, Koninklijke Philips N.V., Medtronic plc, and others.