APAC’s hospital sees rapid adoption of smart tech

The market in China is tipped to grow at a CAGR of around 26% in 2020-2028.

Asia Pacific’s smart hospitals market is projected to grow at a CAGR of 25.28% from 2020 to 2028, boosted by a growing adoption of smart technologies in hospitals, backed by the need for quality healthcare services, according to a report from Research and Markets.

A rising government expenditure in the healthcare sector, and the ramping up of investments from the private players for advancements in the healthcare industry are also expected to drive the growth of the market.

Amongst 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 around 26% during the forecast period.

This is attributed to the country’s rising population rate, along with the need for improving the existing healthcare setting in the nation.

The market is segmented on the basis of technology into artificial intelligence (AI), wearable technology, blockchain, augmented reality, radio frequency identification (RFID), and others. Out of these segments, AI is projected to hold the largest market share in 2021.

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 AI segment.