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What Is The Predicted Market Size Of The Smart Hospital Industry By 2029?

The scale of the smart hospital industry has seen significant expansion in the past few years. The market is projected to soar from $58.58 billion in 2024 to $71.37 billion in 2025, witnessing a compound annual growth rate (CAGR) of 21.8%. The historic surge in this domain is due to an increase in patient safety measures, the need for an integrated healthcare system, workforce deficits, initiatives for digital transformation, and a bump in regulatory dictates.

The intelligent hospital market is predicted to undergo considerable growth in the coming years, potentially hitting a value of $156.6 billion by 2029, with a compound annual growth rate (CAGR) of 21.7%. Reasons for this projected increase during the forecast period include a heightened emphasis on preventive care, needing instant access to data, the rapid spread of iomt devices, climbing healthcare expenses, and an accelerating elderly population. The key trends expected during the forecast period include telehealth and remote patient supervision, AI and machine learning utilizations, healthcare IoT protection, wearable health gadgets, and advanced hospital infrastructure.

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Which Growth Drivers Are Shaping The Smart Hospital Market Outlook?

The expansion of the smart hospital market is anticipated to be fueled by the growing integration of internet-connected devices and instruments in hospitals. These refer to a network of online connected medical devices utilized in hospitals to accumulate data across various business and medical practices. Such widespread adoption of these devices is crucial in building smart hospitals as they facilitate improved patient care, boost operational effectiveness, and allow for data-based decision making. The FDA, a federal agency in the US, revealed in October 2023 that it updated its list of AI and ML-enabled medical devices available in the US. With the addition of 171 devices as of October 2023, there was a noteworthy rise compared to the previous year, accompanied by an expected growth rate of 30% or more for these AI/ML-enabled devices. As such, the surge in the integration of internet-connected devices and equipment in hospitals is pushing the growth of the smart hospital market forward.

How Is The Global Smart Hospital Market Broken Down By Segment?

The smart hospitalmarket covered in this report is segmented –

1) By Component: Hardware; Software System; Services

2) By Technology: Cloud Computing; Artificial Intelligence; Wearable Technologies; Radio Frequencies Identification; Other Technologies

3) By Connectivity: Wired; Wireless

4) By Application: Remote Medicine Management; Medical Connected Imaging; Medical Assistance; Electronic Health Record; Outpatient Vigilance

Subsegments:

1) By Hardware: Medical Devices; Internet Of Things (IoT) Devices; Wearable Health Monitors; Infrastructure Equipment (Sensors, Cameras)

2) By Software System: Electronic Health Records (EHR); Hospital Management Systems; Patient Engagement Software; Data Analytics And Reporting Tools

3) By Services: Consulting Services; Implementation And Integration Services; Maintenance And Support Services; Training And Education Services

Which Notable Trends Are Transforming The Smart Hospital Market Outlook?

Key companies in the smart hospitals market are concentrating on forging strategic partnerships to advance the development of intelligent hospital solutions. Such partnerships are cooperative relationships built between two or more entities (usually businesses), designed to meet shared objectives. As an example, in March 2023, LifeSigns, a health-tech startup from the US, collaborated with Amala Hospital, a provider of orthopedic treatments and therapeutic services from India, to introduce a smart ward. This innovative ward deploys LifeSigns’ iMS technology, incorporating wearable wireless sensors for constant patient monitoring, thus superseding the need for conventional wired systems and enhancing comfort and data gathering.

Who Are The Primary Market Leaders In The Smart Hospital Market?

Major companies operating in the smart hospital market report are Apple Inc., Alphabet Inc., Microsoft Corporation, AT&T Inc., Intel Corporation, The International Business Machines Corporation, Cisco Systems, Inc., Qualcomm Life, SAP SE, Medtronic PLC, Nvidia Corporation, Siemens Healthineers AG, Koninklijke Philips N.V., GE Healthcare, Stanley Healthcare, Honeywell Life Care Solutions, Cerner Corporation, General Vision, Allscripts Healthcare Solutions, Athenahealth, Brooks Automation, AirStrip Technologies Inc., Welltok Inc., Enlitic Inc., Next IT Corp.

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Which Regional Markets Are Emerging As Key Hubs For The Smart Hospital Market?

North America was the largest region in the smart hospital market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart hospital market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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