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What CAGR Will the Smart Hospital Market Achieve During 2025–2034, and What Does It Indicate?

The intelligent hospital market has seen a remarkable expansion in recent years. It is projected to escalate from a worth of $58.58 billion in 2024 to $71.56 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 22.2%. The surge during the historic period is linked to the increase in measures undertaken to ensure patient safety, the growing demand for consolidated healthcare solutions, the lack of an adequate workforce, initiatives aimed at digital transformation, and an increase in regulatory mandates.

In the near future, we are likely to witness substantial expansion in the smart hospital market. It’s anticipated to escalate to a whopping $157.37 billion by 2029, with a compound annual growth rate (CAGR) of 21.8%. This predicted growth in the coming years can be accounted to several factors like emphasis on preventive care, need for instantaneous data, the spread of iomt devices, ballooning healthcare expenses, and the increasing aging population. Key trends to keep an eye on during this forecast period will be remote patient monitoring and telemedicine, the application of machine learning and artificial intelligence, the security of healthcare iot, wearable health technology, and the infrastructure of smart hospitals.

What Industry-Specific Factors Are Fueling the Growth of the Smart Hospital Market?

The smart hospital market is poised for growth, fueled by the rising adoption of internet-connected medical devices and tools in healthcare facilities. These connected devices and instruments, which capture a vast amount of data across various business and medical practices, are transforming hospitals into smart health centers by enhancing patient care, optimizing operations, and promoting data-based decision-making. For example, the U.S. Food and Drug Administration (FDA) updated its list of artificial intelligence (AI) and machine learning (ML) medical devices sold in the U.S. in October 2023 and added 171 devices to it. This indicates a significant rise from the previous year, with the count of AI/ML devices projected to increase by 30% or more. Thus, the escalating use of interconnected devices within healthcare facilities is one of the leading drivers behind the expansion of the smart hospital sector.

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Who Are the Key Firms Paving the Way for Growth in the Smart Hospital Market?

Major companies operating in the smart hospital market report are:

• Apple Inc._x000D_

• Alphabet Inc._x000D_

• Microsoft Corporation_x000D_

• AT&T Inc._x000D_

• Intel Corporation_x000D_

What Are the Most Influential Trends Currently Shaping the Smart Hospital Market?

Key players in the smart hospitals industry are increasingly prioritizing strategic collaborations to advance smart hospital solutions. Such collaborations are alliances formed between two or more parties, usually businesses, with the common goal of mutual benefits. For instance, in March 2023, US-based health-tech start-up LifeSigns formed a strategic partnership with Amala Hospital, a provider of orthopedic treatments and therapeutic services based in India, for the introduction of a smart ward. This innovative ward incorporates LifeSigns’ iMS technology, characterized by wearable wireless sensors that facilitate continuous patient monitoring, thereby eliminating traditional wired systems which increase patient comfort while enhancing data collection.

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How Are the Key Segments of the Smart Hospital Market Impacting Its Expansion and Revenue Streams?

The smart hospital market 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 Regions Are Essential for the Growth of 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.

How Is the Definition of the Smart Hospital Market Impacting Future Growth?

A smart hospital, or digital hospital, is a healthcare facility that leverages advanced technology and data-driven solutions. They are used to improve patient care, enhance operational efficiency, and provide better overall healthcare services.

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