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How has the smart hospital market grown over the years?

The smart hospital market has witnessed exponential growth, expected to increase from $58.58 billion in 2024 to $71.56 billion in 2025 at a CAGR of 22.2%. Previous growth was fueled by patient safety initiatives, demand for integrated healthcare solutions, workforce shortages, digital transformation efforts, and regulatory mandates.

What Is the forecasted market size and growth rate for the smart hospital market?

The smart hospital market is expected to grow exponentially, reaching $157.37 billion in 2029 with a CAGR of 21.8%. Key drivers include a growing focus on preventive care, demand for real-time data, the proliferation of IoMT devices, rising healthcare costs, and an aging population. Major trends encompass telemedicine, AI applications, IoT security, wearable health devices, and the development of smart hospital infrastructure.

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What are the major factors driving growth in 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.

What key areas define the segmentation of the global smart hospital Market?

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

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What are the top market players propelling the growth of the smart hospital industry?

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.

What are the key trends shaping the future of 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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What regions are dominating the smart hospital market growth?

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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