Discover trends, market shifts, and competitive outlooks for the smart hospital industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

What is the Projected CAGR for the Smart Hospital Market Size from 2025 to 2034?

The market size of smart hospitals has experienced significant expansion over the past few years. It is forecasted to rise from $58.58 billion in 2024 to $71.56 billion in 2025, representing a compound annual growth rate (CAGR) of 22.2%. This increase observed in the historical period is due to factors such as the surge in patient safety initiatives, the need for consolidated healthcare solutions, scarcity of workforce, initiatives for digital transformation, and the escalation of regulatory mandates.

The market size for smart hospitals is projected to witness a remarkable growth surge in the upcoming years, reaching a size of $157.37 billion by 2029 at a compound annual growth rate (CAGR) of 21.8%. The upward trajectory during the prediction timeframe can be associated with an emphasis on preventive healthcare, a necessity for real-time information, the increasing adoption of IoMT (Internet of Medical Things) devices, escalating healthcare expenses, and a rise in the elderly population. Key trends for the forecast period encapsulate telemedicine and remote patient surveillance, applications of AI and machine learning in healthcare, security concerns related to healthcare IoT, wearable health gadgets, and smart hospital facilities structure.

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What External and Internal Drivers Are Contributing to the Growth of the Smart Hospital Market?

The smart hospital market’s expansion is anticipated to be driven by the growing integration of internet-connected medical devices in hospital settings. This integration, referring to the web of medical devices linked to the internet in hospitals, is becoming increasingly prevalent, leading to a more comprehensive data capture over more areas of business and medical practices. This heavy reliance on this burgeoning technology is playing an instrumental role in advancing the evolution of smart hospitals by bolstering patient care, streamlining operational processes and facilitating information-driven decision making. For example, as per the Food and Drug Administration, a U.S. federal entity, a notable update was made to the list of AI and ML-powered medical devices on the U.S. market in October 2023. An additional 171 devices were included, indicating a significant year-on-year growth, especially with predictions showing a further 30% growth in AI/ML-powered devices. Consequently, the rise in internet-connected devices and tools being used in hospitals is influencing the advancement of the smart hospitals market.

What Segment Types Define the Smart Hospital Market Structure?

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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Which Geographic Areas Hold the Strongest Growth Potential in 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.

What Long-Term Trends Are Transforming the Competitive Landscape of the Smart Hospital Market?

Big firms in the intelligent hospital sector have their eyes set on forming strategic alliances to advance the development of smart hospital solutions. In essence, a strategic partnership is a cooperative agreement between two or more parties (generally businesses) with the intention to accomplish shared objectives. As an example, LifeSigns, a health-tech startup in the US, entered into a partnership with Amala Hospital, an Indian provider of orthopedic procedures and therapeutic services, in March 2023. The collaboration resulted in the launch of a smart ward that uses LifeSigns’ iMS technology, which includes wearable wireless sensors for consistent patient monitoring. The technology replaces the conventional wired systems, elevating comfort levels and boosting data collection efficiency.

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What Is the Definition of the Smart Hospital Market?

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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