Smart Hospital Market 2024 Industry Insights, Business Growth, Trends And Forecast To 2033

The smart hospital market size has grown exponentially in recent years. It will grow from $47.91 billion in 2023 to $58.58 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to rise in patient safety initiatives, demand for integrated healthcare solutions, workforce shortages, digital transformation initiatives, increasing regulatory mandates..

The smart hospital market size is expected to see exponential growth in the next few years. It will grow to $129.15 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The growth in the forecast period can be attributed to focus on preventive care, demand for real-time data, the proliferation of iomt devices, rising healthcare costs, rise in aging population. Major trends in the forecast period include telemedicine and remote patient monitoring, ai and machine learning applications, healthcare iot security, wearable health devices, smart hospital infrastructure.

Market Overview -
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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Increasing Penetration Of Connected Devices And Instruments In Hospitals Driving The Smart Hospital Market
Increasing penetration of connected devices and instruments in hospitals is expected to propel the growth of the smart hospital market going forward. Connected devices and instruments in hospitals refer to the network of internet-connected medical devices used in hospitals to capture more data across more business and medical practices. The increasing penetration of connected devices and instruments in hospitals plays a pivotal role in the development of smart hospitals by enabling enhanced patient care, operational efficiency, and data-driven decision-making. For instance, in October 2023, according to the Food and Drug Administration, a US-based federal agency, The FDA has updated the list of artificial intelligence (AI) and machine learning (ML)-enabled medical devices marketed in the United States, with 171 devices added as of October 2023. This represents a significant increase compared to the previous year, with the number of AI/ML-enabled devices expected to grow by 30% or more. Therefore, increasing penetration of connected devices and instruments in hospitals is driving the growth of the smart hospitals market.

Competitive Landscape -
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.

Advancements In 5G Technology Transforming Healthcare At Smart Hospitals
Major companies operating in the smart hospitals market are focusing on strategic partnerships to develop smart hospital solutions. A strategic partnership is a collaborative relationship formed between two or more entities (typically businesses) with the aim of achieving mutually beneficial goals. For instance, in March 2023, LifeSigns, a US-based health-tech start-up, partnered with Amala Hospital, an Indian-based provider of orthopedic treatments and therapeutic services, to launch a smart ward. This smart ward utilizes LifeSigns' iMS technology, which features wearable wireless sensors for continuous patient monitoring. This eliminates the need for traditional wired systems, offering comfort and improving data collection.

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Key Segments -
The smart hospital market covered in this report is segmented -
1) By Component: Hardware, Software Sysytem, 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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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