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Major Force in the Smart Hospital Market 2025: Increasing Penetration Of Connected Devices And Instruments In Hospitals Driving The Smart Hospital Market
Smart Hospital Market Size
The smart hospital market has grown rapidly in recent years. It will increase from $58.58 billion in 2024 to $71.56 billion in 2025, at a CAGR of 22.2%. The growth is due to initiatives for improving patient safety, demand for integrated healthcare solutions, workforce shortages, digital transformation efforts, and rising regulatory requirements.
The smart hospital market is projected to see rapid growth, reaching $157.37 billion in 2029, growing at a CAGR of 21.8%. This growth is driven by a focus on preventive care, real-time data demand, the rise of IoMT devices, escalating healthcare costs, and an aging population. Major trends include telemedicine, AI and machine learning applications, IoT security in healthcare, wearable health devices, and smart hospital infrastructure.
What Key Elements Are Boosting Growth in the Smart Hospital Market?
The increasing presence of connected medical devices in hospitals is set to fuel the growth of the smart hospital market. Connected devices in hospitals refer to internet-enabled medical equipment that captures real-time data to improve healthcare efficiency and patient care. The growing penetration of such devices plays a crucial role in the development of smart hospitals by enhancing data-driven decision-making, operational efficiency, and patient outcomes. For instance, in October 2023, the Food and Drug Administration (FDA), a U.S.-based federal agency, updated its list of artificial intelligence (AI) and machine learning (ML)-enabled medical devices marketed in the U.S., adding 171 new devices as of October 2023. This marks a substantial increase from the previous year, with AI/ML-enabled devices expected to grow by 30% or more. Therefore, the increasing use of connected devices in hospitals is propelling the expansion of the smart hospital market.
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Who Are the Major Industry Players Fueling Smart Hospital Market Expansion?
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.
Which Key Developments Are Influencing the Smart Hospital Market?
Companies in the smart hospitals market are forming strategic partnerships to develop smart hospital solutions. Strategic partnerships involve collaboration between organizations to achieve shared objectives. For instance, in March 2023, LifeSigns, a US-based health-tech start-up, partnered with Amala Hospital in India to launch a smart ward. The ward employs LifeSigns' iMS technology, which uses wireless sensors for continuous patient monitoring, replacing traditional wired systems and improving comfort and data collection.
How Is the Segmentation of the Smart Hospital Market Defined?
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 Is the Leading Region 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 Is Covered In The Smart Hospital Global Market Report?
- Market Size Analysis: Analyze the Smart Hospital Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Hospital Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Hospital Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Hospital Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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