Global Smart Hospital Market Projected to Surpass $157.37 Billion by 2029 with 21.8% Annual Growth

What combination of drivers is leading to accelerated growth in the smart hospital market?
The surge in the use of internet-connected medical devices and equipment within healthcare facilities is anticipated to fuel the expansion of the smart hospital industry. Such devices and instruments, which form a broad network within hospitals, are used to gather extensive data from various business and medical procedures. The widespread use of these devices and instruments is crucial in the evolution of smart hospitals as they enhance patient care, improve operational efficiency, and facilitate data-driven decision making. In October 2023, as reported by the U.S. Food and Drug Administration, the FDA revealed an updated list of medical devices embedded with artificial intelligence (AI) and machine learning (ML) sold in the United States, with 171 new devices added. This is a substantial rise as compared to the previous year, with AI/ML-enabled devices anticipated to see growth of 30% or more. Hence, the growing use of internet-connected devices and instruments within healthcare facilities is stimulating the expansion of the smart hospital industry.

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What is the projected compound annual growth rate (CAGR) of the smart hospital market from 2025 to 2034, and what factors influence it?
In recent times, the scale of the smart hospital market has seen exponential growth. The market size is predicted to expand from $58.58 billion in 2024 to $71.56 billion in 2025, representing a compound annual growth rate (CAGR) of 22.2%. Factors that contributed to this upward trend during the historic period include heightened patient safety undertakings, the growing need for inclusive healthcare solutions, shortages in skilled workforce, initiatives towards digital transformation, and a rise in regulatory mandates.

The market size of smart hospitals is anticipated to witness a substantial increase in the coming years, scaling up to $157.37 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 21.8%. The surge during the projected period can be credited to a variety of factors such as an emphasis on preventive healthcare, the need for real-time data, the increase of IoMT devices, escalating healthcare expenditures, and a growing elderly population. Notable trends for the predicted period encompass telemedicine and monitoring of remote patients, applications of AI and machine learning, security of healthcare IoT, wearable healthcare devices, and smart hospital framework.

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How are the latest trends influencing the growth of the smart hospital market?
The major players in the smart hospitals market are concentrating their efforts on creating strategic collaborations to produce smart hospital solutions. This type of partnership refers to a cooperative relationship established between two or more stakeholders, often businesses, with the intention of attaining shared advantages. As an example, in March 2023, LifeSigns, a health-tech start-up from the USA, established a partnership with Amala Hospital, a provider from India specializing in orthopedic treatments and therapeutic services, to roll out a smart ward. This smart ward leverages LifeSigns' iMS technology, which incorporates wearable wireless sensors that consistently monitor patients, negating the need for traditional wired systems while increasing patient comfort and enhancing data gathering.

What are the major segments of the smart hospital market and their role in driving growth?
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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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.

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., 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.

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What Is Covered In The Smart Hospital Global Market Report?

•Market Size Forecast: Examine the smart hospital market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart hospital market for a structured understanding.
•Key Players Overview: Analyze major players in the smart hospital market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart hospital market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart hospital market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart hospital market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart hospital market.
•Competitive Landscape: Review strategic developments in the smart hospital market, including expansions, agreements, and new product launches.

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