Future of the Smart Hospital Market: Trends, Innovations, and Key Forecasts Through 2034

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Smart Hospital Market Size Growth Forecast: What to Expect by 2025?
In recent years, the size of the smart hospital market has seen exponential growth. Predictions point towards a rise from $58.58 billion in the year 2024, to an impressive $71.56 billion in 2025, displaying an impressive compound annual growth rate (CAGR) of 22.2%. The expansion during the historic period is a result of several factors including the increase in patient safety initiatives, demand for integrated healthcare solutions, workforce shortages, digital transformation strategies, and the enforcement of regulatory mandates.

How Will the Smart Hospital Market Size Evolve and Grow by 2029?
Expectations are high for a significant surge in the size of the smart hospital market in the coming years. By 2029, it's projected to reach a value of $157.37 billion, with a compound annual growth rate (CAGR) of 21.8%. The predicted expansion in this timeframe is largely due to several factors, such as an increased emphasis on preventive healthcare, a growing demand for instantaneous data, the ubiquity of iomt devices, soaring health-related expenditures, and a burgeoning aged population. Key trends that are expected to shape this period include remote patient supervision and telemedicine, applications using AI and machine learning, security in healthcare IoT, wearable wellness devices, and improvements in smart hospital facilities.

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What Drivers Are Propelling the Growth of Smart Hospital Market Forward?
The future growth of the smart hospital market is anticipated to be propelled by the rising presence of connected devices and instruments in medical facilities. This refers specifically to the network of internet-connected healthcare equipment in hospitals, intended to capture broad data across a range of commercial and medical applications. The growing prevalence of these devices significantly contributes to the development of smart hospitals by improving patient care, boosting operational efficiency, and supporting data-based decision-making processes. In October 2023, as stated by the US-based federal agency, the Food and Drug Administration, they have updated the list of medical devices powered by artificial intelligence (AI) and machine learning (ML) available on the US market. The addition of 171 devices as of October 2023 demonstrates a substantial increase compared to the previous year, with AI/ML-enabled devices predicted to rise by 30% or more. Consequently, the infiltrating presence of connected devices and instruments in hospitals is propelling the expansion of the smart hospital market.

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Which Emerging Trends Are Transforming the Smart Hospital Market in 2025?
In the smart hospitals market, key players are concentrating on forging strategic partnerships in order to advance smart hospital solutions. Such partnerships, formed among two or more entities, typically corporations, aim to meet common objectives. For example, LifeSigns, an American health-tech start-up, in March 2023 joined forces with Amala Hospital, a provider of orthopedic treatments and therapeutic services out of India. The collaboration resulted in the creation of a smart ward, equipped with LifeSigns' iMS technology. This technology uses wearable wireless sensors for uninterrupted patient monitoring, marking a move away from conventional wired systems, enhancing patient comfort and optimizing data collection.

What Are the Key Segments in the 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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Who Are the Key Players Shaping the Smart Hospital Market's 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.

What Geographic Markets Are Powering Growth 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.

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