What Has Been the Growth of the Smart Hospital Market So Far?
The smart hospital market has seen considerable growth due to a variety of factors.
• The intelligent hospital market has seen a remarkable expansion in recent years. It is projected to escalate from a worth of $58.58 billion in 2024 to $71.56 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 22.2%.
The surge during the historic period is linked to the increase in measures undertaken to ensure patient safety, the growing demand for consolidated healthcare solutions, the lack of an adequate workforce, initiatives aimed at digital transformation, and an increase in regulatory mandates.
What Are the Future Growth Projections for the Smart Hospital Market?
The smart hospital market is expected to maintain its strong growth trajectory in upcoming years.
• In the near future, we are likely to witness substantial expansion in the smart hospital market. It's anticipated to escalate to a whopping $157.37 billion by 2029, with a compound annual growth rate (CAGR) of 21.8%.
This predicted growth in the coming years can be accounted to several factors like emphasis on preventive care, need for instantaneous data, the spread of iomt devices, ballooning healthcare expenses, and the increasing aging population. Key trends to keep an eye on during this forecast period will be remote patient monitoring and telemedicine, the application of machine learning and artificial intelligence, the security of healthcare iot, wearable health technology, and the infrastructure of smart hospitals.
What Are The Core Factors Supporting Growth In The Smart Hospital Market?
The smart hospital market is poised for growth, fueled by the rising adoption of internet-connected medical devices and tools in healthcare facilities. These connected devices and instruments, which capture a vast amount of data across various business and medical practices, are transforming hospitals into smart health centers by enhancing patient care, optimizing operations, and promoting data-based decision-making. For example, the U.S. Food and Drug Administration (FDA) updated its list of artificial intelligence (AI) and machine learning (ML) medical devices sold in the U.S. in October 2023 and added 171 devices to it. This indicates a significant rise from the previous year, with the count of AI/ML devices projected to increase by 30% or more. Thus, the escalating use of interconnected devices within healthcare facilities is one of the leading drivers behind the expansion of the smart hospital sector.
What Are The Major Segments Within The Global 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
Pre-Book The Smart Hospital Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Influencing The Growth Of The Smart Hospital Market?
Key players in the smart hospitals industry are increasingly prioritizing strategic collaborations to advance smart hospital solutions. Such collaborations are alliances formed between two or more parties, usually businesses, with the common goal of mutual benefits. For instance, in March 2023, US-based health-tech start-up LifeSigns formed a strategic partnership with Amala Hospital, a provider of orthopedic treatments and therapeutic services based in India, for the introduction of a smart ward. This innovative ward incorporates LifeSigns' iMS technology, characterized by wearable wireless sensors that facilitate continuous patient monitoring, thereby eliminating traditional wired systems which increase patient comfort while enhancing data collection.
Who Are the Key Players 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 SystemsInc.
• 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 Is The Most Dominant 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.
