Latest News- Smart Hospital Market: Hardware is expected to lead the Component segment during 2025-2029

The Smart Hospital Market is being driven by Pervasive integration of artificial intelligence and the internet of things in healthcare operations

The Smart Hospital Market is expected to grow at a CAGR of 18.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 68905 million. The smart hospital market is experiencing a significant shift with the increasing adoption and integration of generative artificial intelligence (AI) and ambient clinical intelligence platforms. Moving beyond predictive analytics, these advanced AI models generate content, automate complex documentation, and fundamentally transform the human-computer interface in clinical settings. Generative AI, specifically large language models (LLMs), are being utilized to address the burdensome administrative and documentation tasks that contribute to physician burnout. The vanguard of this trend is ambient clinical intelligence, where AI-driven systems discreetly listen to natural conversations between clinicians and patients, generating structured clinical notes, order requests, and summary reports directly within the electronic health record (EHR), streamlining workflows and enhancing overall efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Hardware
  • Software
  • Services
• Application
  • EHR
  • Remote patient monitoring
  • Pharmacy automation
  • Medical asset tracking
  • Others
• End-user
  • Hospitals and clinics
  • Outpatient and ambulatory centers
  • Research and diagnostics facilities
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • APAC
    • China
    • India
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Pervasive integration of artificial intelligence and the internet of things in healthcare operations
• Escalating demand for remote patient monitoring and telehealth solutions
• Intensified government focus and funding for healthcare digitalization

However, the market also witnesses some limitations, which are as follows:

• Pervasive cybersecurity vulnerabilities and data privacy imperatives
• Prohibitive implementation costs and ambiguous return on investment
• Persistent lack of interoperability and data standardization

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Market Scope in Smart Hospital Market Research Report

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Research Analysis Overview

In the Smart Hospital Market, advanced technologies such as patient portals, medical imaging, health informatics, and data analytics are transforming healthcare delivery. These innovations enable disease prediction, digital pathology, telehealth solutions, medical device integration, hospital automation, medication management, and clinical trial management. Additionally, risk management, quality improvement, patient safety, staff training, infection control, emergency response, and disaster preparedness are enhanced. Facility management, cost optimization, revenue cycle management, compliance monitoring, security systems, access control, building automation, energy efficiency, waste management, and infection prevention are other key areas of focus.

Market Research Overview

The Smart Hospital Market, as identified by Technavio, falls under the broader category of the Global Technology Hardware, Storage, and Peripherals Market within the Information Technology sector. This market encompasses manufacturers of various hardware devices, including telemedicine platforms, remote patient monitoring systems, and electronic health records. The Global Technology Hardware, Storage, and Peripherals Market size is determined by the revenue generated from the sales of these hardware devices, equipment, and components. Key growth drivers for this market include the increasing volume, velocity, veracity, and variety (4Vs) of healthcare data, necessitating advanced data storage solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/