You could sell the cheapest, most poorly made audio cable on the planet; and call it "Audiophile Grade"; because there is no industry standard that I know of.
That's a marketing mantra.
So if you buy a cable with Hospital Grade parts, there is no guarantee your system will sound better, but you can at least be sure you are getting a good quality cable for your money. There is no guarantee an Audiophile Grade cable will have good EMF or RFI protection, or make your system sound better either. The only difference is the Audiophile Grade has the potential to be a piece of junk.
Those $60 Absolute power cords are audiophile grade solely based on the reports that the audio equipment using them sounds good. They are massed produced by a cable company in Taiwan that can produce 6 million cables per month. They claim hopital grade in their ads, but looking at them I wonder?? (a Taiwan Hospital, not USA?)