USD 21.99 billion
Report ID: SQMIG35F2006 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 91 | Figures: 76
Hospital Asset Management Market size was valued at USD 21.99 billion in 2021 and is poised to grow from USD 27.24 billion in 2022 to USD 150.38 billion by 2030, growing at a CAGR of 23.8% in the forecast period (2023-2030).
Asset management in a medical environment may be defined as a cost-effective, highly methodical process for planning, procuring, deploying, operating, maintaining, and disposing of a healthcare organization's physical assets. Asset management enables healthcare institutions to manage and track their inventory by providing an asset registry. This helps to improve patient care while also lowering expenses and preserving operational efficiency. A hospital asset management system often includes ward management, layout, facilities management, critical care, operation care, and other services. The optimal use of physical assets to improve the quality of care provided to patients is an essential component of well-organized hospital asset management.
The growing emphasis on better managing existing assets and workforces has prompted various medical institutions throughout the world to implement effective asset management technologies and solutions, boosting healthcare asset management market growth. The increasing need for asset management solutions in medical institutions as a result of fast technology improvements will drive market expansion over the forecast period. Previously, an organization's asset management approach featured the classic pen and paper technique, but with the arrival of healthcare IT, asset management in medical facilities has seen a rapid modernization of old operations. One of the primary aspects driving market growth is the use of wireless connection in healthcare asset management solutions. Wireless healthcare asset management provides a real-time solution for healthcare organisations to track not only patients and medical staff, but also physical assets. Wireless solutions provide the system flexibility, scalability, and portability. It allows healthcare institutions to simply search for their assets and categories by stating availability and room location, whether it is presently in use or free, and sterilisation status. Such unique technical advancements will drive market expansion from 2022 to 2028.
US Hospital Asset Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 21.99 billion
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The Global Hospital Asset Management market is segmented based on Product, Application, End-User, and Region. Based on Product the market is segmented into Radiofrequency Identification (RFID), Real-time Location Systems (RTLS), and Others. Based on Application the market is segmented into Staff Management, Equipment Tracking, Patient Tracking, and Supply Chain Management. Based on End-Use the market is segmented into Hospitals, Laboratories, and Others. Based on region the global Hospital Asset Management market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Hospital Asset Management Market Analysis by Application
Throughout the study period, the equipment tracking segment is expected to dominate the market. The rapid expansion is due to increased demand for asset management in terms of equipment tracking. With such applications, physicians and nurses may focus their time to patient care rather than searching for medical equipment. The use of asset management technologies for equipment tracking enables healthcare practitioners to get notifications on their personal devices such as smart phones or laptops regarding the condition of a specific piece of equipment and whether it is available. Additionally, equipment tracking allows medical institutions to avoid instrument theft. As a result, the aforementioned factor will indicate a good growth trajectory for this industry in the forecast years. During the projection period, the patient tracking sector is expected to grow at a healthy CAGR. Furthermore, the sector generated considerable market revenue in 2021 and is expected to generate market revenue during the projected period.
The rapid rise might be attributed to the rising use of asset management solutions for patient tracking. The solutions employ active tags to pinpoint the patient's position and therefore avoid any type of unintentional dangers. Furthermore, the asset management systems used for patient monitoring aid to maintain track of the patient's medical records, allowing it to quickly look through the data when needed. Such linked benefits of patient tracking asset management solutions will promote segmental expansion considerably.
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In 2021, the North American healthcare asset management market was valued at USD 6.4 billion. The United States is expected to have profitable growth as a result of factors such as rising digitization in the healthcare industry, attractive regulatory frameworks, and a flexible regulatory environment. Furthermore, rising private and governmental financing for asset management system adoption will drive regional expansion throughout the projection period. For instance, the Office of the National Coordinator for Health Information Technology (ONC) issued the Cooperative Agreement Notice of Funding Opportunity (NOFO). The objective of this project is to foster advancements in the technical standards required for compatibility among healthcare IT systems. As a result, such factors are expected to drive the market growth in the region.
In Asia Pacific, the asset management industry is expected to expand at a rapid pace, owing to a rising number of vendors entering the untapped emerging Asian nations. Furthermore, increased investment on healthcare IT development in emerging markets will fuel regional growth. The European market is expected to have a sizable market share by the end of 2028. The presence of significant suppliers operating in the European market accounts for the rapid rise. Furthermore, the increased use of healthcare IT across various European nations will fuel business development. Latin America, the Middle East, and Africa are expected to have consistent CAGRs due to increased population knowledge of the benefits of asset management systems in a healthcare institution.
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Hospital Asset Management Market Driver
Over the forecast period, market growth will be driven by the growing need for improved asset management in healthcare settings in order to provide better patient care. Asset management technologies aid in the organization of everything from drugs to laboratory microscopes and MRI machines that may influence how a physician or nurse provides therapy. In order to keep track of physical assets as well as patient demands on a daily basis, more effective hospital asset management methods are desperately needed. As a result, as technology advances, many companies are developing asset tracking systems that are integrated with barcode scanning software and can be accessed via a smartphone or tablet. Such technologies enable medical facilities to prepare for critical equipment assessments, reducing downtime and ensuring that the instrument is ready for use whenever it is required. These asset management solutions help with patient data administration, access to maintenance records, medical equipment location, and determining the state of each piece of equipment. As a result of the aforementioned factors, market growth will be significantly boosted.
One of the primary reasons driving market expansion is an increase in investments and finances to support the growth of the healthcare information technology industry. Global demand for healthcare IT has prompted different government and corporate entities to invest in the development of unique healthcare IT solutions. For example, the government's Digital Health Technology Catalyst has provided a USD 9 million financing boost to creative digital technology, a healthcare IT initiative that addresses significant difficulties in health care. Such activities help to promote digital health throughout the world, consequently boosting market growth. Additionally, increasing public knowledge of the various benefits of the asset management programme is a crucial driver driving product demand and hence revenue development.
Hospital Asset Management Market Restraint
Despite the growing number of applications for healthcare asset management solutions, the high cost of a few Real-time location systems (RTLS) solutions may hinder market growth to some extent. Furthermore, a lack of understanding about the use of asset management software among the people of emerging nations is a significant factor impeding market growth during the projection period.
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The global hospital asset management industry is extremely fragmented, with several organisations offering hospital asset management services. The global hospital asset management market's key players are involved in regulatory approvals, technologically improved products, new product launches, and acquisition and collaboration partnerships with other firms. These techniques are anticipated to drive the global hospital asset management market forward. However, AiRISTA Flow, Versus Technology, Inc., and Zebra Technologies are among the few companies with a significant market share in 2021. This is expected to benefit the worldwide market since these firms are expected to increase their healthcare asset management market share throughout the forecast period.
Hospital Asset Management Market Top Player's Company Profiles
Hospital Asset Management Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that Asset management is expected to expand rapidly in Asia Pacific as more suppliers penetrate undeveloped emerging markets. Investing more in healthcare IT in emerging nations will boost regional growth. European market share should be large by 2028. The quick growth is due to major European suppliers. Increased usage of healthcare IT in Europe will boost business. Latin America, the Middle East, and Africa are likely to have steady CAGRs due to improved population understanding of healthcare asset management systems. Hospital asset management will grow. As more people enter hospitals, demand for beds, ventilators, respirators, real-time location systems to monitor patient-caregiver contact, and other technological technology grows. Market leaders are increasing output. Stanley Healthcare has deployed different COVID-19 solutions. Arial Emergency Call Bundles distribute Wi-Fi emergency calls quickly. Asset Management Bundles are used to track COVID-19 equipment in new patient-care facilities or non-traditional hospital settings.
|Market size value in 2021||USD 21.99 billion|
|Market size value in 2030||USD 27.24 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Hospital Asset Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hospital Asset Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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