What is the global market size of Hospital Asset Management Systems Market?

Hospital Asset Management Systems Market size was valued at USD 13.88 billion in 2021 and is poised to grow from USD 17.08 billion in 2022 to USD 90.65 billion by 2030, growing at a CAGR of 23.2% in the forecast period (2023-2030).

Who are the key vendors in the Global Hospital Asset Management Systems Market?

Since the major market players own a large portion of the hospital asset management systems, there is intense competition in this area. In order to produce an appropriate solution, developers must have a deeper understanding of the process. Innovation in the market also encourages tight cooperation among healthcare stakeholders during development and customization to meet the needs of the end-user. 'Stanley Healthcare', 'CenTrak', 'IBM', 'GE Healthcare', 'AiRISTA Flow', 'Sonitor Technologies ', 'Versus Technology', 'Zebra Technologies Corporation', 'Identiv, Inc.', 'Honeywell International Inc. ', 'Mobile Aspects', 'Radianse', 'ThingMagic', 'AeroScout (Stanley Healthcare)', 'Vizbee RFID Solutions', 'Jadak - A Novanta Company', 'Sato Vicinity', 'Ekahau', 'Midmark Corporation', 'Siemens Healthineers.'

What is the key driver of Global Hospital Asset Management Systems Market?

The worldwide healthcare sector is committed to promoting infrastructure as essential to following safety laws and regulations. Hospitals are a major driver of the hospital asset management market because they view asset management plans as essential to meeting both patient safety and quality of care requirements.

What is the key market trend for Global Hospital Asset Management Systems Market?

Due to medical facilities' quick technological improvements, the demand for asset management solutions is increasing, which will considerably fuel market expansion throughout the forecast period. Asset management in medical institutions has seen a quick move toward modernization of traditional methods since the introduction of healthcare IT. Previously, an organization's asset management procedure included the conventional pen and paper technique. One of the key drivers of market expansion is the inclusion of wireless connections in hospital asset management solutions. The wireless hospital asset management provides a real-time solution for hospital administrators to monitor both their physical assets and their patients and medical staff. Wireless solutions give the system adaptability, scalability, and portability. By showing availability and room location, whether it is used or available, as well as its sterilization condition, it allows medical facilities to quickly search for their assets and its many categories. Such progressive technological upgrading will significantly fuel market growth between 2021 and 2028.

Which region accounted for the largest share in Hospital Asset Management Systems Market?

North America had the largest revenue share in the global market in 2021, and it is anticipated that it will continue to dominate over the forecast period. Due to improving clinical and laboratory research infrastructure and the growing use of affordable medical systems in clinical diagnostic laboratories. North America held the biggest market share. Due to the technical advancement of growing economies like China and India, the Asia Pacific area is anticipated to rise significantly throughout the forecast period. The rising median age of the population, increased government and business investment to standardise the biopharmaceutical and healthcare sectors, and the existence of unmet market demand are all factors contributing to this anticipated expansion. In addition, the region's growing diagnostic laboratory workforce, the abundance of investment opportunities in these developing countries, growing public awareness of the benefits of efficient supply chain management, and expanding demand are all anticipated to fuel demand in the

Hospital Asset Management Market Size

Hospital Asset Management Market Insights

Hospital Asset Management Market size was valued at USD 17.11 Billion in 2023 and is poised to grow from USD 21.07 Billion in 2024 to USD 111.82 Billion by 2032, growing at a CAGR of 23.2% during the forecast period (2025-2032).

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.

FAQs

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. 'Stanley Healthcare (USA) ', 'Zebra Technologies Corporation (USA) ', 'GE HealthCare Technologies Inc. (USA) ', 'Philips Healthcare (Netherlands) ', 'Honeywell International Inc. (USA) ', 'IBM Corporation (USA) ', 'Impinj, Inc. (USA) ', 'Ascom Holding AG (Switzerland) ', 'SATO Holdings Corporation (Japan) ', 'Ekahau Inc. (USA) ', 'Versus Technology, Inc. (USA) ', 'AiRISTA Flow, Inc. (USA) ', 'Radianse, Inc. (USA) ', 'CenTrak, Inc. (USA) ', 'TeleTracking Technologies, Inc. (USA) ', 'Alien Technology Corporation (USA) ', 'ThingMagic (Trimble Inc.) (USA) ', 'Identiv, Inc. (USA) ', 'Sonitor Technologies AS (Norway) ', 'STid (France) '

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.

The COVID-19 epidemic has ground to a standstill the whole globe. Businesses have either closed or are functioning at a reduced capacity. As manufacturing cycles are disrupted, supply networks are twisted, resulting in consumer goods shortages. On the healthcare front, hospitals and key organizations are working very hard to care for the sick and infected. Unfortunately, the prevalence of infection far exceeds the capacity of hospitals and other healthcare institutions to accommodate patients. As a result of this tendency, the hospital asset management industry is expected to grow. The need for hospital assets such as beds, ventilators, respirators, real-time location systems to monitor patient-caregiver contact, and other technological technology is increasing as more patients are admitted to hospitals. As a result, market leaders are increasing their production rates. For instance, Stanley Healthcare has implemented a number of COVID-19 infection management technologies. These include Arial Emergency Call Bundles, which allow for the quick deployment of Wi-Fi-based emergency calls. These are employed in new patient-care facilities or non-traditional parts of existing hospitals, as well as Asset Management Bundles to track COVID-19 equipment.

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.