Hospital Asset Management Market Size, Share, Growth Analysis, By Product(Radiofrequency Identification (RFID), Real-time Location Systems (RTLS)), By Application(Staff Management, Equipment Tracking), By End-User(Hospitals, Laboratories) - Industry Forecast 2024-2031

Hospital Asset Management Market size was valued at USD 21.99 billion in 2019 and is poised to grow from USD 27.24 billion in 2023 to USD 150.38 billion by 2031, growing at a CAGR of 23.8% in the forecast period (2024-2031).

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.