USD 21.99 billion
Hospital Asset Management Market Size, Share, Growth Analysis, By Product(Radiofrequency Identification (RFID), Real-time Location Systems (RTLS), Others), By Application(Staff Management, Equipment Tracking, Patient Tracking, Supply Chain Management), By End-User(Hospitals, Laboratories, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35F2006 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
91
|Figures:
76
Hospital Asset Management Market Insights
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Equipment Tracking
Fastest Growth
Equipment Tracking
Growth Rate
23.8% CAGR
Global Hospital Asset Management Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Hospital Asset Management Market Segmental Analysis
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.
Global Hospital Asset Management Market By Application, 2021 (%)
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Hospital Asset Management Market Regional Insights
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.
Global Hospital Asset Management Market By Geography, 2022-2028
- Largest
- Fastest
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Hospital Asset Management Market Dynamics
Hospital Asset Management Market Driver
- Demand for Efficient Healthcare Asset Management in Medical Facilities will Drive Revenue Growth.
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.
- Increasing investments in healthcare information technology will drive market growth.
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
- The high cost of real-time location systems (RTLS) tags may limit market growth.
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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Hospital Asset Management Market Competitive Landscape
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
- IBM Corporation
- Siemens AG
- AeroScout Inc.
- Sonitor Technologies Inc.
- GE Healthcare
- Zebra Technologies Corporation
- Elpas Solutions
- Versus Technology Inc.
- CenTrak Inc.
- AiRISTA Flow
- Aruba Networks Inc.
- Johnson Controls International plc
- Stanley Healthcare
- Tyco International plc
- Motorola Solutions Inc.
- Ekahau Inc.
- Identec Group AG
- Decawave Ltd.
- Sonitor Technologies AS
- Midmark Corporation
Hospital Asset Management Market Recent Development
- In September 2022, MBARC, an end-to-end medical equipment service platform that helps hospitals manage their biomedical assets efficiently and effectively, has been launched by Medikabazaar. MBARC provides asset management, recycling, and equipment care in addition to a variety of additional services such as AMC, CMC, preventive maintenance, installation, equipment safety test, audit, calibration, and user training, all of which meet the three key concepts of equipment lifecycle management.
- In September 2022, Srisawan Hospital, a private tertiary healthcare provider in Thailand, is increasing its digitization efforts to improve the quality of service and the hospital experience. It agreed to a memorandum of understanding with GE Healthcare for the adoption of digital technologies for asset management and personnel resource management. It also collaborated with InterSystems to build the TrakCare unified hospital information system at its planned Bangkok location.
Hospital Asset Management Key Market Trends
- 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.
Hospital Asset Management Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 21.99 billion |
| Market size value in 2031 | USD 150.38 billion |
| Growth Rate | 23.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hospital Asset Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hospital Asset Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hospital Asset Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hospital Asset Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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