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

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.