USD 13.88 billion
Hospital Asset Management Systems Market Size, Share, Growth Analysis, By Product(Radiofrequency Identification (RFID) Devices, Real-time location systems (RTLS) Devices), By Application(Patient Management, Equipment Tracking & Management, Temperature & Humidity Control, Infection Control), By Region - Industry Forecast 2024-2031
Report ID:
SQSG35B2015 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
68
|Figures:
75
Hospital Asset Management Systems Market Insights
Hospital Asset Management Systems Market size was valued at USD 13.88 billion in 2019 and is poised to grow from USD 17.08 billion in 2023 to USD 90.65 billion by 2031, growing at a CAGR of 23.2% in the forecast period (2024-2031).
Asset management in hospitals is simply a highly organized and economical method of organising, purchasing, maintaining, using, and disposing of any healthcare organization's machinery, equipment, and physical assets. Asset management is vital in maintaining that a hospital's vital equipment is regularly maintained, put through testing, and kept in dependable operating order.
As healthcare organisations try to reduce asset search times, automate asset management procedures, and enhance an asset procurement strategy, hospital asset tracking use is increasing.
It is also expected that the introduction of technical innovations like Zigbee and smart active labels (SAL) will increase demand. Asset management has become more productive and efficient because to advancements like near field communication. Additionally, in the upcoming years, it is anticipated that growing privacy concerns in hospitals and healthcare organisations, an increase in the use of the hospital and pharmaceutical industries for efficient supply chains, and benefits like a higher return on investment and cost savings will all contribute to the growth of hospital asset management.
US Hospital Asset Management Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Radiofrequency Identification (RFID) Devices
Fastest Growth
Real-time location systems (RTLS) Devices
Growth Rate
23.2% CAGR
Global Hospital Asset Management Systems Market, 2024-2031 ($ Bn)
Country Share for North America Region- 2024-2031(%)
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Hospital Asset Management Systems Market Segmental Analysis
Global Hospital asset management systems market is segmented based on the Product, Application, and region. Based on the Product, the Hospital Asset Management Systems Market is segmented as Radiofrequency Identification (RFID) Devices and Real-time location systems (RTLS) which is further divided into Hardware, software, and services. Based On Application, the Hospital Asset Management Systems Market is segmented as Hospital Asset Management, Patient Management, Equipment Tracking and Management, Temperature and Humidity Control, Infection Control and Hand Hygiene Compliance and Staff Management. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Hospital Asset Management Systems Market Analysis by Application
Hospital asset management systems market has been segmented on the basis of applications such as Patient Management, Equipment Tracking and management, temperature and humidity control, infection control and hand hygiene compliance, staff control, infection control and hand hygiene compliance, and staff management.
Hospital Asset Management Systems Market is basically divided into two categories, hospital asset management, and pharmaceutical asset management, based on application. The hospital asset management is further divided into the following categories: staff management, infection control, and hand hygiene compliance, temperature and humidity control, equipment tracking and management, and patient management. Additionally, Drug Anti-counterfeiting is a component of Pharmaceutical Asset Management. Due to the growing demand for effective asset management in hospitals, the hospital asset management segment will continue to dominate the market over the forecasted period. Hospital Asset Management Systems Market for hospital asset management is dominated by the equipment tracking and management segment, which has experienced substantial growth as a result of the increased need for asset management in terms of equipment tracking.
Global Hospital Asset Management Systems Market By Product , 2024-2031(%)
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Hospital Asset Management Systems Market Regional Insights
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
Global Hospital Asset Management Systems Market By Geography, 2024-2031
- Largest
- Fastest
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Hospital Asset Management Systems Market Dynamics
Hospital Asset Management Systems Market Driver
- 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.
- The adoption of business analytics intelligence software in healthcare facilities has been sparked by advancements in healthcare IT, broadening the potential applications of hospital asset management technologies. It's important to note that the market for hospital asset management is opening up due to the growing number of IoT-based healthcare devices.
Hospital Asset Management Systems Market Restraint
- The high cost of real-time location systems (RTLS) tags could restrict market expansion: Despite the growing number of applications for hospital asset management solutions, the market's expansion may be somewhat constrained by the expensive nature of a select few Real-time location systems (RTLS) solutions.
- Another significant factor restraining market growth during the projection period is the lack of knowledge about asset management software among the populace of developing economies.
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Hospital Asset Management Systems Market Competitive Landscape
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.
Hospital Asset Management Systems Market Top Player's Company Profiles
- 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.
Hospital Asset Management Systems Market Recent Developments
- In May 2022, Sonitor, the leading provider and innovator of proprietary, ultrasound-based Real-Time Location Systems (RTLS) and Indoor Positioning Systems (IPS) has consistently been rated well above average for RTLS hardware by healthcare providers.
- In February 2022, Impinj, Inc. (NASDAQ: PI), a leading RAIN RFID provider and Internet of Things pioneer, today announced the company has joined the DoseID Consortium to expand its focus on RAIN radio-frequency identification (RAIN RFID) applications in healthcare, and to participate in developing standards for RAIN RFID healthcare use. DoseID is a member-driven industry consortium with representatives from leading pharmaceutical companies, healthcare providers, and hospitals. Impinj shares DoseID’s mission and vision of facilitating industry-wide collaboration for RAIN RFID healthcare standards and use.
Hospital Asset Management Systems Key Market Trends
- 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.
Hospital Asset Management Systems 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 utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Hospital Asset Management Systems Market Analysis, in terms of application, Drug Anti-counterfeiting is a component of Pharmaceutical Asset Management and has the highest market share due to the growing demand for effective asset management in hospitals, the hospital asset management segment will continue to dominate the market over the forecasted period. More than 40% of the global pharmaceutical market is based in North America. Additionally, as the advantages of using asset management systems in hospitals become more well known, there may be a rise in demand for the market.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 13.88 billion |
| Market size value in 2031 | USD 90.65 billion |
| Growth Rate | 23.2% |
| Base year | 2023 |
| 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:-
|
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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 Systems 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 Systems 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 Systems 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 Systems 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 Systems 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 Systems 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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