How Has The Hospital Asset Management Systems Market Size Evolved Historically?
The hospital asset management systems market has seen considerable growth due to a variety of factors.
•Recently, a significant expansion has been observed in the market size for hospital asset management systems. The market which is expected to be worth $26.57 billion in 2024, is projected to escalate to $32.61 billion in 2025, at a compound annual growth rate (CAGR) of 22.7%.
The key drivers behind the growth during the historic period include compliance with regulations, efforts towards cost reduction, inflating healthcare expenses, patient safety, and inventory management.
What Will Be The Hospital Asset Management Systems Market Size In The Future?
The hospital asset management systems market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of hospital asset management systems is projected to witness significant expansion in the coming years. The market is set to touch $82.61 billion by 2029, growing at a compound annual growth rate (CAGR) of 26.2%.
The predicted growth during the forecast period can be ascribed to factors like incorporation with electronic health records, the application of artificial intelligence (AI) and predictive analytics, readiness for global health crises, adoption of telehealth and remote monitoring techniques, and focus on energy efficiency and sustainability. Key trends to watch in the forecast period encompass the use of blockchain technology, fostering collaboration and interoperability, implementing digital twins for equipment management, deploying big data analytics for asset optimization, promoting user-friendly interfaces, and offering efficient training.
What Key Factors and Trends are Driving the Growth of the Hospital Asset Management Systems Market?
The hospital asset management systems market is projected to grow due to the increasing number of hospitals. Hospitals are facilities equipped and staffed for diagnosing illnesses, offering medical and surgical treatments for the sick and injured, and providing accommodation during treatment. Growth in the number of hospitals is spurred by increased hospital stays, needs for intensive care, oxygen requirements, and growing chronic disease incidences. Hospital asset management systems ensure effective management of hospital assets, including their use, maintenance, and tracking. For instance, as per the American Hospital Association, a US-based national body, the count of hospitals in the US went up from 6,090 in 2021 to 6,129 in May 2023. Additionally, the cumulative number of community hospitals also increased from 3,453 in 2021 to 3,514 in 2023. Consequently, the increase in the number of hospitals is fuelling the growth of the hospital asset management systems market.
What are the Market Segments in the Hospital Asset Management Systems Market?
The hospital asset management systems market covered in this report is segmented –
1) By Product Type: Radio-Frequency Identification (RFID), Real-Time Location Systems (RTLS), Ultrasound And Infrared Tags
2) By Application: Patient Management, Equipment Tracking And Management, Temperature And Humidity Control, Infection Control And Hygiene Compliance, Staff Management, Pharmaceutical Asset Management, Other Applications
3) By End-Use: Hospitals, Laboratories, Other End Users
Subsegments:
1) By Radio-Frequency Identification (RFID): Passive RFID Tags, Active RFID Tags, RFID Readers And Software
2) By Real-Time Location Systems (RTLS): Infrared RTLS, Ultrasound RTLS, GPS RTLS, Zigbee RTLS
3) By Ultrasound And Infrared Tags: Ultrasound Tags, Infrared Tags, Hybrid Tags (Combining Ultrasound And Infrared Technologies)
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What Trends are Shaping the Hospital Asset Management Systems Market?
The trend of product innovation is increasingly becoming significant in the hospital asset management systems industry. Top firms in this market are striving for the creation of innovative products to consolidate their market standing. For instance, GE HealthCare Technologies Inc., a medical technology company based in the US, unveiled ReadySee, a cutting-edge asset management and network supervision tool, followed by the launch of Portrait Mobile monitoring solution in April 2023. The system is designed to convert data into useful insights related to devices and infrastructure. This removes the need for manual detection of these devices and manages cybersecurity protocols autonomously to spot possible weaknesses, calculate risk, and safeguard sensitive patient health data. ReadySee is essential for biomedical and IT healthcare professionals to confirm their devices are prepared for use, enabling the clinical team to provide patient care. The Portrait Mobile monitoring solution is devised to cater to wireless and wearable monitoring requirements through a platform incorporating advanced technologies that can be easily used on a hospital's IT infrastructure.
Who Are the Key Players in the Hospital Asset Management Systems Market?
Major companies operating in the hospital asset management systems market include:
• McKesson Corporation
• International Business Machines Corporation
• Honeywell International Inc.
• Siemens Healthineers
• GE Healthcare Technologies Inc.
• Zebra Technologies Corporation
• Cerner Corporation
• Trimble Inc.
• Philips Healthcare
• Hill-Rom Holdings Inc.
• Midmark Corporation
• Stanley Healthcare
• Ascom Holding AG
• Accruent LLC.
• Identiv Inc.
• RF Technologies Inc.
• CenTrak Inc.
• Fiix
• Ekahau Inc.
• Jadak Technologies Inc.
• SmartPoint Technologies Pvt Ltd.
• Asset Panda
• AiRISTA Flow Inc.
• Versus Technology Inc.
• Asset infinity
• InnoMaint
• Ezofficeinventory
• Sonitor Technologies AS
What are the Regional Insights into the Hospital Asset Management Systems Market?
North America was the largest region in the hospital asset management systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hospital asset management systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
