Hospital Asset Management Systems Market
How Are the key drivers contributing to the expansion of the hospital asset management systems market?
The growth of the hospital asset management systems market is anticipated to be fueled by the surge in the number of hospitals. These institutions, charged with disease diagnosis, the medical and surgical treatment of patients and providing accommodation during this process, are seeing a steady increase. More hospitalizations, increased demand for intensive care units and oxygen, and a spike in chronic disease cases all contribute to this escalation. Hospital asset management systems play a vital role in the proficient management of their assets, taking care of their use, upkeep, and tracking. Data from the American Hospital Association, a national organization in the US, shows that the number of hospitals rose from 6,090 in 2021 to 6,129 in 2023, recorded in May. Similarly, the number of community hospitals also saw an uplift from 3,453 in 2021 to 3,514 in 2023. Hence, the hospital asset management system market is experiencing growth, spurred by the climbing number of hospitals.
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What growth opportunities are expected to drive the hospital asset management systems market’s CAGR through 2034?
The market size for hospital asset management systems has seen an extraordinary increase lately. It is projected to swell from $26.57 billion in 2024 to $32.61 billion in 2025, with a compound annual growth rate (CAGR) of 22.7%. The prior period’s growth was driven by factors such as regulatory compliance, initiatives for reducing costs, escalating healthcare expenses, patient safety concerns, and inventory management.
The market size of hospital asset management systems is predicted to undergo significant expansion in the coming years. The projection suggests it will reach a value of $82.61 billion by 2029, growing at an impressive compound annual growth rate (CAGR) of 26.2%. Factors contributing to this surge during the forecast period include the integration of electronic health records, the application of artificial intelligence (AI) and predictive analytics, readiness for global health crises, telehealth and remote patient monitoring, as well as considerations of energy efficiency and sustainability. Emerging trends over the forecast period encompass advancements like blockchain technology, enhanced collaboration and interoperability, the development of digital twins for equipment, the utilization of big data analytics for asset improvement, user-friendly interfaces, and focused training programs.
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What are the emerging trends shaping the future of the hospital asset management systems market?
The rise of product innovation appears to be a significant trend in the hospital asset management systems market. Major players within this market are focusing on the creation of original products to solidify their standing. For example, in April 2023, GE HealthCare Technologies Inc., a medical technology firm based in the US, introduced ReadySee, a novel asset management and network supervision solution, and Portrait Mobile, a monitoring solution intended to turn data into practical insights about devices and infrastructure. These solutions not only reduce the requirement for manual device location but also assist in controlling cybersecurity protocols to detect vulnerabilities, offer risk assessment, and safeguard delicate patient health information (PHI). ReadySee assists biomedical and IT professionals in healthcare to confirm their devices’ readiness, enabling clinical teams to effectively care for their patients. Portrait Mobile caters to the needs of wireless and wearable monitoring using a platform that applies ground-breaking technologies and can be simply utilized on a hospital’s IT network.
Which growth-oriented segments of the hospital asset management systems market are leading the industry’s development?
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 regions are leading the charge in 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
What companies are at the forefront of innovation 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
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What Is Covered In The Hospital Asset Management Systems Global Market Report?
• Market Size Forecast: Examine the hospital asset management systems market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the hospital asset management systems market for a structured understanding.
• Key Players Overview: Analyze major players in the hospital asset management systems market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hospital asset management systems market.
• Segment Contributions: Evaluate how different segments drive overall growth in the hospital asset management systems market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hospital asset management systems market.
• Industry Challenges: Identify potential risks and obstacles affecting the hospital asset management systems market.
• Competitive Landscape: Review strategic developments in the hospital asset management systems market, including expansions, agreements, and new product launches.
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