Global Hospital Asset Management Market is Anticipated to Hold a Value worth US$ 13.3 Billion by 2031: Transparency Market Research, Inc.
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Wilmington, Delaware, United States, Sept. 22, 2023 (GLOBE NEWSWIRE) — The hospital asset management market was estimated to have acquired US$ 5.9 billion in 2018. It is anticipated to register a 9.5% CAGR from 2019 to 2027 and by 2027, the market is likely to gain US$ 13.3 billion.
The key element driving the market for hospital asset management is the rising healthcare costs. Healthcare providers are constantly seeking ways to optimize their operations and reduce costs. Hospital asset management systems help in efficiently managing and utilizing assets, which can lead to cost savings in the long run.
The demand for hospital asset management is also being driven by technological advancements, particularly in the Internet of Things (IoT), RFID (Radio-Frequency Identification), and real-time location systems (RTLS), which have made it easier and more cost-effective to track and manage hospital assets.
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|Market Revenue||US$ 5,986.5 Mn|
|Estimated Value||US$ 13.2 Bn|
|Growth Rate – CAGR||9.5%|
|No. of Pages||170 Pages|
|Market Segmentation||By Product, Application, Region|
|Regions Covered||North America, Latin America, Europe, Asia Pacific, Middle East & Africa|
|Companies Covered||Ascom, AWAREPOINT CORPORATION, CenTrak (Halma plc), Ekahau, GE Healthcare (General Electric Company), Honeywell International Inc.|
Key Findings of the Market Report
- There is a growing demand for efficient asset management solutions to ensure that resources are utilized effectively and to enhance patient care, as healthcare infrastructure expands in emerging markets.
- Integration of asset management systems with EHRs allows for seamless data sharing and better patient care coordination. The trend is likely to continue as healthcare providers aim to improve overall patient care.
- Hospitals are increasingly leveraging data analytics and predictive maintenance to anticipate equipment failures and reduce downtime. Asset management systems can provide valuable data for these purposes.
- Hospitals are increasingly using remote monitoring capabilities to keep track of assets in real-time, even when they are dispersed across multiple facilities, which is especially valuable for large healthcare systems.
Market Trends for Hospital Asset Management
- Hospitals are also focusing on sustainability and reducing their carbon footprint. Asset management systems can help hospitals track energy consumption and optimize resource usage for environmental benefits.
- The market is witnessing a trend toward customizable and scalable asset management solutions that can be tailored to the specific needs of different healthcare facilities.
- AI and machine learning technologies are being integrated into asset management systems to provide predictive analytics, automate routine tasks, and optimize asset utilization, which can lead to better resource allocation and cost savings.
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Market for Hospital Asset Management: Regional Outlook
Various reasons are propelling the growth of the hospital asset management market in different regions. These are:
- North America boasts a highly developed healthcare infrastructure with numerous hospitals, clinics, and healthcare facilities. The need for efficient asset management solutions is paramount in such an environment.
- The region is a leader in adopting advanced technologies. Hospital asset management systems, including RFID, IoT, and AI, are embraced to optimize asset utilization and improve operational efficiency.
- North American healthcare is subject to strict regulatory standards and compliance requirements (e.g., HIPAA in the United States). Asset management systems help healthcare institutions ensure compliance with these regulations.
- Several countries in Asia Pacific are popular destinations for medical tourism. Hospitals catering to international patients require advanced asset management systems to maintain high standards of care and efficiency.
- Asia Pacific is increasingly adopting advanced technologies, such as IoT and RFID, in healthcare. The technologies are instrumental in optimizing asset management in hospitals.
- Governments in some Asia Pacific countries are actively investing in healthcare infrastructure and technology. The initiatives often include provisions for implementing asset management systems to enhance healthcare delivery.
Global Hospital Asset Management Market: Key Players
A few number of dominant worldwide firms hold the majority of the market share in the hospital asset management industry. The market’s major companies are concentrating on diversifying their product lines.
The big players’ primary strategy includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services. The following companies are well-known participants in the global hospital asset management market:
- AWAREPOINT CORPORATION
- CenTrak (Halma plc)
- GE Healthcare (General Electric Company)
- Honeywell International Inc.
- Impinj, Inc.
- Sonitor Technologies
- STANLEY Healthcare (Stanley Black & Decker, Inc.)
- ZIH Corp
Key developments in the global hospital asset management market are:
- In 2023, Zebra Technologies acquired Fetch Robotics, a leading provider of autonomous mobile robots (AMRs) for hospital asset management applications.
- In 2023, Stanley Healthcare launched a new hospital asset management solution that uses artificial intelligence (AI) to optimize asset utilization and reduce costs.
- In the same year, CenTrak expanded its cloud-based hospital asset management platform to include new features for supply chain management and environmental monitoring.
- In 2022, Sonitor Technologies introduced a new line of ultra-wideband (UWB) asset tracking tags for use in hospital asset management applications.
- In the same year, Elpas expanded its portfolio of hospital asset management solutions to include new products for equipment management, inventory management, and staff safety.
Partial Table of Content (ToC):
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Hospital Asset Management Market
4. Market Overview
4.1.1. Type Definition
4.1.2. Industry Evolution / Developments
4.3. Market Dynamics
4.4. Global Hospital Asset Management Market Analysis and Forecast, 2017–2027
4.4.1. Market Revenue Projections (US$ Mn)
5. Key Insights
5.1. Regulatory Scenario Assessment
5.2. Impact of Asset Management in Hospitals
5.3. Technological Advancements
5.4. Healthcare Overview
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Global Hospital Asset Management Market Segmentation
- Real-time Location System (RTLS)
- Radio-frequency Identification (RFID)
- Patient Management
- Staff Management
- Instrument Management
- Supply Chain Management
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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