Global Hospital Asset Management Systems Market Report and Forecast 2024-2032

Global Hospital Asset Management Systems Market Size

The global hospital asset management systems market size is expected to grow at a CAGR of 31.60% during the forecast period of 2024-2032, driven by the rising concern for the patient safety across the globe.

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Global Hospital Asset Management Systems Market Outlook

• The growing concern for patient safety is likely to enhance the hospital asset management systems market growth during the forecast period as such systems provide patient tracking.

• The increasing adoption of advanced technology across the healthcare industry is expected to fuel the market growth of hospital asset management systems across the globe over the coming years.

• With the rising number of hospitals, the requirement for efficiency of available resources is likely to grow. This is further expected to propel the demand for hospital asset management systems globally.

Global Hospital Asset Management Systems Market Overview

Hospital asset management systems (HAMS) are designed to let health facilities keep track on the medical tools, equipment, supplies and other assets quality. Installation of such systems can help save costs, improving the lifespan of assets and limiting unexpected repairs. It can also help in minimising the scope of human error by creating a report for maintenance and repair activities. Preference towards IoT based services, and automation is amongst the major market trends. The integration with hospital information systems (HIS) also enhances efficiency, making HAMS an indispensable part of today’s hospital environment.

Global Hospital Asset Management Systems Market Growth Drivers

Surge in Number of Hospitals Act as a Catalyst for Growth

The increasing number of healthcare facilities is expected to substantially drive the market. To meet the rising frequency of patient hospitalizations, ICU admissions, and chronic illnesses, different types of hospitals, as well as diagnostic facilities are increasing. This can elevate the demand for hospital asset management systems as it can streamline processes and improve workflows while retaining quality of assets.

Increasing Healthcare Expenditure to Meet Hospital Asset Management Systems Market Demand

The rise in healthcare expenditure worldwide is a key factor driving the hospital asset management systems market. The government as well as healthcare organizations are increasing their spending on hospitals that can accommodate the increasing population seeking quality healthcare solutions. These investments relate to the purchase of medical equipment, devices, and various supplies that are unique to hospitals. Thus, hospital asset management system has become particularly important as it can help hospitals make efficient use of assets, control costs, and improve productivity. Other advantages of using an asset tracking system in a healthcare institution are that it provides the lifecycle of the assets and offers a highly efficient tracking system. This can help in determining the equipment that is not often used or may be a duplicate, resulting in efficient procurement and allocation of assets. Besides, this strategic management enhances the efficient functioning of hospitals and, at the same time, optimally distributes resources among different spheres of activity and offers better patient care outcomes.

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Global Hospital Asset Management Systems Market Trends

Recent Developments in Hospital Asset Management Systems Market

In April 2023, GE Healthcare introduced ReadySee, a new hospital asset management and network supervision commodity. ReadySee claims that the offering of real-time visibility into HealthPlus’ assets and operations in the hospital will improve the choices and quality of patient care. This solution brings benefits such as increased effectiveness of assets’ tracking, timely prediction of when equipment will need service, and better resource management. In this context, ReadySee has the potential to improve the efficiency of the hospital’s asset management, which in turn can lead to improved hospital efficiency and patient care.

Global Hospital Asset Management Systems Market Segmentation

Market Breakup by Product Type

• Radio-frequency Identification (RFID)

• Real-time Location Systems (RTLS)

• Ultrasound and Infrared Tags

Market Breakup by Application

• Supply Chain Management

• Staff Management

• Patient Management

• Instrument Management

Market Breakup End User

• Hospitals

• Laboratories

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Hospital Asset Management Systems Market Share

Radio Frequency Identification (RFID) to Lead the Product Types Category

Depending on the type of product, the market can be categorized into the radio frequency identification (RFID) market, the real-time location system (RTLS) market, and ultrasound and infrared tags. The RFID segment shows its dominant position in the global hospital asset management systems market. RFID is a technology that employs radio frequencies across different frequencies to transmit data, making data acquisition almost fully automated and free from potential human errors and cumbersome labor. It allows for accurate tag reading without the need for direct line sighting or scanning of individual items, which will help extend segment growth in the future. Moreover, applications of RFID in inventory tracking, equipment tracking, personnel tracking, and patient tracking are expected to spur more growth in this segment.

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Global Hospital Asset Management Systems Market Analysis by Region

The geographical segmentation of the report involves North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is expected to dominate the market for hospital asset management systems market, driven by its strong healthcare structure that fosters state-of-the art clinical and laboratory services. The faster pace of adopting the latest technology, along with the need for solutions to combat the counterfeiting of drugs, also contributes to the growth of the market in this region.

On the other hand, the Asia-Pacific region is expected to witness high growth, owing to technological developments in countries and increasing population of middle-aged people. More focus on the expansion of healthcare facilities and rising needs for advanced and easy solutions for asset management services are anticipated to drive the market and spur demand for technological advancements in the Asia Pacific.

Leading Players in the Global Hospital Asset Management Systems Market

The key features of the market report include patent analysis, funding and investment analysis along with recent strategic initiatives constituting recent partnerships and collaborations by the leading players. The major companies in the market are as follows:

Accruent, LLC

Founded in 1995, this company is among the leading specialists in service delivery of smart solutions. It offers integrated technology systems and physical and digital assets and spans the residential and commercial spaces globally.

AiRISTA Flow, Inc.

This is a top management design company in the United States providing Wi-Fi-based real time location systems (RTLS), hand hygiene solutions, and process improvement. The firm is a global supplier of highly developed software, hardware, and support for technology-oriented enterprises with innovative products and unique patents such as RFID-over-Wifi.

GE Healthcare

A well-known medical equipment provider that operates globally, GE assists clinicians to make faster and better decisions with the help of many intelligent devices, applications, services, and data analytics by leveraging its Edison intelligence platform as one of the most well-recognized pharmaceutical diagnostic and digital solutions innovative in the field.

Impinj, Inc.

It is a RAIN RFID company based in Washington, offering efficient healthcare asset management solutions at hospitals and various other healthcare units. Some of them are postings in radio frequency identification products and solutions, which serve to align business operations and objectives, minimize expenses, and ultimately advance patient care for Impinj hospitals.

Other companies in the market include Rfxcel Corporation, Link Labs, Inc., Terotam Techlabs Private Limited, SHRMpro Pvt Ltd, kaptune media india private limited (trackolap), Valuecoders india llp, Pcsinfinity Private Limited

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Key Questions Answered in the Hospital Asset Management Systems Market

• What was the global hospital asset management systems market value in 2023?
• What is the global hospital asset management systems market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What are the major factors aiding the global hospital asset management systems market demand? 
• What is the market segmentation based on product type?
• What are the end users of the market?
• Where does hospital asset management systems find its application?
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• What are the major global hospital asset management systems market trends?
• How does the rise in the geriatric population impact the market size?
• Who are the key players involved in the hospital asset management systems market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?
• How is the adoption of RFID technology improving the efficiency of hospital asset management systems market?
• In what ways are ultrasound and infrared tags being utilized in hospital asset management systems market?
• How do hospital asset management systems market streamline supply chain management in healthcare settings?
• What specific needs do hospitals have that are addressed by asset management systems?
• What factors are driving the growth of the hospital asset management systems market in North America?
• How are European hospitals implementing hospital asset management systems market to enhance healthcare delivery?