REPORT HIGHLIGHT
Hospital asset management market size was valued at USD 30,587.3 Million in 2022, expanding at a CAGR of 25.9% from 2023 to 2030.
Hospital asset management is defined as a highly systematic and cost-efficient method of planning, operating, maintaining, acquiring, and disposing of a healthcare organization's equipment, machinery, and physical assets. Additionally, in healthcare organizations, the primary considerations that increase the usage of healthcare asset management include the advantages of time saving, increased staff productivity, not losing track of medical devices, significant cost savings, high operational costs, extensive maintenance, and enhanced patient care.
Hospital Asset Management Market- Market Dynamics:
- Increasing demand for better asset management in hospitals and technological advancement will drive the market's growth rate.
- The healthcare asset management market growth rate will propel the rise in demand for better asset management in hospitals. Additionally, to effectively manage their existing staff, worldwide healthcare organizations are adopting effective asset management technologies and systems as a result of mounting pressure. Based on this, on hospital equipment tracking the majority of healthcare companies invest a significant amount of their cash. Moreover, the major factor influencing the growth of the healthcare asset management market is the reduction in the prices of radiofrequency identification (RFID) tags. Also, in developing and developed countries rise in the level of disposable incomes and increasing expenditure on healthcare infrastructure. However, the growth rate might be hindered by the high cost associated with the healthcare asset management system during the forecast period. Furthermore, increasing concerns for patient safety and the rise in the number of chronic diseases will boost the growth rate of the hospital asset management market. The advancement in healthcare asset management device technology and the development of IOT-based healthcare asset management will offer lucrative opportunities for the market. In line with this, rising technological advancements and increasing demand from emerging markets will further accelerate the hospital asset management market's growth rate in the future.
Hospital Asset Management Market- Key Insights:
- As per the analysis shared by our research analyst, the global hospital asset management market is estimated to grow annually at a CAGR of around 25.9% over the forecast period (2023-2030)
- The hospital asset management industry is projected to grow at a significant rate due to the adopting effective asset management technologies and systems
- Based on product type segmentation, radiofrequency identification (RFID) devices was predicted to show maximum market share in the near future
- Based on application segmentation, hospital asset management was the leading type in 2022
- On the basis of region, North America was the leading revenue during the forecast period
Hospital Asset Management Market- Segmentation Analysis:
- The global hospital asset management market is segmented on the basis of product type, application, end user, and region.
- The market is divided into two categories based on product type: real-time location systems (RTLS) and radiofrequency identification (RFID) devices. Radiofrequency Identification (RFID) Devices are further segmented into service, software, and hardware. The radiofrequency identification segment is likely to hold the largest market share. Moreover, it's locating patients, drug anti-counterfeiting or preventing drug errors, theft prevention, technological advancements, assets, cost control, and drug trial compliance are such factors expected to propel the segment growth over the forecast period.
- The market is divided into two categories based on application: pharmaceutical asset management and hospital asset management. The hospital asset management segment is expected to dominate the market over the forecast period due to the increasing requirement for asset management in hospitals to be held successfully. Moreover, in hospital asset management these, the equipment management and tracking segment has the primary share in the market, owing to a significant growth rate due to rising demand in terms of equipment tracking for asset management.
- The market is divided into three categories based on end-users: biotechnology companies, hospitals & clinics, pharmaceutical companies, and others. The hospitals & clinics segment is likely to maintain its dominance in the market. In healthcare centers and hospitals, the increasing usage of asset management systems is attributed to an increase in segment growth. Additionally, the growth and development of the segment is contributed by the growing number of hospital visits.
Hospital Asset Management Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Hospital Asset Management Market- Competitive Landscape:
The growth of the market is attributed to the rising median age of the population and rising corporate & government spending to standardize the biopharmaceutical and healthcare sector. Moreover, in the region, the increasing number of diagnostic laboratories, increasing awareness & rising demand for efficient and effective supply chain management, and numerous investment opportunities in these immature markets are also expected to drive demand. Furthermore, various market participants are expanding through geographical expansions, acquisitions & partnerships with diagnostic laboratories, hospitals, strategic alliances, clinics, and innovations. For instance, in June 2022, GE Healthcare and Medtronic partnership accelerates global access to personalized care by supplying innovative patient monitoring solutions on the CARESCAPE platform
Recent Developments:
For instance, in July 2022, Motilal Oswal Asset Management Company announced the launch of Motilal Oswal S&P BSE Healthcare ETF, an open-ended scheme tracking the S&P BSE Healthcare Total Return Index.
Key features of the study:
- This proposed research study on hospital asset management market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
- The report provides the client the latest up-to-date and trending insights about the hospital asset management market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for hospital asset management market.
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the hospital asset management market.
- Impact of COVID-19 on hospital asset management market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on hospital asset management market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the hospital asset management market, we have also included competitive landscape and key innovator analysis for the hospital asset management market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the hospital asset management market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global hospital asset management market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL HOSPITAL ASSET MANAGEMENT MARKET KEY PLAYERS
- General Electric Company
- Motorola Solutions, Inc.
- CenTrak Inc.
- Radianse
- Zebra Technologies Corporation
- VERSUS TECHNOLOGIES
- Aeroscout Industrial
- Cerner Corporation
- Midmark Corporation
- AiRISTA Flow, Inc.
- McKesson Corporation
- STANLEY Healthcare
- Siemens Healthcare GmbH
- Novanta Inc.
- Awarepoint Corporation
- Sonitor Technologies
GLOBAL HOSPITAL ASSET MANAGEMENT MARKET, BY PRODUCT TYPE
- Real-time location systems (RTLS)
- Radiofrequency Identification (RFID) Devices
GLOBAL HOSPITAL ASSET MANAGEMENT MARKET, BY APPLICATION
- Pharmaceutical Asset Management
- Hospital Asset Management
GLOBAL HOSPITAL ASSET MANAGEMENT MARKET, BY END USER
- Biotechnology Companies
- Hospitals and Clinics
- Pharmaceutical Companies
- Others
GLOBAL HOSPITAL ASSET MANAGEMENT MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA