Global Hospital Asset Management Systems Market Size, Share, Growth Analysis, By Product(Radiofrequency Identification Devices, Real-time location systems Devices), By Application - Industry Forecast 2022-2028

Global Hospital Asset Management Systems Market was valued at USD 25.1 Billion in 2021, and it is expected to reach a value of USD 160.3 Billion by 2028, at a CAGR of more than 30.3% over the forecast period (2022- 2028).

Simply said, asset management in hospitals is a highly organised and cost-effective technique of planning, buying, maintaining, using, and disposing of any healthcare organization's physical assets. Asset management is essential to ensuring that a hospital's essential equipment is routinely maintained, put to the test, and kept in dependable working condition.

The adoption of hospital asset monitoring is growing as healthcare organisations aim to speed up asset search processes, automate asset management workflows, and improve an asset procurement strategy.

Additionally, it is anticipated that the adoption of technological advancements like Zigbee and smart active labels (SAL) will boost demand. Because of developments like near field communication, asset management has increased in productivity and efficiency. The usage of the hospital and pharmaceutical sectors for effective supply chains, as well as advantages like a higher return on investment and cost savings, are all predicted to contribute to the rise of hospital asset management in the approaching years.

Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Hospital Asset Management Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

Global Hospital asset management systems market is segmented based on the Product, Application, and region. Based on the Product, the Hospital Asset Management Systems Market is segmented as Radiofrequency Identification (RFID) Devices and Real-time location systems (RTLS) which is further divided into Hardware, software, and services. Based On Application, the Hospital Asset Management Systems Market is segmented as Hospital Asset Management, Patient Management, Equipment Tracking and Management, Temperature and Humidity Control, Infection Control and Hand Hygiene Compliance and Staff Management. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

Promoting infrastructure as necessary for adhering to safety laws and regulations is a priority for the global healthcare sector. Hospitals are a significant driving force in the hospital asset management industry because they see asset management plans as crucial to ensuring patient safety and providing high-quality care.

Advances in healthcare IT have increased the possible applications of hospital asset management technologies, which has led to the development of business analytics intelligence software in healthcare institutions. It's crucial to remember that as IoT-based medical devices proliferate, the market for hospital asset management is expanding.

Restraint

The expensive real-time location systems (RTLS) tags may prevent the market from growing: Although there are more and more applications for hospital asset management solutions, the market's growth may be somewhat limited by the high cost of a few number of Real-time location systems (RTLS) solutions.

The population in developing economies' ignorance of asset management software is a significant issue impeding market expansion during the projection period.

Market Trends

The rapid technological advancements in medical facilities are driving up demand for asset management solutions, which will significantly fuel market growth over the course of the forecast period. Since the advent of healthcare Technology, asset management practises in medical facilities have quickly moved away from outdated practises. The traditional pen and paper method was once part of an organization's asset management process. Incorporating wireless connections into hospital asset management solutions is one of the main factors driving market expansion. A real-time solution for hospital administrators to keep an eye on their physical assets, patients, and medical staff is provided by wireless hospital asset management.

The system is adaptable, scalable, and portable thanks to wireless solutions. Medical facilities are able to swiftly search for their assets and its numerous categories by indicating availability and room location, whether it is used or available, as well as its sterilisation status. Between 2021 and 2028, the market will develop greatly as a result of these constant technical advancements.