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Key Market Size Shifts in the Hospital Asset Management Systems Market: A Historical Perspective and beyond
Recent years have seen a significant expansion in the market size of hospital asset management systems. In terms of value, it is projected to surge from $26.57 billion in 2024 to $32.37 billion in 2025 at a compound annual growth rate (CAGR) of 21.8%.
The noteworthy growth during the historical period can be ascribed to factors such as increased focus on regulatory compliance, efforts to cut costs, escalation in healthcare expenses, ensuring patient safety, and improved inventory control.
The market size of hospital asset management systems is predicted to experience substantial growth in the coming years, reaching a value of $81.42 billion by 2029, with a compound annual growth rate (CAGR) of 25.9%. Factors contributing to the growth in the forecast period include the integration with electronic health records, the use of artificial intelligence (AI) and predictive analytics, the ability to prepare for a global health crisis, remote monitoring and telehealth, as well as promoting energy efficiency and sustainability.
Noteworthy trends expected in this period encompass adopting blockchain technology, promoting collaboration and interoperability, the use of digital twins for hospital equipment, implementing big data analytics for better asset utilization, development of user-friendly interfaces, and the provision of training.
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What’s Driving the Continued Growth of the Global Hospital Asset Management Systems Market?
An increase in the number of hospitals is anticipated to stimulate the expansion of the hospital asset management systems market. Hospitals are establishments equipped, staffed, and designed for diagnosing illnesses, treating the sick and injured medically and surgically, and providing lodging during these procedures.
The escalation in the number of hospitals is influenced by a rise in hospitalization, ICU stays, demand for oxygen, and increasing instances of chronic ailments. Hospital asset management systems effectively oversee their goods, ensuring adequate usage, maintenance, and tracking.
For instance, the American Hospital Association reported in May 2023 that the count of hospitals in the US increased from 6,090 in 2021 to 6,129 in 2023. Also, the total number of community hospitals jumped from 3,453 in 2021 to 3,514 in 2023.
Hence, the mounting number of hospitals is propelling the growth of the hospital asset management system market.
Top Revenue-Generating Segments in the Hospital Asset Management Systems Market
The hospital asset management systemsmarket 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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Which Trends Will Guide the Development Path of the Hospital Asset Management Systems Industry?
A leading trend emerging in the hospital asset management systems market is product innovation. Big players in this market are focusing on the development of cutting-edge products to fortify their market presence.
One such example is the American medical technology firm, GE Healthcare Technologies Inc., which unveiled a new asset management and network supervision tool, ReadySee, and a monitoring solution called Portrait Mobile in April 2023. These products are created to convert data into practical insights about device and infrastructure health, do away with the need for manual device location efforts, and autonomously manage cybersecurity protocols to identify potential threats, assess risk and ensure the safety of sensitive patient health data.
ReadySee is designed to help IT and biomedical professionals in healthcare ensure their devices are all set, supporting their clinical teams’ readiness to look after patients. The Portrait Mobile monitoring solution caters to the demands of wearable and wireless monitoring by offering an easy-to-deploy, technology-driven platform on a hospital’s IT infrastructure.
How Are Different Regions Contributing to the Hospital Asset Management Systems Market’s Growth?
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
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Which Firms Are Setting the Benchmark in the Global 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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