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Historical Year
Forecast Year
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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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.
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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Key Trends | Impact |
Acceptance of Hospital Asset Management System in the Pharmaceutical Industry | The necessity of hospital asset management systems and tactics in the pharmaceutical industry continues to rise as more and more industry players seek to run efficient and compliant business processes. Correct asset management establishes control and accountability of all the resources and materials to prevent costs and losses and enhance productivity. |
Advanced Technological Integration | Modern technologies such as RFID, IoT, and AI bring innovative improvements to the level of asset management, providing real-time information on location, condition, predictive maintenance plans as well as complex analytical results. Integration is a core aspect of operational functionality and effective delivery of patient services by producing efficient asset tracking, proactive maintenance, and a holistic information system. |
Focus on Patient Safety Enhancement | Meanwhile, asset management is an efficient way of addressing patient safety as it involves the availability and maintenance of necessary and vital medical hardware. Because of this emphasis on patient care and asset management, solutions are being adopted to prevent equipment breakdowns during patient care and to improve the safety and effectiveness of medical treatments. |
Cloud-Based Hospital Asset Management Solution | Various advantages of using cloud-based hospital asset management solutions include lower first-time costs, flexibility in capacity, and improved security. Cloud technology is gradually being adopted across the healthcare sector, thus providing companies with an opportunity to offer superior services. Further, the interaction of hospital asset management systems with electronic health records is envisioned to boost market growth substantially. This integration will provide a holistic understanding of patient care and asset usage to support quick and intelligent decision-making to enhance patient care. |
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.
Market Breakup by Product Type
Market Breakup by Application
Market Breakup End User
Market Breakup by Region
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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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.
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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Application |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Supplier Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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