Hospital Asset Management Systems Market By Product Type (Radiofrequency Identification Devices, RealTime Location Systems Devices) , By Application (Patient Management, Equipment Tracking & Management, Others) : Global Opportunity Analysis and Industry F

Hospital Asset Management Systems Market By Product Type (Radiofrequency Identification Devices, RealTime Location Systems Devices) , By Application (Patient Management, Equipment Tracking & Management, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033

The hospital asset management systems market was valued at $13.1 million in 2023, and is projected to reach $67.8 million by 2033, growing at a CAGR of 17.9% from 2024 to 2033.

Hospital asset management system refers to an integrated platform or software solution designed to track, monitor, and manage medical equipment, supplies, and other critical resources within a healthcare facility. These systems help ensure the efficient utilization of hospital assets, reduce operational costs, and enhance patient care quality. By automating asset tracking and maintenance schedules, hospital asset management systems allow healthcare providers to minimize equipment downtime, prevent asset loss, and streamline workflows.

The growth of the hospital asset management systems market is driven by surge in demand for operational efficiency in hospitals to optimize resource allocation, reduce inefficiencies, streamline operations, and ensure cost-effectiveness. In addition, rise in need to reduce overall operational costs in healthcare settings is encouraging hospitals to invest in asset management systems that minimize equipment downtime and prevent asset misplacement or loss. Furthermore, increase in focus on patient safety and care quality by ensuring that medical devices are well-maintained, readily available, and used correctly is augmenting the market growth. Moreover, the global expansion of healthcare facilities, particularly in developing regions, is creating a growing demand for hospital asset management systems to support efficient operations in new and existing hospitals. The need to reduce the prevalence of healthcare-associated infections by ensuring proper sanitation and sterilization of medical equipment is further driving the adoption of systems that track asset usage and maintenance schedules. According to a 2022 research article in the American Journal of Infection Control, hospitals using asset management systems to track and maintain medical equipment reported a 20% reduction in healthcare-associated infections over three years, as the systems ensured timely sterilization and maintenance of devices. This contributed to improving patient outcomes and reducing hospital readmissions. However, high installation and implementation cost of hospital asset management systems acts as the key deterrent factor of the global market. In addition, dearth of skilled professionals to manage and maintain advanced asset management systems restrains the growth of the market. On the contrary, innovations such as RFID, Internet of Things (IoT), and cloud-based platforms are enhancing the capabilities of asset management systems, making them more efficient, accurate, and accessible. Such developments are expected to open new avenues for the expansion of the global market during the forecast period.

The global hospital asset management systems industry analysis is segmented into product type, application, and region. On the basis of type, the market is categorized into radiofrequency identification devices and real-time location systems devices. Depending on application, it is classified into patient management, equipment tracking & management, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

By product type, the radiofrequency identification (RFID) devices segment held the highest market share in 2023.

On the basis of application, the equipment tracking & management segment was the major shareholder in 2023.

Region wise, North America dominated the market, in terms of revenue, in 2023, and is likely to continue the same trend from 2024 to 2033.

Competition Analysis

Competitive analysis and profiles of the major players in the global hospital asset management systems market include Stanley Healthcare, Centrak, International Business Machines Corporation (IBM), GE Healthcare, AiRISTA Flow, Sonitor Technologies, Versus Technology, Zebra Technologies Corporation, Identiv, Inc., and Honeywell International Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen the foothold in the global market.

Key Market Segments

By Product Type

Radiofrequency Identification Devices
RealTime Location Systems Devices

By Application

Patient Management
Equipment Tracking Management
Others

By Region

North America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA

Key Market Players

Stanley Healthcare
Centrak
International Business Machines Corporation (IBM)
GE Healthcare
AiRISTA Flow
Sonitor Technologies
Versus Technology
Zebra Technologies Corporation
Identiv, Inc.
Honeywell International Inc.