Global Hospital Asset Management Market - 2022-2029

Global Hospital Asset Management Market - 2022-2029

Market Overview

Hospital Asset Management Market size was valued US$ 13002. 45 million in 2021 and is estimated to reach US$ 98,314.43 million by 2029, growing at a CAGR of 25.5% during the forecast period (2022-2029).

The hospital assets management system is the structure that helps to manage and guard the hospital equipment. This structure uses computerized software systems to monitor the situation on the hospital premise. Technology solutions are becoming progressively popular in the market owing to rising concerns about security. It gives a competitive advantage to hospitals by positioning their campus as a secure and monitored place. This system also helps to obey regulatory standards. Mounting pressure to better manage their prevailing workforce has forced healthcare organizations across the globe to implement effective asset management solutions and technologies. Asset management is important in ensuring hospital employees' safety and security, thus reducing operational costs and capital asset expenditure.

Market Dynamics

The hospital asset management market is driven by the rising need for better asset management in hospitals globally, acceptance of asset management solutions in the pharmaceutical industry and increasing incidence of accidents such as road accidents, burns, and trauma events across the globe.

Growing need for better asset management in hospitals are expected to drive market growth.

Growing pressure to manage their existing workforce better has compelled healthcare organizations across the globe to adopt effective asset management solutions and technologies. Most healthcare organizations spend a large portion of their budget on tracking hospital equipment. For example, it was reported that ~USD 6 million worth of state-owned hospital equipment was found to be missing in Louisiana State University (LSU) hospitals; newly purchased equipment from the hospital was also not properly tracked. Thus, waste of time searching for lost assets and poor asset management practices can lead to serious consequences.

According to a recent survey conducted by the Nursing Times, more than one-third of nurses spend at least an hour locating equipment during an average hospital shift. This not only impacts budgets but also compromises the quality of patient care provided.

The use of radiofrequency identification in the pharmaceutical industry has grown in recent years. The technology has emerged to become a systematic part of supply chain management in international pharmaceutical production and distribution. Drug counterfeiting is a significant threat to healthcare systems across the globe. Over the years, the number of new cases of drug counterfeiting has grown significantly. This can primarily be attributed to the Internet-based sales of pharmaceuticals. According to the Pharmaceutical Security Institute (PSI), in 2021, there was 5,987 pharmaceutical crime incidents, 555 number of cases of pharmaceutical counterfeiting, theft, and diversion. In 2020, 4,344 cases were reported compared to 5,081 cases in 2019 and 4,405 cases in 2018. This factor is driving the growth of the market in the forecast period.

Efficient use of a wide range of information technology-based hospital asset management solutions in various tasks such as equipment tracking, automating maintenance, and observing instrument utilization rates enables smooth adoption of business analytics intelligence software in healthcare centers. This, in turn, provides a substantial return on investment if compared to the cost of installation of these systems. This factor is driving the growth of the market in the forecast period.

High cost associated with implementing the system is expected to hamper the market growth.

However, the high cost associated with implementing the system and the availability of new technologies are expected to hamper the market growth.

Industry Analysis

The global Hospital Asset Management Market provides in-depth analysis of the market based on various industry factors such as Porter’s Five Forces, Regulatory Analysis, Supply Chain Analysis, Pricing Analysis, Product Analysis.

Segment Analysis/B>

Drug type segment is expected to hold the largest market share in global Hospital Asset Management market

The Real-Time Location Systems segment held the largest market share due to multitasking in data capturing, visualization, integration, and analysis, along with reducing capital expenditure.

A real-time location system (RTLS) provides information about the location of assets, objects, vehicles, and goods. A system comprises tags or beacons that are physically attached to the object, receivers and gateways for signal detection, and a software location engine. It operates by attaching tags and badges to objects or people through which the signals are transmitted and received by a fixed reference point. This system is extensively used to boost productivity, accuracy, and operational excellence. It also enhances staff safety and provides effective logistics and supply chain operations. It is deemed beneficial for evacuation procedures and accounting for all the resources present inside a closed space.

Tags or badges use wireless technologies such as RF signals, ZigBee, Wi-Fi, ultrasound, and infrared signals for establishing communication between tags and readers and sending signals to the reader/sensors of the desired locations. These readers/sensors then establish communication with middleware/software platforms that assess the data and associate useful insights for improving their staff's productivity and enhancing operational efficiency in an organization. The demand for real-time location systems is anticipated to be driven by the benefits of asset management and optimum resource utilization. Furthermore, owing to the declining prices of the components of real-time location systems and rising support from the government, the market is expected to drive market growth in the forecast period.

Geographical Analysis

North America region holds the largest market share in the global hospital asset management market

By region, North America dominated the global hospital gowns market and is expected to grow at the highest CAGR during the forecast period. The growth of the market in the region is attributed to growing patient safety concerns, acceptance of healthcare asset management solutions in hospitals, increasing need to tackle drug counterfeiting, technologically advanced products, and key players in the region. This is stimulated by the increased adoption of RTLS technologies in patient tracking, asset tracking, and staff location. The majority of patient monitoring in North America is done using the RTLS based on the RFID-Wi-Fi combination.

Efficient use of a wide range of information technology-based hospital asset management solutions in various tasks such as equipment tracking, automating maintenance, observing instrument utilization rates enables smooth adoption of business analytics intelligence software in healthcare centers. This, in turn, provides a substantial return on investment if compared to the cost of installation of these systems in North America.

Competitive Landscape

The global hospital asset market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Ascom, Awarepoint Corporation, CenTrak, Ekahau, GE Healthcare, Honeywell International, Inc., Impinj, Inc., Sonitor Technologies, STANLEY Healthcare, and ZIH Corp are the leading market players with significant market share. The major players are using product development, novel product launches, market expansion, and product diversification strategies for holding their position in the market.

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to expand their presence and meet the rising demand for treating peripheral neuropathy across the globe. For instance,

In March 2018, CenTrak announced the launch of IRUS, the world’s first Hybrid Ultrasound-Gen2IR sensing technology for preoperative and post-anesthesia care units, infusion areas, and emergency departments.

Key Companies to Watch

GE Healthcare:

Overview: GE HealthCare is a subsidiary of General Electric an American multinational conglomerate integrated in New York, founded in 1994 and headquartered in Chicago, Illinois. It manufactures and distributes various diagnostic imaging agents and radiopharmaceuticals that can be used for imaging modalities in some procedures such as medical imaging.

Product Portfolio: OnWatch is a preventive maintenance solution from GE Healthcare, designed to proactively limit disruptions of imaging systems before they occur.

The global hospital asset management market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.