Hospital Asset Management Market

Report Description
Table of Contents

Report Description

The global hospital asset management market size is estimated to be USD 7,508.1 million in 2021 and is expected to witness a CAGR of 9.81% during the forecast period. Necessity for improved asset management in hospitals is a key driver for the growth of the global hospital asset management market. Additionally, approval of asset management solutions to be used in the pharmaceutical industry and reduction in prices of RFID tags are some of the other drivers propelling the market growth. Nevertheless, the high price of RFID readers and issues associated with data security and privacy are expected to restrain the global market growth.

Global Hospital Asset Management Market Size (USD Million), 2021-2029

Source: Erevna Healthcare

By Product

Based on product, the market is segmented into ultrasound & infrared tags, radiofrequency identification (RFID) devices, and real-time location systems (RTLS). In 2021, the radiofrequency identification (RFID) devices segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is attributed to the high rate of adoption of these devices in the healthcare industry worldwide. Real-time location systems (RTLS) segment projected to grow at a profitable CAGR during the forecast period. This is attributed to the greater precision and accuracy presented by RTLS used for tracking and monitoring assets in hospitals.

By Application

Based on application, the market is categorized into hospital asset management and pharmaceutical asset management. In 2021, the hospital asset management segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to rising need for effective asset management in hospitals and expansion in application areas of asset management solutions worldwide. The pharmaceutical asset management segment is anticipated to grow at a profitable CAGR during the forecast period, due to the accessibility of technologically advanced products in the market.

Regional Insights

In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the rising patient safety concerns, approval of healthcare asset management solutions in hospitals, increasing need to tackle drug counterfeiting, accessibility of technological advanced products in the region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the less stringent regulations, growing government and corporate investment to regulate biopharmaceutical and healthcare sector, aged population, and availability of skilled labor forces at economic costs, are the major factors in this region.

Competitor Insights

Some of the key players in the hospital asset management market are Airista Flow (U.S.); Elpas Ltd (U.K.); GE Healthcare (A General Electric Company) (U.S.); CenTrak (U.S.); IBM Corporation (U.S.); Intelligent Insites, Inc. (U.S.); Thingmagic (A Novanta Company) (U.S.); Sonitor Technologies AS (U.S.); Stanley Black & Decker, Inc. (U.S.); and Versus Technology (A Midmark Company) (U.S.). The leading players operating in the hospital asset management industry are adopting various strategies including R&D investments, adoption of advanced techniques, new product launches, mergers & acquisitions, and regional expansions to capture a maximum revenue share.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The hospital asset management market report is categorized into the following segments and subsegments: