Hospital Asset Management Market size is estimated to reach $37,000 million by 2026, growing at a CAGR of 20% over 2021-2026. Hospital Asset Management Software helps to increase the utilization of equipment and provides efficient and proper functioning of hospital facility. Real-Time Location System (RTLS) are mainly used in healthcare in order to provide immediate medical equipment tracking. Radio frequency identification technology helps to identify the location of hospital items. Moreover, hospital asset management services is essential in provide protection to the hospital staff. Growing need for better asset management in hospitals and rising advancement in technology is the major factor driving the growth of this market. Furthermore, increasing research and development activities is set to further enhance the overall market demand for Hospital Asset Management Market for the period 2021-2026.
Hospital Asset Management Segment Analysis – By Type
The global Hospital Asset Management Market based on Product can be further segmented into Real-Time Location Systems, Radio-Frequency Identification, Ultrasound, and Infrared. The Radio-Frequency Identification segment is the major segment generating revenue in 2020. This is owing to increasing adoption of radio frequency identification tags owing to reducing price which increases the adoption of radio frequency identification in various healthcare organization. The Real-Time Location Systems segment is estimated to register the fastest CAGR of 12.8% for the period 2021-2026. This is owing to it is used to track the location of people or assets in real time at a medical facility and increasing technological advancement in Real-Time Location System.
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Hospital Asset Management Segment Analysis – By Application
The global Hospital Asset Management Market based on Application can be further segmented into Staff Management, Equipment Tracking, Patient Tracking, and Supply Chain Management. The Equipment Tracking segment registers for the highest Hospital Asset Management market share in 2020. This is owing to increasing demand for asset management in terms of equipment tracking. Moreover, the use of asset management tools for equipment tracking allows healthcare providers to get a notification on their personal devices such as smart phones or laptops that increases the growth of this segment. The Patient Tracking segment is estimated to register the fastest CAGR of 7.2% over 2021-2026. This is owing to the use of active tags to the position of the patient and helps to protect from accidental hazards which increases the growth of this segment.
Hospital Asset Management Segment Analysis – By Geography
North America dominated the Hospital Asset Management Market with major share of 40% in 2020. This is owing to rising prevalence of hospital acquired infection and increasing quality of infrastructure for clinical and laboratory research and increasing adoption of low-cost medical systems in clinical diagnostic laboratories. Moreover, increasing digitalization in healthcare sector is also contributing to the rise in market growth. According to Center for Disease Control and Prevention (CDC), about 1.7 million people have hospital acquired infections in 2019. So, with the help of CDC’s National Healthcare Safety Network (NHSN), more than 13,000 healthcare facilities currently track HAIs that increases the growth of this market.
However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 25% during the forecast period 2021-2026 owing to the rising healthcare facilities and improving innovative technologies.
Hospital Asset Management Market Drivers
Growing Need for Better Asset Management in Hospitals
Increasing need for better asset management in hospitals and growing pressure to better manage their existing workforce increases the growth of the Hospital Asset Management Market. Moreover, increasing use of wide range of information technology-based hospital asset management solutions in various tasks are increasing the growth of the Hospital Asset Management Market over 2021-2026.
Rising Advancement in Technology
Growing technological advancement and developing innovative procedures is increasing the growth of the Hospital Asset Management Market. Moreover, increasing use of radiofrequency identification in the pharmaceutical industry increases the growth of Hospital Asset Management Market over 2021-2026.
Covid Impact:
During COVID-19 Pandemic, more people are admitted to hospitals, the demand for hospital assets such as beds, ventilators, respirators, real-time location systems to monitor patient-caregiver interaction, and other advanced devices is increasing. Various companies are adopting various solutions to manage COVID-19 infections that include, Arial Emergency Call Bundles which is used to track equipment used for COVID-19 which are positively impacting the growth of the market.
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Hospital Asset Management Market Challenges
High price Associated with Real-Time Location Systems
The factors that is set to impede the growth of the Hospital Asset Management Market are the high price of real-time location system solutions. Moreover, lack of awareness among the population for the usage of asset management software is set to create hurdles for the Hospital Asset Management Market.
Hospital Asset Management Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Hospital Asset Management Market. Hospital Asset Management top 10 companies include, CGI Federal Inc., IBM Corporation, Awarepoint Corporation, Infor, Motorola solutions Inc., GE healthcare, Ekahau Inc., Siemens healthcare, Vizbee RFID systems Ltd., and Kathrein Solutions GmbH.
Acquisitions/Product Launches
In 19 September 2019, CGI Federal Inc. has acquisition with Sunflower Systems in order to develop the asset management software solutions.
In February 2019, Kathrein Solutions GmbH launches new RTLS system K-RLTS that combines high localization accuracy in an industrial environment with unique technical features, which allows a broad application of the system in various applications.
Key Takeaways
Geographically, in 2020, North America dominated the Hospital Asset Management Market owing to increasing quality of infrastructure for clinical and laboratory research and increasing adoption of low-cost medical systems in clinical diagnostic laboratories.
Growing need for better asset management in hospitals and rising advancement in technology are likely to aid in the market growth of the Hospital Asset Management.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Hospital Asset Management Market report.
High price associated with real-time location systems is set to create hurdles for the Hospital Asset Management Market.
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