Hospital Asset Management Systems Market: Global Size, Share, Growth, Trends, Analysis, Forecast, Outlook 2024-2033 | Mergers and Acquisitions, Top Major Key Players, Competitive Landscape

The hospital asset management systems market size has grown exponentially in recent years. It will grow from $21.85 billion in 2023 to $27.1 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth in the historic period can be attributed to regulatory compliance, cost reduction initiatives, rising healthcare costs, patient safety, inventory control.

The hospital asset management systems market size is expected to see exponential growth in the next few years. It will grow to $64.56 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%. The growth in the forecast period can be attributed to integration with electronic health records, artificial intelligence (ai) and predictive analytics, global health crisis preparedness, telehealth and remote monitoring, energy efficiency and sustainability. Major trends in the forecast period include blockchain technology, collaboration and interoperability, digital twins for equipment, big data analytics for asset optimization, user-friendly interfaces and training.

Market Overview -
Hospital asset management systems refer to a method for arranging, looking after, and monitoring the assets used in a healthcare center. Hospital asset management systems track and manage a hospital's physical assets.

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Rising Hospital Numbers Fueling Demand For Hospital Asset Management Systems
The rising number of hospitals is expected to propel the growth of the hospital asset management systems market going forward. Hospitals refer to an institution that is established, staffed, and equipped for illness diagnosis, medical and surgical treatment of the sick and injured, and accommodation throughout this procedure. The rising number of hospitals is driven by increased hospitalization, ICU stays, oxygen demand, and rising cases of chronic diseases. Hospital asset management system effectively managing their assets, ensuring it is used, maintained, and tracked as necessary. For instance, in May 2023, according to the American Hospital Association, a US-based national organization, the number of hospitals in the US increased from 6,090 in 2021 to 6,129 in 2023. Further, the system's total number of community hospitals rose from 3,453 in 2021 to 3,514 in 2023. Therefore, the rising number of hospitals is driving the growth of the hospital asset management system market.

Competitive Landscape -
Major companies operating in the hospital asset management systems market report are McKesson Corporation, International Business Machines Corporation, Honeywell International Inc., Siemens Healthineers, GE Healthcare Technologies Inc., Zebra Technologies Corporation, Cerner Corporation, Trimble Inc., Philips Healthcare, Hill-Rom Holdings Inc., Midmark Corporation, Stanley Healthcare, Ascom Holding AG, Accruent LLC., Identiv Inc., RF Technologies Inc., CenTrak Inc., Fiix, Ekahau Inc., Jadak Technologies Inc., SmartPoint Technologies Pvt Ltd., Asset Panda, Securitas Healthcare LLC., Halt Medical Inc., AiRISTA Flow Inc., Versus Technology Inc., Asset infinity, InnoMaint, Ezofficeinventory, Sonitor Technologies AS.

Innovative Product Offerings Revolutionize Hospital Asset Management Systems Market
Product innovation is a key trend gaining popularity in the hospital asset management systems market. Major companies operating in the hospital asset management systems market are concentrating on creating innovative products to strengthen their position in the market. For instance, in April 2023, GE HealthCare Technologies Inc, a US-based medical technology company, launched ReadySee, a new asset management and network supervision solution and Portrait Mobile monitoring solution, is designed to transform data into actionable insights about devices and infrastructure, eliminate manual efforts to locate such devices, and self-manage cybersecurity protocols to help identify vulnerabilities, provide risk scoring, and help protect sensitive patient health information (PHI). ReadySee helps biomedical and IT healthcare professionals ensure their devices are ready to go, so their clinical teams can be ready to care for their patients. The portrait mobile monitoring solution addresses the needs of wireless and wearable monitoring with a platform that leverages innovative technologies that are easily deployed on a hospital's IT infrastructure

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Key Segments -
The hospital asset management systems market covered in this report is segmented -
1) By Product Type: Radio-Frequency Identification (RFID), Real-Time Location Systems (RTLS), Ultrasound And Infrared Tags
2) By Application: Patient Management, Equipment Tracking And Management, Temperature And Humidity Control, Infection Control And Hygiene Compliance, Staff Management, Pharmaceutical Asset Management, Other Applications
3) By End-Use: Hospitals, Laboratories, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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