Hospital Asset Management Market

A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Global Hospital Asset Management Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2023 to 2030.

Global Hospital Asset Management Market Analysis

According to cognizance market research, the global hospital asset management market was valued at US$ 11.6 Billion in 2022 and is anticipated to reach US$ 55.0 Billion by the end of 2030 with a CAGR of 21.5% from 2023 to 2030.

What is Hospital Asset Management?

Asset management is a highly organized, cost-effective process for organizing, purchasing, using, distributing, disposing of, and keeping a tangible asset used by the healthcare industry in a medical environment. Asset management also supports giving a registry of assets to healthcare institutions so they can keep track of and maintain their inventory.

The framework that aids in managing and protecting medical tools is the hospital asset management system. The condition on the hospital grounds is monitored by this structure using computerised software tools. Due to growing security concerns, technology options are becoming increasingly common on the market. Hospitals gain a competitive edge by presenting their location as a safe and well-lit area. This method also aids in following legal requirements. Healthcare organisations all over the world have been compelled to adopt efficient asset management solutions and technologies as a result of growing demand to better manage their current staff. Asset management is crucial for assuring the security and welfare of medical staff members, which lowers routine costs and capital asset spending.

Hospital asset management comprises successfully and economically controlling and keeping tangible assets, tools, and equipment. Pumps, freezers, pipes, wheelchairs, condensers, generators, compressors, mobile beds, and heating, ventilation, and air-conditioning (HVAC) systems are typical examples of medical equipment that falls under this category. It enhances staff contact, increases asset utilisation rate, locates equipment rapidly, keeps adequate inventory levels, and saves time and money. Currently, it is extensively used in hospitals and other healthcare facilities around the globe to guarantee the efficient operation of supplies and other equipment and to raise the standard of patient care.

Global Hospital Asset Management Market Outlook

In the hospital asset management report, the market outlook segment mainly includes important dynamics of the market which include drivers, restraints, opportunities and challenges tackled by the industry. Opportunities and challenges are extrinsic factors whereas, drivers and restraints are intrinsic factors of the market.

The market for healthcare asset management will develop gradually as a result of hospitals’ growing need for improved asset management. As a result of increasing pressure to manage their current employees effectively, healthcare organisations all over the world are implementing efficient asset management technologies and systems. The majority of healthcare businesses invest a sizeable sum of money in monitoring hospital devices. The price decline of radiofrequency identity (RFID) bands will also have a significant impact on the expansion of the market for healthcare asset management. In addition, rising discretionary earnings in both developed and developing nations and rising spending on healthcare facilities are the main market factors that will propel the development of the healthcare asset management market even further.

The increasing emphasis of makers on the adoption of cutting-edge technologies is another important factor that will moderate the development rate of the hospital asset management market. The development rate of the hospital asset management market will flourish due to the increase in chronic diseases and growing patient safety worries.

The hospital asset management industry will experience slower development due to the expensive expense of the associated systems. It is very expensive to install a Healthcare Asset Management system throughout a healthcare facility. The epidemic has forced institutions to divert funds from other areas to treat Covid-19 patients, which has made the situation worse. Orders for scheduled RFID or RTLS systems may be pushed back or cancelled because of the poor precedence that is presently given to this industry.

The industry for healthcare asset management will face significant challenges due to the limitations of asset management tools. The numerous limitations of asset management systems are anticipated to make demand creation difficult. Additionally, IR technology needs a direct line of sight between the device and the sensor in order to function. This suggests that common things like clothing, furniture, and other objects can obstruct the signal.

Segment Analysis:

The hospital asset management market has been segmented into product, application, end-user and geography.

Based on product, the hospital asset management market has been segmented into radiofrequency identification (RFID) devices and real-time location systems (RTLS). Both the RFID and RTLS segments are further bifurcated into hardware, software and services. Due to technical developments, patient and asset location, drug anti-counterfeiting or avoiding medication errors, drug trial compliance, theft prevention, and cost management, the radiofrequency identification sector leads the global market.

Based on application, the market for hospital asset management has been classified into hospital asset management and pharmaceutical asset management. The hospital asset management is further segmented into patient management, equipment tracking and management, temperature & humidity control, infection control & hand hygiene compliance and staff management. The pharmaceutical asset management has been further segmented into drug anti-counterfeiting and supply chain management. Because hospitals increasingly need to handle their assets effectively, the hospital asset management segment dominated the market during the anticipated era.

Based on end-user, the hospital asset management has been segmented into hospitals & clinics, pharmaceutical companies, biotechnology companies and others (laboratories, cosmetic industry, medical devices companies, etc). Throughout the anticipated era, the hospitals and clinics sector dominated the healthcare asset management market. This is a result of hospitals and healthcare facilities using asset management tools more frequently. The sector is expanding and developing as a result of an increase in hospital appointments.

Geographical Analysis:

Based on geography the hospital asset management market has been segmented into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.

Due to the improving structural quality and expanding use of low-cost medical systems in clinical diagnostic labs, the North American area dominated the global market. The existence of a well-established healthcare system and a wide network of healthcare service providers, as well as greater technology management, the increasing need for new technologies to fight phoney drugs (medicine counterfeiting), and these factors and more will all add to the regional development. Due to technical advancements in developing countries like China and India, the Asia-Pacific area is also expected to expand at the fastest rate during the forecast era. Additionally, the rising demand for straightforward asset management software boosted automation, and rising healthcare spending as well as regional market players expanding will drive the market’s development.

The second-largest market for hospital asset management is anticipated to be in Europe. Government financing and support of the healthcare industry, along with increased research and development, are both responsible for the market expansion in this area. Additionally, the market in this area is expanding as a result of the growing instances of drug counterfeiting, which is also driving up demand for healthcare asset management services. The European Intellectual Property Office claims that a significant issue in the healthcare industry is the presence of imitation goods. Drug counterfeiting costs the pharmaceutical industry USD 11.5 billion annually, and 10% of all medications distributed worldwide are fake.