Hospital Asset Management Market

Hospital Asset Management Market Outlook (2023 to 2033)

Global demand for hospital asset management stands at a market value of US$ 14.5 billion in 2023 and is predicted to reach US$ 69 billion by the end of 2033. The global hospital asset management market is forecasted to exhibit expansion at an astronomical 16.8% CAGR over the next ten years.

The use of asset management solutions has increased rapidly in recent years and this trend is now transforming the healthcare industry as well. Increasing digitization in the healthcare sector is projected to primarily bolster the sales of hospital asset management software and solutions over the next ten years.

Improved efficiency, reduced healthcare costs, and better patient outcomes are some of the key benefits associated with hospital asset management adoption and are expected to influentially promote market development throughout the forecast period and beyond.

• In March 2023, Midmark RTLS, a prime provider of novel real-time location systems, announced the launch of its Staff Duress solution based on its cloud software platform to enhance the safety culture in healthcare institutions. The system is easy to deploy and use across all health systems to create a safe space for healthcare professionals.

Growing use of technologically advanced medical devices, high spending on healthcare infrastructure development, rising focus on patient safety, surging adoption of automation technologies in hospitals, increasing burden on hospitals, and high prevalence of chronic diseases are other aspects that supplement hospital asset management demand.

The healthcare space is projected to offer highly attractive moneymaking opportunities for incoming hospital asset management providers owing to the limited adoption of hospital asset management solutions around the world. North America and Asia Pacific regions are projected to emerge as hotspots for new hospital asset management software vendors in the future.

• In April 2023, Define Ventures, a venture capital firm focusing on digital health start-ups, announced that had raised US$ 460 million in two funding rounds to invest in upcoming digital health companies. The company currently backs start-ups such as Tia, Hims & Hers, Folx Health, and Concert Health among others.

On the flip side, dearth of skilled professionals to manage advanced hospital asset management solutions and the high installation costs of certain hospital asset management systems are expected to be major restraints for market growth in the long run. The lack of awareness regarding the benefits of hospital asset management solutions in emerging economies is also a challenge that hospital asset management companies will have to overcome to unlock their full growth potential.

Report Attributes	Details
Market Size in 2023	US$ 14.5 Billion
Projected Market Value (2033F)	US$ 69 Billion
Global Market Growth Rate (2023 to 2033)	16.8% CAGR
Sales Growth of Real-time Location Systems (RTLS) (2023 to 2033)	15% CAGR
Market Share of North America (2023)	>35%
North America Market Growth Rate (2023 to 2033)	13% CAGR
Key Companies Profiled	ZIH Corp.; STANLEY Healthcare; GE Healthcare; AWAREPOINT Corporation; Ascom; Impinj Inc.; Sanitag; ASAP Systems; Real Asset Management Ltd.

Which Start-ups Should Hospital Asset Management Providers Watch Out For?

“Asimily, SoftComply, Kiwanda - Improving Healthcare with Unique Solutions”

New hospital asset management companies are focusing on the development of novel software and services to improve the overall healthcare experience in hospitals and other medical establishments.

• Asimily, a United States-based start-up founded in 2017, provides cybersecurity management platforms and medical device asset management platforms for healthcare facilities. Asimily’s device tracking and cybersecurity solutions allow healthcare institutions to ensure optimal maintenance of their medical devices.
• SoftComply, a German software company is providing a solution to automate the compliance process for medical devices. The company offers MediCompli, which hastens the development and implementation of quality management systems with great customization capabilities to meet different requirements. The company also offers Risk Manager, a tool to link risks, requirements, and other parameters for efficient risk management.
• Kiwanda, a new company based in Spain and founded in 2019, has developed a radio frequency identification (RFID)-based medication inventory management solution and simplifies hospital asset management by using sensor tags. The solution also helps the hospital to track the inventory of furniture, instrumentation, and equipment.

Start-ups can also get support and financing from venture capital firms and start-up incubators to advance their business potential and have a chance to compete with the big names in the marketplace.

• Redesign Health, a venture capital fund focused on inspiring innovation and advancing healthcare, announced that it had raised US$ 65 million in a Series C funding round led by General Catalyst in September 2022. The company intended to use this funding to jumpstart more healthcare start-ups in the future.

More new developments by start-ups and how they augment product standards and pricing trends have been explained in this newly revised hospital asset management market research analysis by Fact.MR, a market research and competitive intelligence provider.

Country-wise Insights

What Makes a Japan an Investment-worthy Space in This Market?

“Growing Need for Healthcare System Reforms”

The healthcare infrastructure in Japan is facing some major challenges owing to the increasing burden of hospitalization and the shrinking workforce. Automation of different industry verticals is the prime focus of the Japanese government and this trend is projected to bolster the adoption of hospital asset management in the country over the coming years.

Increasing investments in healthcare infrastructure development, growing awareness regarding the benefits of hospital asset management solutions, and expanding senescent population are also estimated to uplift market growth potential in Japan across the forecast period. However, the lack of standard clinical guidelines and differentiation in healthcare providers are expected to hamper growth potential through 2033.

Why are Hospital Asset Management Companies Interested in European Countries?

“High Adoption of Healthcare IT Solutions – Authoring Story of Growth in Europe”

Focus on healthcare has increased exponentially in European countries in recent years owing to the increasing incidence of chronic diseases and growing rate of hospitalization. The aforementioned factor has resulted in rising investments in healthcare infrastructure development from private as well as public sectors, which is anticipated to promote the adoption of novel hospital asset management systems and other healthcare IT solutions in European countries in the future.

• In August 2022, Cera, a digital-first home healthcare company, announced that it has raised US$ 320 million in a financing round led by Kairos HQ and participation from other investors to fund its expansion plans across Europe.

Germany, France, Italy, and the United Kingdom are estimated to emerge as highly opportune markets in the European region over the next ten years. Rising focus on improving patient outcomes, high medical R&D activity, and rapid digitization are other prospects that could govern sales of hospital asset management software throughout the forecast period.

What Creating a Captivating Backdrop for Hospital Asset Management Providers in the United States?

“Rapid Digitization of Healthcare – Pivotal to Lucrative Market Opportunities”

The developed healthcare infrastructure of the United States has been elemental to the surging adoption of advanced hospital asset management solutions as digitization picks up pace in the country. The presence of key hospital asset management providers and high healthcare expenditure are also projected to favor market potential in the United States over the next ten years.

Favorable government initiatives and increasing investments from the private sector in healthcare are also expected to create moneymaking opportunities for hospital asset management vendors in the country going forward.

• In November 2022, Carta Healthcare, an innovative healthcare company focusing on improving patient outcomes, announced that it had raised US$ 20 million in a Series B funding round from investors such as Mass General Brigham, Paramark Ventures, and others. The company had plans to use this capital to help improve patient care through its health systems that are installed in more than 20 established healthcare institutions.

Category-wise Insights

Which Product Will Witness a Bright Sales Outlook Over the Decade?

“Real-time Location Systems to Account for Notable Market Share”

Based on product, the hospital asset management market is segmented into real-time location systems (RTLS), radio-frequency identification (RFID), ultrasound tags, and infrared tags.

The ability to manage multitasking for visualization, integration, data capturing, and analysis applications is a key prospect that is projected to bolster the popularity and demand for real-time location systems (RTLS) in hospital asset management. Reduction in capital expenditure and rising focus on workflow optimization in health institutions are also projected to promulgate sales of real-time location devices over the next ten years.

Increasing application scope of RTLS devices in inventory tracking and supply chain management is also expected to bolster growth in this segment in the long run.

• Sales of real-time location systems (RTLS) are forecasted to account for around 70% of the global market share by the end of the forecast period.

Competitive Landscape

Leading hospital asset management service providers are focusing on collaborating and partnering with other companies to expand their business potential and cement their position in the global competitive landscape.

• In June 2022, GE Healthcare, a leading medical technology firm, announced that it had collaborated with Medtronic to accelerate the delivery of personalized patient monitoring solutions through the CARESCAPE platform.

Key Segments of Hospital Asset Management Industry Research

• By Product :

  • Real-time Location Systems (RTLS)
  • Radio-frequency Identification (RFID)
  • Ultrasound Tags
  • Infrared Tags

• By Application :

  • Staff Management
  • Patient Management
  • Supply Chain Management
  • Instrument Management

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA