Hospital Asset Management Systems Market Expected to Achieve 26.2% CAGR by 2029: Growth Forecast Insights

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How Large Will the Hospital Asset Management Systems Market Size By 2025?
The market size of hospital asset management systems has seen a substantial increase in the recent past. The market is projected to expand from a worth of $26.57 billion in 2024 to $32.61 billion in 2025, showing a compound annual growth rate (CAGR) of 22.7%. The historic growth has been driven by factors such as regulatory compliance, initiatives to cut costs, escalating healthcare expenses, patient safety and inventory management.

How Big Is the Hospital Asset Management Systems Market Size Expected to Grow by 2029?
Anticipated rapid expansion is on the horizon for the hospital asset management systems market, with projections estimating it to reach $82.61 billion by 2029, growing at a compound annual growth rate (CAGR) of 26.2%. The driving factors for this impressive growth during the forecast period are attributed to the integration of electronic health records, AI and predictive analytics, readiness to tackle global health crises, enhancements in telehealth and remote monitoring, as well as considerations for energy efficiency and sustainability. Within the forecast period, major anticipated trends include the implementation of blockchain technology, cooperation and interoperability, utilization of digital twins for equipment, employment of big data analytics for capital optimization, user-friendly interfaces, and adequate training.

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Which Key Market Drivers Powering Hospital Asset Management Systems Market Expansion and Growth?
The expanding quantity of medical facilities is predicted to spur the development of the hospital asset management systems market in the near future. A hospital is essentially a facility that is set up, staffed, and equipped to diagnose illnesses, provide medical and surgical care for the ill and wounded, and offer accommodation throughout these processes. The upward trend in hospital numbers can be attributed to factors such as increased hospitalizations, prolonged stays in intensive care units, greater demand for oxygen, and a surge in chronic disease cases. Hospital asset management systems play a crucial role in effectively managing these assets, ensuring appropriate usage, maintenance, and tracking when required. For instance, data from the American Hospital Association in May 2023, a US-based national entity, indicated that US hospitals had increased from 6,090 in 2021 to 6,129 in 2023. Additionally, the overall number of community hospitals saw a rise from 3,453 in 2021 to 3,514 in 2023. Consequently, the surge in hospital count is invigorating the evolution of the hospital asset management system market.

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Which Fast-Growing Trends Are Poised to Disrupt the Hospital Asset Management Systems Market?
The hospital asset management systems market is witnessing a key trend in the form of product innovation, as leading companies focus on introducing unique products to cement their market position. For instance, in April 2023, the US-based medical technology firm GE HealthCare Technologies Inc. unveiled ReadySee, an advanced asset management and network supervision solution, along with the Portrait Mobile monitoring solution. These systems transform raw data into useful insights concerning devices and infrastructure, streamline the process of locating devices by eliminating manual effort, and independently manage cybersecurity protocols. These protocols identify vulnerabilities, assess risk, and safeguard highly sensitive patient health information (PHI). ReadySee assists biomedical and IT healthcare professionals in maintaining their devices' operational readiness, thus ensuring that their clinical teams are prepared to provide patient care. Meanwhile, the Portrait Mobile monitoring solution caters to the demanding needs of wireless and wearable monitoring through a platform that uses groundbreaking technologies easily integrated into a hospital's existing IT infrastructure.

What Are the Emerging Segments in the Hospital Asset Management Systems Market?
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

Subsegments:
1) By Radio-Frequency Identification (RFID): Passive RFID Tags, Active RFID Tags, RFID Readers And Software
2) By Real-Time Location Systems (RTLS): Infrared RTLS, Ultrasound RTLS, GPS RTLS, Zigbee RTLS
3) By Ultrasound And Infrared Tags: Ultrasound Tags, Infrared Tags, Hybrid Tags (Combining Ultrasound And Infrared Technologies)

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Who Are the Global Leaders in the Hospital Asset Management Systems Market?
Major companies operating in the hospital asset management systems market include 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, AiRISTA Flow Inc., Versus Technology Inc., Asset infinity, InnoMaint, Ezofficeinventory, Sonitor Technologies AS

Which are the Top Profitable Regional Markets for the Hospital Asset Management Systems Industry?
North America was the largest region in the hospital asset management systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hospital asset management systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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