Rockville, May 15, 2023 (GLOBE NEWSWIRE) -- Hospital asset management is expected to have a market value of $14.5 billion in 2023 and grow to $69 billion by the end of 2033. Over the next ten years, the global hospital asset management market is expected to grow at an astounding 16.8% CAGR.
The use of asset management tools has grown significantly in recent years, and this development is currently changing the healthcare sector as well. Over the next 10 years, it is anticipated that increased digitization in the healthcare industry will primarily increase demand for hospital asset management software and solutions.
Some of the primary advantages of implementing hospital asset management include increased productivity, lower healthcare costs, and improved patient outcomes. These advantages are anticipated to have a significant positive impact on market growth during the course of the forecast year and beyond.
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Market Drivers:
- As hospitals and healthcare facilities become larger and more complex, there is a growing need for cost-effective management of their assets. Asset management systems can help healthcare providers optimize their resources and reduce waste, ultimately resulting in cost savings.
- Moreover, managing inventory can be a time-consuming and costly process, especially for healthcare facilities that deal with a wide range of medical supplies and equipment. Asset management systems can automate the inventory management process, allowing healthcare providers to track the location and usage of assets in real-time, which can help prevent loss and reduce overall inventory costs.
- Healthcare facilities are subject to a variety of regulations that require proper management and tracking of assets. Asset management systems are used to meet various requirements by providing detailed asset usage and maintenance records.
- Advancements in technology have made it easier and more affordable for hospitals to implement asset management systems. For instance, using RFID tags and other wireless technologies can help healthcare providers track assets in real-time, without manual data entry.
- Hospitals and healthcare providers are under increasing pressure to provide high-quality care to patients. Asset management systems can help improve patient care by ensuring that medical equipment is properly maintained and available when needed, reducing the risk of equipment failures and downtime.
Market Restraints:
Here are some possible restraints for the Hospital Asset Management Market:
- The adoption of asset management solutions in hospitals requires a significant upfront investment, which may be a challenge for smaller healthcare facilities with limited budgets.
- Integrating asset management systems with other hospital systems, such as electronic medical records (EMRs) or financial management systems, can be complex and time-consuming, leading to implementation delays and additional costs.
- Security and privacy concerns: Hospital asset management solutions require the collection and storage of sensitive patient and facility data, which can be vulnerable to cyber threats and breaches, leading to potential legal and reputational risks.
- Resistance to change: Healthcare organizations may face resistance from staff and management to the adoption of new asset management technologies, especially if they require changes to existing workflows or processes.
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Key Trends:
- Radio Frequency Identification (RFID) technology is increasingly being adopted by hospitals for asset management, due to its accuracy, reliability, and cost-effectiveness. RFID tags can track the location, condition, and status of hospital assets in real time, improving operational efficiency and reducing costs.
- Hospitals are increasingly seeking solutions that enable real-time tracking of assets, as this can improve patient safety, reduce equipment downtime, and increase staff productivity. Real-time tracking can also enable hospitals to optimize asset utilization and reduce equipment loss or theft.
- Another key trend is that hospitals are placing greater emphasis on inventory management, as this can help to reduce waste, control costs, and improve operational efficiency. Asset management solutions that integrate with inventory management systems can help hospitals to track and manage inventory levels, reducing the risk of stockouts or overstocking.
- Moreover, cloud-based asset management solutions are gaining popularity among hospitals, as they offer greater scalability, flexibility, and accessibility compared to on-premise solutions. Cloud-based solutions also enable hospitals to store and analyze large amounts of data, providing insights that can help to improve asset utilization and reduce costs.
- Hospitals are adopting predictive maintenance techniques to improve asset reliability and reduce equipment downtime. Predictive maintenance uses data analytics and machine learning algorithms to identify equipment issues before they occur, enabling hospitals to take proactive measures to prevent breakdowns and extend asset lifespan.
Competitive Landscape:
In this market, the competitive landscape is characterized by the presence of a number of key players. These players may include established healthcare technology providers, emerging startups, and niche players specializing in specific areas of hospital asset management.
Leading players in the market are focusing on various strategic initiatives such as collaborations and partnerships with other companies to expand their business potential.
- For instance, In June 2022, GE Healthcare collaborated with Medtronic to accelerate the delivery of personalized patient monitoring solutions.
Key Companies
- ZIH Corp.
- STANLEY Healthcare
- GE Healthcare
- AWAREPOINT Corporation
- Ascom
- Impinj Inc.
- Sanitag
- ASAP Systems
- Real Asset Management Ltd
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
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Key Questions Covered in the Hospital Asset Management Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Hospital Asset Management sales grow until 2033?
- Which are the factors hampering the Hospital Asset Management demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Hospital Asset Management Market during the forecast period?
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