Hospital Asset Management Systems Market is Anticipated to Attain a Revenue of USD 160.3 Billion by Growing at a CAGR of More than 30.3% During 2022-2028; Growing Need for Generating Increased Return on Inventory Investment

The most recent hospital asset management systems market analysis by SkyQuest forecasts potential future growth and offers up-to-date details on market size, industry trends, and anticipated growth. By providing a thorough market analysis, the research intends to assist decision-makers in making smart investment decisions. Key market drivers, obstacles, and opportunities are also identified by thorough research.

Westford USA, Feb. 14, 2023 (GLOBE NEWSWIRE) -- In 2021, North America accounted for a sizable portion of the worldwide hospital asset management market, and the region is anticipated to hold the largest market share during the forecast period. The growth of the market in the region can be ascribed to the rising number of hospitals, significant implementation of strategies for upholding patient safety standards and maximizing returns on inventory investment. Moreover, the majority of hospitals in the area are improving their overall infrastructure and incorporating digitalization owing to the rising investment by the government and key market players in the healthcare sector, and growing expenditure in the healthcare sector are predicted to boost the market growth.

SkyQuest’s latest research insights show that the economy's proportion of health care increased from 17.6% in 2019 to 19.7% in 2022 in the USA and the average cost of health care per person increased to USD 12,530 from USD 11,462 in 2019.

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Tables - 68

Figures – 64

The physical assets of a hospital are monitored and managed via a hospital asset management system. It can include things like furniture, structures, and medical equipment. Also, medical systems and equipment, such as X-rays, bedside monitors, and medical tools, and many non-electrical/electronic pieces of equipment, such as wheelchairs and portable hospital beds. The method can be used to assist medical staff in keeping track of the locations of assets, their most recent uses, and their current uses.

Prominent Players in Hospital Asset Management Systems Market

  • ZIH Corp (US)
  • Sonitor Technologies (Australia)
  • Impinj, Inc. (US)
  • Honeywell International Inc. (US)
  • GE Healthcare (General Electric Company) (US)
  • CenTrak (Halma plc) (USA)
  • Ekahau (US)
  • CenTrak (Chicago)
  • Ascom (India)
  • ThingMagic
  • Versus Technology, Inc.
  • Stanley Healthcare
  • IBM Corporation
  • Elpas
  • Siemens Healthcare

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Patient Management Segment to Gain the Highest Market Share Owing to Rising Concerns Related to Patient Safety

The vital role that hospital asset management systems play in ensuring patient safety is estimated to fuel the segment growth as for any hospital the safety of patients in terms of their overall well-being and ensuring the right mode of treatment for the patient. Further, as a way to satisfy compliance needs and promote patient safety, the healthcare sector has been intent on increasing spending on asset management programs. A good example is the widespread usage of barcodes to lower patient medication administration errors. Moreover, the rising concerns related to medication errors in hospitals is promoting the growth of the segment. SkyQuest found during research that every year, medical mistakes affect more than 7.1 million American patients in some way. Between 7,001 and 9,001 Americans perish as a result of medical mistakes every year. Medication errors cause about 530,100 injury events each year in outpatient clinics. All these errors can be mitigated by employing a patient management system.

The market in North America is estimated to hold the largest market share by growing at a significant CAGR during the forecast period. The growth of the market can be ascribed to the rising number of clinical diagnostic laboratories using more and more economical medical technologies, and a notable improvement in clinical and laboratory research infrastructure. Moreover, the prominent presence of key market players and the rising number of patients in the hospital is predicted to fuel the market growth.

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Real-time location systems (RTLS) Devices Segment to Gain the Significant Market Share Owing to its Increasing Application

Hospitals are increasingly using real-time location systems (RTLS) to track medical personnel, patients, and other resources, creating substantial revenue streams for the hospital asset management business. The spread of Wireless connections and the internet has benefited hospitals. There are various developing and developed countries where RTLS implementation is anticipated to increase. The industry for hospital asset management has seen its prospects boosted by the rising spending on WiFi infrastructure and implementation of advanced technologies. In addition to this, by speeding up the workflow, RTLS assists in making the best use of the fewest resources possible to get a greater yield. Another area where many healthcare businesses have utilized RTLS technologies to improve their supply chain activities is maximum resource usage. SkyQuest found during a market study that the RTLS segment generated a revenue of USD 2025 million in 2021 and is expected to generate significant revenue during the forecast period.

The market in Asia Pacific region is predicted to witness the fastest growth during the forecast period. The growth of the market can be ascribed to the increasing patient pool in the hospital, rising number of medical facilities, growing healthcare expenditure, and rising geriatric population who frequently require hospital assistance. Hence, the hospitals in the region started adopting smart management systems to ease operations and to make the tracking of assets and patients easy. SkyQuest’s latest data on the aging population shows that nearly 49.5% of the aged population who suffer from one or more diseases were admitted to hospital in 2021.

The research study provides thorough and in-depth analyses of the leading market players in the hospital asset management systems market, including information on their earnings reports, supply chain dynamics, technological breakthroughs, and significant advancements.

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Key Developments in the Hospital Asset Management Systems Market

  • Leading providers of diagnostic services and medical technology, Siemens Healthineers and Unilabs, today signed a multi-year agreement worth over USD 200 million. Unilabs has invested in cutting-edge Siemens Healthineers technology and will buy more than 400 laboratory analyzers to further enhance its healthcare infrastructure and provide customers with unmatched service.
  • To increase its focus on RAIN radio-frequency identification (RAIN RFID) applications in healthcare and to take part in creating standards for RAIN RFID healthcare use, Impinj, Inc., a leading RAIN RFID provider, and IoT trailblazer joined the DoseID Consortium in February 2022. The purpose and vision of DoseID, which promotes industry-wide collaboration for RAIN RFID healthcare standards and use, are shared by Impinj.
  • Sonitor, the industry pioneer and leading supplier of patented, ultrasound-based Real-Time Location Systems (RTLS) and Indoor Positioning Systems (IPS), was rated significantly higher than the industry standard by healthcare providers in May 2022.
  • The leadership of CVS and Oak Street Health marketed their USD 10.6 billion mergers on February 2023 by stating that they will collaborate to develop the "leading multi-payer Healthcare value-based care platform," which will improve pharmacy supply chain management and drug administration.

Key Questions Answered in the Hospital Asset Management Systems Market Research Report

  • What are the cost, profit, and production analyses of the major players in the hospital asset management systems market??
  • What are the main elements affecting the growth of the market globally?
  • What commercial possibilities, difficulties, and strategies have the major players adopted?
  • What opportunities and difficulties do global suppliers face in the market?
  • What are the regional sales, revenue, and pricing analyses for the global market?

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