Hospital Asset Management Systems Global Market Report 2024

The hospital asset management systems market size has grown exponentially in recent years. It will grow from $21.85 billion in 2023 to $27.1 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth observed in the historical period within hospital asset management systems stemmed from factors such as adherence to regulations, initiatives aimed at reducing costs, the increase in healthcare expenditures, emphasis on patient safety, and efficient inventory control measures.

The hospital asset management systems market size is expected to see exponential growth in the next few years. It will grow to $64.56 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%. Anticipated growth in the forecast period within hospital asset management systems is expected due to several key factors. These encompass integration with electronic health records (EHRs), the incorporation of artificial intelligence (AI) and predictive analytics, readiness for global health crises, the integration of telehealth and remote monitoring capabilities, and a focus on energy efficiency and sustainability practices. Major trends projected for this period include the adoption of blockchain technology, emphasis on collaboration and interoperability among systems, utilization of digital twins for equipment management, leveraging big data analytics for optimizing assets, and the development of user-friendly interfaces and training methods. These trends are anticipated to significantly influence the evolution of hospital asset management systems, fostering innovation and driving growth in the forecasted period.

The anticipated increase in the number of hospitals is set to drive the growth of the hospital asset management systems market. Hospitals, as institutions dedicated to illness diagnosis, medical and surgical treatment, and patient accommodation, are witnessing a surge in numbers. This growth is attributed to heightened hospitalization rates, increased demand for ICU facilities, rising oxygen requirements, and an uptick in cases of chronic diseases. Hospital asset management systems play a pivotal role in efficiently managing assets within these healthcare facilities, ensuring their optimal use, maintenance, and tracking. A noteworthy example is the American Hospital Association's report in May 2023, indicating a rise in the number of hospitals in the US from 6,090 in 2021 to 6,129 in 2023. The total count of community hospitals also increased from 3,453 in 2021 to 3,514 in 2023, substantiating the driving force behind the growth of the hospital asset management systems market.

The increasing investment in healthcare is poised to be a key driver for the growth of the hospital asset management systems market. Healthcare investment involves the allocation of financial resources towards the development, innovation, and provision of medical services, technologies, and treatments, ultimately aimed at enhancing overall health and wellness. Hospital asset management systems play a crucial role in optimizing operational efficiency, streamlining resource allocation, and minimizing equipment downtime for cost-effective care delivery. A case in point is the Australian Government's commitment, as reported in March 2022 by the Australian Government Department of Health and Aged Care. The government is dedicating a substantial amount, reaching $132 billion in 2022–23 and escalating to $140 billion by 2025–26, totaling $537 billion over the next four years. This investment is directed towards fortifying the healthcare system, underscoring the pivotal role of healthcare investment in driving the growth of the hospital asset management systems market.

A significant trend in the hospital asset management systems market is the growing emphasis on product innovation by major companies to solidify their market positions. Notably, in April 2023, GE HealthCare Technologies Inc., a US-based medical technology company, introduced ReadySee, a novel asset management and network supervision solution. The Portrait Mobile monitoring solution, part of this innovation, is designed to convert data into actionable insights about devices and infrastructure. It aims to eliminate manual efforts in locating devices, self-manage cybersecurity protocols to identify vulnerabilities, provide risk scoring, and safeguard sensitive patient health information (PHI). ReadySee assists biomedical and IT healthcare professionals in ensuring device readiness, allowing clinical teams to be prepared for patient care. The Portrait Mobile monitoring solution specifically addresses the requirements of wireless and wearable monitoring, leveraging innovative technologies easily deployable on a hospital's IT infrastructure.

Major companies in the hospital asset management systems market are turning to chirp radio-frequency technology to enhance tracking accuracy and streamline inventory management processes in healthcare facilities. Chirp radio-frequency technology involves continuously varying the frequency over time within a defined range for data transmission and radar applications. For example, in June 2021, Inpixon, a US-based indoor intelligence company, launched the Inpixon Asset Tag. This asset tag is engineered to monitor a diverse range of valuable assets in hospital settings, including equipment, tools, vehicles, robots, hazardous or sensitive materials, mobile storage units, maintenance yard machinery, and more. By facilitating swift and precise tracking or location identification, the tag contributes to effective asset management, discouraging theft, aiding in the recovery of lost items, pinpointing workflow inefficiencies, simplifying inventory oversight, and enhancing both asset usage and worker efficiency. Powered by chirp radio-frequency technology, the tag offers exceptional accuracy, an extensive operational range, and resilience against interference, covering distances of up to 300 meters with precise location accuracy down to one meter.

In December 2021, Dude Solutions Inc., a software company based in the United States, completed the acquisition of Facility Health Inc. (FHI) for an undisclosed sum. This strategic acquisition represents an expansion of Dude Solutions Inc.'s presence in North America. It also strengthens the company's capabilities in serving midmarket and enterprise-level healthcare organizations through its Strategic Asset Management (SAM) solution, particularly the Capital Predictor. Facility Health Inc (FHI), the acquired entity, specializes in providing strategic capital and asset planning services within the United States.

Major companies operating in the hospital asset management systems market report are 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, Securitas Healthcare LLC., Halt Medical Inc., AiRISTA Flow Inc., Versus Technology Inc., Asset infinity, InnoMaint, Ezofficeinventory, Sonitor Technologies AS.

North America was the largest region in the hospital asset management systems market in 2023. 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. The countries covered in the hospital asset management systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of hospital asset management system products include radio-frequency identification (RFID), real-time location systems (RTLS), and ultrasound and infrared tags. RFID technology involves electronic tags that communicate with readers equipped with RFID chips via radio waves. These systems find diverse applications across patient management, equipment tracking and management, monitoring temperature and humidity, ensuring infection control and hygiene compliance, staff management, and pharmaceutical asset management. They are predominantly utilized within hospitals, laboratories, and similar healthcare settings.

The hospital asset management systems market research report is one of a series of new reports that provides hospital asset management systems market statistics, including hospital asset management systems industry global market size, regional shares, competitors with a hospital asset management systems market share, detailed hospital asset management systems market segments, market trends and opportunities, and any further data you may need to thrive in the hospital asset management systems industry. This hospital asset management systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hospital asset management systems market includes of revenues earned by entities by providing services such as asset tracking and identification, real-time location tracking, and workflow automation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.