The global market was valued at $2.6 billion in 2022 and is poised to reach $6.7 billion by 2031 at a CAGR of 20.9%.
The hospital asset management commanded the largest share of global market in 2022 growing at a CAGR of more than 20% from 2022 to 2031. RFID in healthcare dominated the market growing strongly at aCAGRof more than 17% from 2022 to 2031. RTLS has recently attracted market leaders and investors and is expected to grow at the highest CAGR of 35.4% from 2022 to 2031. Equipment management commanded the largest share of the applications in 2022, while staff management is expected to grow at the highest CAGR of more than 37% from 2022 to 2031 due to focus on enhanced productivity and quality of care. The global RFID tags commanded the largest share of more than 58% of the global tags market in 2022, while ultrasound tags market is expected to grow at the highest CAGR of more than 17% from 2022 to 2031.
RFID, RTLS and ultrasound & infrared tags are the various product categories of global market. Though RFID was introduced in 1970s the technology adoption in the healthcare and pharmaceuticals market majorly took place in early 2000. RFID in healthcare vertical has dominated the share with more than 60% of the global market share and strongly growing in mature markets such as Europe, North America, Japan, the South Korea, and China between 2010 and 2020. Asset management in healthcare applications such as equipment management, staff management, patient management and temperature & humidity monitoring are being preferred by practitioners. In addition, asset management also provides crucial applications in pharmaceuticals vertical such as drug counterfeiting and supply chain.
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Asset management in pharmaceuticalis predominantly driven by rising incidence of drug counterfeit. According to the World Health Organization, in 2012, there were 170 drug counterfeit cases in the U.S. and an estimated 10% of all pharmaceuticals across the world are believed to be counterfeit. These estimated cases were expected for annual earnings of over $32 billion globally.Considering the severity of the incidence and enhancing the patient safety organizations such as FDA strongly suggests the use of RFID as an efficient solution.
North America dominated the hospital asset management market with close to 44% of the global market share in 2012 and is expected togrowat a CAGR of 20.7% from 2012 to 2017.The North American region comprises a major share due to the large number of U.S. based RFID and RTLS technology providers and ease of access to this region. Asia is projected to grow at the highest CAGR in the next five years, due to the rising awareness and increase in investors in countries such as China, India and Japan.
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Major players in the market are AeroScout, Inc. (U.S.), Ekahau, Inc. (U.S.), GE Healthcare (U.K.), Awarepoint Corporation (U.S.), IBM Corporation, (U.S.) and Siemens Healthcare (Germany).
Scope of the Report
The global hospital asset management market has been segmented according to the type of products, and applications. Both of these markets are broken down into segments and sub-segments, providing exhaustive value analysis for the years 2010, 2011, 2012, and forecast to 2017. Each market is comprehensively analyzed at a granular level by geography (North America, Europe, Asia, and Rest of the World) to provide in-depth information on the global scenario.
Global Hospital Asset Management Market
Hospital Asset Management Market
Temperature and Humidity monitoring
Tags (Value and Volume)
RTLS (Real Time Location Systems)
Ultrasound and Infrared tags (Value and Volume)
Pharmaceutical Asset Management Market
Hospital Asset Management Market
Wireless Health Market
Chromatography Reagents Market
Vital Signs Monitoring Market
Healthcare IT Outsourcing Market
U.S. Healthcare BPO Market
In Vitro Diagnostic (IVD) Market
Medical Power Supply Market