United States Healthcare Asset Management Market Insights Forecasts to 2033

• The Market is Growing at a CAGR of 29.96% from 2023 to 2033
• The U.S. Healthcare Asset Management Market Size is expected to hold a significant share by 2033

The United States Healthcare Asset Management Market is expected to hold a significant share by 2033, growing at a CAGR of 29.96% from 2023 to 2033. The rising hospital admissions in the US and the introduction of artificial intelligence and machine learning are driving the growth of the healthcare asset management market in the US.     

Market Overview

Healthcare asset management is essential to guarantee patient safety and high-quality care and helps to ensure patient safety and organizational integrity by helping to maintain compliance with regulatory standards, such as those established by the Joint Commission. The efficient asset management plan saves cost, thereby improving the asset's lifespan and avoiding unexpected repairs. Further, improving patient care, cutting expenses, and increasing efficiency all depend on effective asset management. Healthcare firms may enhance productivity, prolong asset life, and guarantee regulatory compliance by incorporating strategies including asset tracking, preventative maintenance, staff training, and data analytics. A variety of technologies are used by the healthcare asset management system for tracking and managing assets in real time, including barcoding, RFID (Radio Frequency Identification), and Internet of Things (IoT) devices. This has enhanced patient care and reduced downtime.

Report Coverage

This research report categorizes the market for the US healthcare asset management market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States healthcare asset management market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the US healthcare asset management market.

Driving Factors

In 2022, there were over 33.7 million hospital admissions in the United States. Hospital stays are more common in women than in men; approximately 7.2 percent of women reported having been in a hospital in the previous year, compared to 4.8 percent of men. In addition, just 6.6% of people between the ages of 18 and 44 had a hospital stay in the previous year, compared to 16.6% of people 65 and older. A hospital patient's stay in the United States typically lasts 5.7 days. The increased patient admissions in hospitals are significantly contributing to market expansion. The increasing complexity of healthcare operations surges the need for technologically advanced solutions such as RFID and RTLS technologies are driving the market growth. The latest trend in technology adoption is shown in the integration of AI into asset management software for analyzing massive data sets and performing mathematical operations are further driving the market growth.

Restraining Factors

The lack of adoption of this software in many hospitals owing to the money and time involved in shifting from wired to wireless technology may hamper the market for healthcare asset management.

Market Segmentation

The United States Healthcare Asset Management Market share is classified into product, application, and end-user.  

• The radiofrequency identification (RFID) segment dominates the US healthcare asset management market with the largest share in 2023.

The United States healthcare asset management market is segmented by product into radiofrequency identification (RFID), real-time location systems (RTLS), and others. Among these, the radiofrequency identification (RFID) segment dominates the US healthcare asset management market with the largest share in 2023. Radio Frequency Identification (RFID) technology devices can read data from a wireless device, or "tag," from a distance without needing to be in close proximity or have a line of sight by using radio waves. The advancements in RFID technology are driving the market growth.

• The equipment tracking segment dominates the market with a significant market share during the forecast period.

The United States healthcare asset management market is segmented by application into staff management, equipment tracking, and supply chain management. Among these, the equipment tracking segment dominates the market with a significant market share during the forecast period. Hospital asset tracking systems are used for equipment monitoring. They can substantially decrease the loss of hospital assets, cut asset search time, providing real-time data on the assets’ use, thereby helping to plan equipment maintenance. The adoption of asset management software is responsible for market growth.  

• The hospitals segment dominates the US healthcare asset management market during the forecast period.       

Based on the end-user, the U.S. healthcare asset management market is divided into hospitals, laboratories, and others. Among these, the hospitals segment dominates the US healthcare asset management market during the forecast period. Asset management in hospitals is used to track and manage the physical assets of the hospitals. These assets are made up of different tangible assets that are essential to providing healthcare services, such as land, buildings, and medical equipment. There is an increasing implementation of asset-tracking solutions in hospitals to mediate the workflow and improve asset management.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the U.S. healthcare asset management market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• IBM
• GE Healthcare
• Zebra Technologies Corporation
• Jadak - A Novanta Company
• AiRISTA Flow, Inc.
• CenTrak Inc.
• Sonitor Technologies
• Stanley Healthcare
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2023, Midmark RTLS, a leading real-time locating system (RTLS) technology provider focused on workflow efficiency solutions and data insights that improve the delivery of care, announced it offers a Staff Duress solution based on its cloud software platform enabled by the Bluetooth Low Energy (BLE) sensory network.

• In June 2021, Midmark RTLS, a leading real-time locating system (RTLS) technology provider focused on clinical workflow solutions and data insights that improve the delivery of care, announced it offers a cloud-based, Bluetooth Low Energy (BLE) asset tracking solution—a combination that can be rapidly deployed across health systems, in both new and existing facilities without time-consuming, resource-intensive projects.

Market Segment

This study forecasts revenue at U.S., regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United States Healthcare Asset Management Market based on the below-mentioned segments

US Healthcare Asset Management Market, By Product

• Radiofrequency Identification (RFID)
• Real-time location systems (RTLS)
• Others

US Healthcare Asset Management Market, By Application

• Staff Management
• Equipment Tracking
• Supply Chain Management

US Healthcare Asset Management Market, By End-User

• Hospitals
• Laboratories
• Others