Wireless Healthcare Asset Management Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 41.83 Billion |
| Market Size (2029) | USD 124.87 Billion |
| CAGR (2024 - 2029) | 24.45 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wireless Healthcare Asset Management Market Analysis
The Wireless Healthcare Asset Management Market size is estimated at USD 41.83 billion in 2024, and is expected to reach USD 124.87 billion by 2029, growing at a CAGR of 24.45% during the forecast period (2024-2029).
The implementation of wireless healthcare asset management systems has been growing owing to the advent of trends, such as the Internet of Things (IoT), digitization, and automation of various processes. These advanced technologies help reduce the loss of expensive hospital equipment, leading to high capital losses.
- The employment of individual staff necessary for monitoring and keeping track of the equipment can also be avoided, which could prove an extra expense for the hospital. Implementing such technology increases the visibility of devices, reducing the time spent sorting and organizing equipment to avoid wasting time.
- A real-time asset monitoring solution allows the ability to control frequently changing situations and see across the hospital organizations to understand the workflow. From maintenance to procurement and even managing the database of a single software, each IT hardware equipment introduces incalculable vulnerabilities. Multiplying these risks by thousands and millions of servers, computers, sensitive equipment, and other storage devices, the magnitude of probabilities for security breaches, auditing mistakes, mismanagements, and human resources, among other critical resource diversions, inflates exponentially.
- Continuous and uninterrupted functioning of the healthcare equipment is pivotal to efficient patient treatment and care. As such, this equipment must be monitored occasionally and serviced/replaced accordingly. Using wireless asset management solutions helps hospital owners track the equipment's health and service requirements. This allows the hospitals to reduce operating costs and maintain efficient patient care.
- Previously, hospitals were reluctant to implement wireless technology for asset tracking, fearing that the signals might interfere with the medical equipment, thereby hampering the treatment and patients' health. However, over the years, companies have developed products that operate on different frequencies and do not interfere with the existing hospitals' equipment and machinery. As such, the demand \for such wireless devices for asset tracking is increasing as the end-users adopt the technology.
- The COVID-19 pandemic catalyzed technological adoption in the healthcare industry. The need for efficient and continuous patient care, along with safeguarding the hospital staff, was a critical factor in the technological shift in the healthcare industry. Wireless tracking of assets in clinics and hospitals reduces human movement across the premises. Also, as it gets easier to locate the asset without the need for interaction among the staff members, the benefits of wireless asset management have primarily been recognized by the stakeholders in the healthcare industry. Therefore, the demand for such wireless technologies is witnessing significant growth and is anticipated to grow over the forecast period.
Wireless Healthcare Asset Management Market Trends
Asset tags Products Segment is Expected to Hold a Significant Market Share
- Asset tags are implemented to keep track of every item in the inventory and avoid loss of assets. Many healthcare institutions have utilized the latest technologies, such as NFC, and legacy technologies, such as RFID, have been deployed to keep track of all the equipment used in hospitals and clinics.
- RFID technology, which uses wireless communication for identifying and tracking equipment and people, has witnessed strong adoption in healthcare over the years. Additionally, when paired with a Real-time locating system (RTLS) or indoor positioning system, RFID tags allow healthcare providers to track newborns and prevent their older patients with dementia or other issues from wandering offsite.
- In April 2023, Verizon Business announced the deployment of the private 5G network at the Cleveland Clinic Hospital in Mentor, Ohio. Through this partnership, the two companies would develop ways to use this technology to enhance patient care, offer caregivers greater connectivity to deliver that care, and raise the patient and visitor experience.
- Furthermore, patient history tracking allows doctors to give better prescriptions and provide the necessary care. Due to this, hospitals are using RFID wristbands with patient data to keep track of their patient’s medical history. This led to increasing innovation in asset tags, and market vendors are capitalizing on this opportunity.
- Using asset tags in hospitals also helps reduce downtime by implementing better planning and utilization of the asset. The hospital supply chain must be efficient to prevent the loss of life. Also, numerous products must be kept in the hospitals, both a necessity and a mandate. Therefore, this large number of equipment and products must be easily trackable by the hospital staff to avoid delays in treatment. As these tags are readily available and less expensive, they are highly adopted by hospitals, which is the key reason for the high share of this segment.
- The increasing number of IoT devices plays a significant role in driving the growth of the asset tag products segment in the market. IoT devices, including sensors and RFID tags, enable precise and real-time tracking of healthcare assets such as medical equipment, supplies, and devices. According to ETNO European Telecommunications Network Operators' Association survey, the number of IoT healthcare active connections was expected to increase through the years. In 2016 it was at 0.87 million connections and was expected to reach 10.34 million by 2025.
Asia Pacific Expected to Witness Significant Growth in the Market
- Asia-Pacific is anticipated to grow during the projected period due to the technological expansion of developing countries and an increasing middle-aged population in this region. Rising expenditure on healthcare infrastructure and emerging unmet market demand will propel the market's growth rate in this region.
- The growing demand for innovative health asset management solutions, such as IoT-based real-time tracking and blockchain-enabled asset management, is expected to enhance the market growth in the region over the forecast period. Additionally, the emergence of remote patient monitoring and collaborations between market vendors and healthcare institutions are anticipated to boost the market's growth in the region over the forecast period.
- IoT is expected to witness massive adoption in the region over the coming years, with mobile technologies playing a vital role in enabling the industry to grow. Owing to such developments in IoT and mobile technologies, the healthcare industry in the region is expected to prosper, thereby providing numerous opportunities for market expansion.
- Hospitals in the region are deploying various asset-tracking hardware and software, such as RFID, barcode GPS, and IoT sensor-based solutions, to track medical equipment efficiently. For instance, barcodes are used extensively in hospitals for smaller medical equipment, and RFID tags are used in oversized equipment, such as beds, wheelchairs, and heart monitors. In the past few years, advanced asset tracking systems, such as real-time IoT sensor-based medical asset tracking solutions, have gained traction in the healthcare industry.
Wireless Healthcare Asset Management Industry Overview
The wireless healthcare asset management market is highly fragmented, with the presence of major players like Cisco Systems Inc., General Electric Company, Stanley Healthcare, CenTrak, Inc., and Verizon. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- July 2023 - Amazon Web Services, Inc. (AWS), announced AWS HealthScribe. This HIPAA-eligible service empowers healthcare software providers to raise clinical applications that use speech recognition and generative AI to store clinicians' time by generating clinical documentation. With the AWS HealthScribe, healthcare software providers can use a single API to automatically create robust transcripts, extract key details (e.g., medications and medical terms), and create summaries from doctor-patient discussions that can then be entered into an electronic health record (EHR) system.
- April 2023 - Siemens Digital Industries Software and IBM announced they are expanding their partnership to develop a combined software solution integrating their respective providing for systems engineering, service lifecycle management, and asset management.
Wireless Healthcare Asset Management Market Leaders
Cisco Systems Inc.
General Electric Company
Stanley Healthcare
CenTrak, Inc
Verizon
*Disclaimer: Major Players sorted in no particular order
Wireless Healthcare Asset Management Market News
- June 2023 - Borda Technology, one of the leading providers of globally award-winning 'IoT for Healthcare' products, launched its latest product, Asset Maintenance Management, which redefines asset management standards. The all-in-one hospital CMMS (Computerized Maintenance Management System) from Borda Technology is designed to help healthcare institutions achieve digital transformation and streamline maintenance, calibration, and breakdown processes.
- April 2023 - GE announced the launch of ReadySee, an asset management and network supervision solution, and Portrait Mobile, a monitoring service. In order to protect sensitive patient health information (PHI), ReadySee is designed to transform data into actionable insights about devices and infrastructure, eliminate the need for manual efforts to locate such devices, and self-manage cybersecurity protocols. For their clinical teams to be prepared to care for their patients, ReadySee assists biomedical and IT healthcare professionals in ensuring their equipment is up and running.
- May 2023 - Royal Philips, a global health technology provider, announced the debut of Philips Virtual Care Management, a comprehensive portfolio of flexible solutions and services to help health systems, providers, payers, and employer groups more meaningfully motivate and deeply connect with patients from virtually anywhere. Philips Virtual Care Management can help reduce pressure on hospital staff by decreasing emergency department visits and reducing the cost of care through better management of chronic disease.
Wireless Healthcare Asset Management Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Report
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Stakeholder Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing use of Asset Tags in Healthcare industry
5.1.2 Need for an Effective Real Time Asset Monitoring Solution
5.1.3 Rising Focus and Investments in Improving Healthcare Infrastructure
5.2 Market Restraints
5.2.1 Significant Investment Costs
5.3 Value Chain / Supply Chain Analysis
6. MARKET SEGMENTATION
6.1 By Products
6.1.1 Asset Tags
6.1.2 Wearble Tags
6.1.3 Wireless Sensros
6.1.4 Other Products
6.2 By Technology
6.2.1 RFID
6.2.2 Wi-Fi
6.2.3 ZigBee
6.2.4 Other Technologies
6.3 By Geography
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.2 Europe
6.3.2.1 Germany
6.3.2.2 United Kingdom
6.3.2.3 France
6.3.2.4 Italy
6.3.2.5 Rest of Europe
6.3.3 Asia-Pacific
6.3.3.1 India
6.3.3.2 China
6.3.3.3 Japan
6.3.3.4 Rest of Asia-Pacific
6.3.4 Rest of the World
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Cisco Systems Inc.
7.1.2 General Electric Company
7.1.3 Stanley Healthcare
7.1.4 CenTrak, Inc
7.1.5 Verizon
7.1.6 Zebra Technologies Corp
7.1.7 Camcode (Horizons, Inc.)
7.1.8 Sonitor Technologies
7.1.9 AiRISTA Flow, Inc.
7.1.10 Midmark Corporation
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Wireless Healthcare Asset Management Industry Segmentation
Wireless Healthcare Asset Management primarily involves using various wireless devices and sensors to track, monitor, and manage the assets used in the healthcare industry, especially hospitals. These devices include asset tags, wearable tags, and wireless sensors. Various technologies in these products make them a suitable solution, including Wi-Fi, RFID, and ZigBee.
Wireless Healthcare Asset Management Market is segmented by Products (asset tags, wearable tags, wireless sensors), by technology (RFID, Wi-Fi, zigBee), and by geography (North America, Europe, Asia-Pacific, and the Rest of the World). The market sizes and forecasts are provided in terms of value in USD for all the above segments.
| By Products | |
| Asset Tags | |
| Wearble Tags | |
| Wireless Sensros | |
| Other Products |
| By Technology | |
| RFID | |
| Wi-Fi | |
| ZigBee | |
| Other Technologies |
| By Geography | |||||||
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| Rest of the World |
Wireless Healthcare Asset Management Market Research FAQs
How big is the Wireless Healthcare Asset Management Market?
The Wireless Healthcare Asset Management Market size is expected to reach USD 41.83 billion in 2024 and grow at a CAGR of 24.45% to reach USD 124.87 billion by 2029.
What is the current Wireless Healthcare Asset Management Market size?
In 2024, the Wireless Healthcare Asset Management Market size is expected to reach USD 41.83 billion.
Who are the key players in Wireless Healthcare Asset Management Market?
Cisco Systems Inc., General Electric Company, Stanley Healthcare, CenTrak, Inc and Verizon are the major companies operating in the Wireless Healthcare Asset Management Market.
Which is the fastest growing region in Wireless Healthcare Asset Management Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wireless Healthcare Asset Management Market?
In 2024, the North America accounts for the largest market share in Wireless Healthcare Asset Management Market.
What years does this Wireless Healthcare Asset Management Market cover, and what was the market size in 2023?
In 2023, the Wireless Healthcare Asset Management Market size was estimated at USD 31.60 billion. The report covers the Wireless Healthcare Asset Management Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wireless Healthcare Asset Management Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wireless Healthcare Asset Tracking Industry Report
Statistics for the 2023 Wireless Healthcare Asset Tracking market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wireless Healthcare Asset Tracking analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
