The global healthcare asset management market size is estimated to reach US$ 189.8 billion by 2032 valued at US$ 16.52 billion in 2022 and poised to grow at a CAGR of 27.7% during the forecast period 2023 to 2032.
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Asset management can be defined as a cost-efficient, highly systematic process for planning, acquiring, operating, deploying, disposing and maintaining of an asset physical in nature of the healthcare business in a medical setting. Also, asset management further supports providing healthcare facilities with the registry of asset in order to track and maintain their inventory. These further aids in decreasing costs and increasing patient care along with efficiencies based on operations management.
An asset management solution for the healthcare industry majorly incorporates everything from ward management, facilities management, layout, intensive care, operation care, and various other facilities. Extreme utilization of assets physical in nature to increase the healthcare quality provided to the patients is an important part of a well-organized management of hospital asset. Furthermore, growing focus towards existing assets effective management along with the workforce have propelled numerous facilities of medical worldwide in order to adopt efficient management technologies and solutions of asset, therefore enlarging market growth of healthcare asset management.
Growing pressure to better manage existing staff has impelled healthcare associations across the globe to borrow effective asset management solutions and technologies. Utmost healthcare associations spend a large portion of their budget on tracking hospital equipment. Therefore, destruction of time in lost assets searching and poor practices of asset management leads to major and sever consequences. According to a study finished by the Nursing Times, nurses of with an average number of 35% spend at least an hour in locating and searching for equipment during an average hospital shift. Thus this not just impacts budgets of the healthcare but also compromises the with the patient care quality provided.
Covid-19 has caused significant disturbance to healthcare stocks, as to the world more generally. While it is assumed that utmost of the impact is likely to be brief and short term in nature similar as delays in order to limited access and elective procedures to healthcare professionals-there are likely to be some further continuing consequences. The wider adoption of technology and the move towards healthcare digitalization has been accelerated by trip restrictions related to Covid19.
Report Scope of the Healthcare Asset Management Market
|Market Size in 2023||USD 21.02 Billion|
|Market Size by 2032||USD 189.8 Billion|
|Growth Rate from 2023 to 2032||
CAGR of 27.7%
|Largest Market||North America|
|Fastest Growing Market||Asia Pacifc|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, Application, End User, Geography|
|Companies Mentioned||GE healthcare, AiRISTA Flow, CenTrak, Inc., Siemens healthcare, Elpas, ThingMagic, Versus Technology, Inc., Stanley Healthcare, Sonitor, Zebra Technologies, IBM Corporation|
Based on Product, the market is segmented into Radiofrequency Identification (RFID) Bias and Real- time position systems (RTLS). The Radiofrequency Identification (RFID) Devices is farther segmented into Hardware, Software, and Services. And the Real- time position systems (RTLS) are segmented into Hardware, Software, and Services. Further, the Hardware member in Real- time position systems (RTLS) is subdivided into Tags/Badges and Readers/Interrogators. The radiofrequency identification segment dominates the global market due to its technological advancements, locating patients, assets, drug anti-counterfeiting or preventing drug errors, drug trial compliance, theft prevention, and cost control.
Besides, the growth of healthcare managements like locating staff, visitor alarms, accurate & quick asset and tracing and tracking consumable medicines location is propelling the segment growth in the forecast period. Also, the Real- time position systems (RTLS) sector is anticipated to expand during the forecasted period owing to its management for identifying automatically and tracking the position of people or assets in real- time at a hospital. Besides, rising adoption rates and increased technical developments in these solutions would drive up demand during the forecast period.
Based on Application, the market is classified as hospital asset management and pharmaceutical asset management. The Hospital Asset Management is also segmented into Patient Management, Equipment Tracking and Management, Temperature and Humidity Control, Pharmaceutical Asset Management and Staff Management and Infection Control and Hand Hygiene Compliance which is divided as Drug Anti-counterfeiting. The segment named hospital asset management dominated the market during the forecast period due to the rising need for asset management in hospitals to be held successfully. Amongst these, the equipment management and tracking segment in hospital asset management has the major share in the market, due to significant growth rate due to growing demand for asset management in terms of equipment tracking.
End User Insight
On the basis of end user, the hospitals and clinics segment dominated the healthcare asset management market during the forecast period. This is attributed to the rising usage of the asset management systems in healthcare centers and hospitals. The growing number of hospital visits is contributing to the growth and development of the segment. In addition, the growing government initiatives and efforts for the integration of new solutions and technologies in the hospitals and healthcare centers are supporting to the healthcare asset management market during the projection period.
On the basis of region, the global hospital asset management market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
The North American region dominated the global market because of the rising quality of structure and the adding use of low- cost medical systems in clinical diagnostic laboratories. Also, increased technology management, the growing need for new technologies to combat fake pharmaceuticals (medicine counterfeiting), and the presence of a well- established healthcare system and a broad network of healthcare service providers will contribute to the segmental growth. Also, the Asia-Pacific region is anticipated to be the fastest growing region during the forecast period due to technological advancements in rising economies like China and India. Also, the growing demand for simple asset management software increased digitization, and adding expenditures in healthcare and expansions by the market player in the region will fuel market growth.
Key Market Developments
Some of the prominent players in the global Healthcare asset management Market include:
Segments Covered in the Report
By End User
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