Healthcare Asset Management Market Size To Hit USD 90.65 Bn By 2030

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06 Oct 2024

Table of Content

The global healthcare asset management market size was exhibited at USD 17.05 billion in 2022 and is expected to hit around USD 90.65 billion by 2030, growing at a CAGR of 23.2% from 2022 To 2030

Owing to medical device advancements, hospitals are currently having medical equipment and multitudinous systems that bear effective handling and management. This represents one of the crucial factors boosting the demand for healthcare asset management to insure that critical equipment and systems are tested, maintained, and kept in working condition. Furthermore, the healthcare asset management system provides cautions that help reduce delays experienced by the patients and staff, insure patient satisfaction, and enhance the profitability of the facility. This, in conclusion with rising emphasis on advanced quality of care, is impacting the market appreciatively. Likewise, leading market players are offering Internet of Things (IoT) online mobile results and remote monitoring that reduce waste, excluding the decreased repair time and need for printouts. In addition to this, the rising need to comply with strict industry norms is anticipated to drive the demand for these solutions across the world. 

Healthcare asset management uses management similar as Radiofrequency Identification (RFID) and plays an important part in the optimization and effective use of medical bias, managing force, and reducing mortal error. The growing concern for patient safety, the need to increase the effectiveness of available coffers, and the acceptance of advanced technology in the healthcare sector are anticipated to drive the growth of the market. Also, rising R&D spending and strategies applied by major players similar as new product development are contributing to the growth of the market. For case, in August 2018, InforInc. which is a major player in the healthcare asset management sector blazoned the rearmost interpretation of Enterprise Asset Management (EAM) software. 

Healthcare Asset Management Market Report Scope

Report Highlights

• On the basis of product, the radiofrequency identification segment dominates the global market with a market share of more than 20% due to its technological advancements, locating patients, assets, drug anti-counterfeiting or preventing drug errors, drug trial compliance, theft prevention, and cost control.
• Based on application, the hospital asset management segment has the dominating market share during the forecast period, this is attributed to the increasing need for positive hospital asset management. In addition, among these, the equipment management and tracking segment in hospital asset management systems dominates the global market, due to significant growth owing to rising demand for asset management in terms of equipment tracking.

Regional Snapshot 

North America dominated the market. The vacuity of a robust healthcare structure has propelled the demand for hospitals' asset management results, as its immediate perpetration is possible. The region has been one of the early adopters of IT structure. According to Stats of Internet World, diffusion stands for more than 80% of the global population, which rises the asset management deployment results in healthcare. 

In addition, North America accounts for further than 40% of the global medicinal assiduity. Also, the rising consumer awareness regarding the advantages of planting asset management systems in healthcare also leads to an increase in demand for the market in the future. Therefore, the pharmaceutical assiduity growth in the region is boosting the demand for the healthcare asset management market.

Market Dynamics 

Driver

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, the destruction of time in looking for poor assets and lost assets management practices also leads to consequences serious in nature.    

Restraints

Despite the rising management of healthcare asset management solutions, the high cost linked with many location systems solutions real-time in nature might limit the growth of the market up to a certain extent. Also, the dearth of consumer awareness among developing countries affecting to the usage of asset management software is another substantial factor which is hampering the market growth during the forecast period. 

Opportunity

Due to its high potential, the Internet of things (IoT) conception has been integrated into ultramodern telemedicine systems. In addition, these systems permit patients to real-time monitoring at home, by utilizing devices for the acquisition of various medical parameters or wearable equipment which allows real-time monitoring. Thus, the growing IoT conception is likely to boost the healthcare asset management market during the forecast period. 

Challenges 

All the hospitals in the world are not equipped with the structure which enables wireless technology. The money and time involved in shifting to wireless from wired technology is very high and deters numerous hospitals from adopting it. The public finances are inadequate for this. Hence, hospital CIOs and directors are facing a dilemma of investment in wireless technology. Gradually in such a situation, it's essential for the AMS merchandisers to emphasize patient safety and security, a subject to which the healthcare system is sensitive formerly, and utilize this as a stepping stone in order to promote the installation of the departmental level at the initial stage. 

Key Players in the Report

• GE Healthcare
• AiRISTA Flow
• CenTrak, Inc.
• Siemens Healthcare
• Elpas
• ThingMagic
• Versus Technology, Inc.
• Stanley Healthcare
• Sonitor
• Zebra Technologies
• IBM Corporation

Segments Covered in the Report

By Product

• Radiofrequency Identification (RFID) Devices
  • Hardware
  • Software
  • Services
• Real-time location systems (RTLS)
  • Hardware
    • Readers/Interrogators
    • Tags/Badges
  • Software
  • Services

By Application

• Hospital Asset Management
  • Patient Management
  • Equipment Tracking and Management
  • Temperature and Humidity Control
  • Infection Control and Hand Hygiene Compliance
  • Staff Management
• Pharmaceutical Asset Management
  • Drug Anti-counterfeiting

By End User

• Hospitals and Clinics
• Pharmaceutical Companies
• Biotechnology Companies
• Others (Laboratories, Cosmetic Industry, Medical Devices Companies, etc.)

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