ID: MRFR/HCIT/4874-HCR | 85 Pages | Published By Rahul Gotadki on April 2023
The healthcare asset management market size is expected to grow at a CAGR 30.40% with 2,0694.94 Million during the Forecast period 2022-2030
Healthcare Asset Management Market Overview Healthcare Asset Management Market is expected to reach USD 2,0694.94 Million by 2030 at 30.40% CAGR during the forecast period 2022-2030. With BYOD becoming more common, financial competition increasing, and new technology such as cloud use, the healthcare business is changing. The main benefits of automation are that it enhances potential in every firm, improves operations, and reduces expenses efficiently. Furthermore, the company's usage of Artificial Intelligence, which allows for instant analysis via the dashboard, helps it run smoothly. Healthcare asset management software streamlines operations while simultaneously reducing the risk of counterfeiting. As a result, a spike in awareness about how to avoid such disasters is driving the market for asset management in healthcare. In recent years, the pharmaceutical business has increased its usage of radiofrequency identification (RFID). In an emergency, a patient's condition might change in a matter of seconds, and if the operations are ineffective, the patient could die. The increased need to improve hospital operational efficiency is another element pushing the asset management industry in the healthcare sector. Healthcare organizations all over the world are adopting effective asset management solutions and technologies as a result of mounting pressure to better manage their existing workforce. There are a majority of healthcare companies that spend a significant amount of their cash on hospital equipment tracking.
Healthcare Asset Management Market Segmentation
The healthcare asset management market has been segmented on the basis of product, application, and end-user.
On the basis of product, the market has been classified as real-time location systems (RTLS), radiofrequency identification (RFID) devices and ultrasound & infrared tags. The real-time location systems (RTLS) segment has been further divided into hardware, software and services. The hardware segment has been further divided into tags/badges and readers/interrogators.
The radiofrequency identification (RFID) devices have been classified as hardware, and software and services. the hardware segment has been divided tags, readers/interrogators, and accessories. The tags sub-segment has been segmented into passive tags and active tags. The passive tags segment has been divided into high-frequency (HF) tags, ultra-high-frequency (UHF) tags and low-frequency (LF) tags. Furthermore, the application segment has been sub-segmented into hospital asset management and pharmaceutical asset management. The hospital asset management segment includes equipment tracking and management, patient management, temperature and humidity monitoring, staff management and infection control and hand hygiene compliance. The pharmaceutical asset management segment includes drug anti-counterfeiting and supply chain management.
The market, by end-user, has been segmented into Hospital/Clinic, Laboratories, Pharmaceutical companies, Biotechnology.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The healthcare asset management market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European healthcare asset management market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The healthcare asset management market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The healthcare asset management market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Healthcare Asset Management Market Share, by Region, 2017 (%)
Source: MRFR Analysis
The Americas are likely to dominate the healthcare asset management market owing to the adoption of highly advanced technology, increasing demand for new technology to stop fake drugs(Drug counterfeiting) and the presence of a well-established healthcare system as well as the presence of a huge network of healthcare service providers. According to the American hospital association, in the year 2016, a number of registered hospitals in the US was 5,534, roughly 2000 hospitals were present in the rural area and 3000+ hospitals were operating in the urban area.
The European market is expected to be the second-largest healthcare asset management market. The market growth in this region can be attributed to government funding and support of the healthcare sector coupled with increasing research and development. Moreover, increasing cases of drug counterfeiting is responsible for rising demand for healthcare asset management services and it is also contributing to the growth of the market in this region. According to the European intellectual property office drug, the counterfeit is a major problem in the healthcare sector. Revenue of USD 11.5 billion is lost per year because of drug counterfeiting and 10% of all medicines supplied globally are falsified.
Asia-Pacific is expected to be the fastest-growing healthcare asset management market during the forecast period owing to the increasing demand for easy to use asset management software’s, increasing digitalization in the region, and investments in healthcare and expansions by market players in the region.
The market in the Middle East & Africa is expected to account for the smallest share of the healthcare asset management market due to an underdeveloped healthcare sector, poor medical facilities and lack of technical knowledge
Some of the key players in the global healthcare asset management market are
Healthcare Asset Management Market, by Product
Real-Time Location Systems (RTLS)
Radiofrequency Identification (RFID) Devices
High-Frequency (HF) Tags
Ultra-High-Frequency (UHF) Tags
Low-Frequency (LF) Tags
Ultrasound and Infrared Tags
Healthcare Asset Management Market, by Application
Hospital Asset Management
Equipment Tracking and Management
Temperature and Humidity Monitoring
Infection Control and Hand Hygiene Compliance
Pharmaceutical Asset Management
Supply Chain Management
Healthcare Asset Management Market, by End-User
Healthcare Asset Management Market, by Region
Rest of Europe
Rest of Asia-Pacific
Rest of the World
|Market Size||USD 2,0694.94 Million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application, And End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||cenTrak, Airista Flow, GE Healthcare, IBM Corporation, Infor Inc., Tyco Security Products., Intelligent InSites, Motorola Solutions, Inc., Radianse, JADAK (a Novanta Company), Siemens Healthineers, Sonitor Technologies, Stanley Black & Decker, Inc., Ekahau, Inc.|
|Key Market Opportunities||R&D spending and strategies applied by major players such as new product development|
|Key Market Drivers||