Healthcare Asset Management Market Research Report – Forecast to 2030

Healthcare Asset Management Market: Information, Product (Radiofrequency Identification (RFID) Devices, and Others), Application (Hospital Asset Management and Others), End-User (Hospital, Laboratory, Pharmaceutical, and Others)- Forecast Till 2030

ID: MRFR/HCIT/4874-HCR | 85 Pages | Published By Rahul Gotadki on April 2023         

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Healthcare Asset Management Market

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

$2,0694.94 Million

Market Size

30.40%

CAGR

North America

Dominating Region

2022-2030

Forecast Period
Segmentation
By Product Radiofrequency Identification (RFID) Devices Others
By Application Hospital Asset Management Others
By End-User Hospital Laboratory Pharmaceutical Others
Key Players
Companies Profiled •  cenTrak •  Airista Flow •  GE Healthcare •  IBM Corporation •  Infor Inc. •  Tyco Security Products. •  Intelligent InSites •  Motorola Solutions Inc. •  Radianse •  JADAK (a Novanta Company)
Drivers
Market Driving Forces •  Growing concern for patient safety •  Need to increase the efficiency of available resources •  Acceptance of advanced technology in the healthcare sector
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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 (%)


Healthcare Asset Management Market Share


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


Key Players


Some of the key players in the global healthcare asset management market are 



  • 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


Recent DevelopmentIn Feb 2019, Kathrein Solutions GmbH, a provider of RFID solutions, launched the K-RLTS RTLS system, which combines high localization accuracy in an industrial setting with unique technical capabilities that enable the system to be used in a wide range of applications. TRIMEDX announced in September 2018 that it would buy Aramark's healthcare technologies division. More than 500 healthcare providers around the country rely on Aramark HCT for healthcare technology services ranging from repair and maintenance to clinical engineering outsourcing. With the acquisition of Aramark HCT, TRIMEDX will be able to reach a wider range of healthcare providers with its technology-driven solutions.

Healthcare Asset Management Market, by Product




  • Real-Time Location Systems (RTLS)





    • Hardware





      • Tags/Badges




      • Readers/Interrogators





    • Software




    • Services





  • Radiofrequency Identification (RFID) Devices





    • Hardware





      • Tags








  • Passive Tags




    • High-Frequency (HF) Tags




    • Ultra-High-Frequency (UHF) Tags




    • Low-Frequency (LF) Tags






  • Active Tags








      • Readers/Interrogators




      • Antennas




      • Accessories





    • Software




    • Services





  • Ultrasound and Infrared Tags




Healthcare Asset Management Market, by Application




  • Hospital Asset Management





    • Equipment Tracking and Management




    • Patient Management




    • Temperature and Humidity Monitoring




    • Staff Management




    • Infection Control and Hand Hygiene Compliance





  • Pharmaceutical Asset Management





    • Drug Anti-Counterfeiting




    • Supply Chain Management





Healthcare Asset Management Market, by End-User




  • Hospital/Clinic




  • Laboratories




  • Pharmaceutical companies




  • Biotechnology firms




Healthcare Asset Management Market, by Region




  • North America





    • US




    • Canada





  • Europe





    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe





  • Asia-Pacific





    • China





      • Japan




      • India




      • Australia




      • South Korea




      • Rest of Asia-Pacific






  • Rest of the World





    • Middle East




    • Africa




    • Latin America





Intended Audience



  • Healthcare asset management product manufacturers

  • Healthcare asset management service providers

  • Healthcare providers

  • Medical device manufacturers

  • Research institutes and academic centers

  • Contract research organizations (CROs)

  • Government associations

  • Market research and consulting

Report Scope:

Report Attribute/Metric Details
  Market Size   USD 2,0694.94 Million
  CAGR   30.40%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  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

  • Growing concern for patient safety
  • Need to increase the efficiency of available resources
  • Aacceptance of advanced technology in the healthcare sector



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