Healthcare Asset Management Market

The growing adoption of sophisticated technology in the medical field is driving market growth

The rising adoption of sophisticated technology in the medical field drives market CAGR for healthcare asset management. The pharmaceutical industry has boosted its use using radiofrequency identification over the past few years. In a medical emergency, an individual's health can change in a few seconds, and should the procedures fail, the patient may die. 

Another factor driving the asset management business in the healthcare industry is the rising demand to enhance hospital operational efficiency. Due to the rising demand to effectively manage their existing workforce, healthcare organizations worldwide are implementing effective asset management systems and technology. Most healthcare organizations spend a lot of money on medical supplies tracking.

Additionally, the increasing need for solutions to manage assets in medical institutions due to fast technology improvements will drive market expansion throughout the forecast. In the past, an organization's asset management approach featured the classic pen-and-paper method. One of the main factors driving market development is an increase in expenditures and finances that promote the development of the medical data technology industry.  demand for healthcare information technology has prompted different governments and corporate organizations to invest in its development.

The COVID-19 epidemic has ground to a standstill for the whole planet. Businesses have either shut down or reduced capacity. Supply networks are altered with disrupted manufacturing cycles, resulting in consumer goods shortages. Technological advancement, cost containment, and expanded access will all be part of healthcare improvements shortly. Amid the continuing pandemic, digital wellness and telehealth are occupying the front stage. The need for remote diagnosis, care, and consultation was brought up again during COVID-19. Regulatory and behavioral constraints have hindered Telehealth expansion in recent years.

However, because many medical professionals are working on conference calls and phone conversations, its growth is expected to skyrocket over the following two years.

For instance, by the American Hospital Association, the total number of registered hospitals in the United States in 2016 was 5,534, with around 2000 hospitals in rural areas and 3000+ hospitals in metropolitan areas. Thus, demand for Healthcare Asset Management is anticipated to increase throughout the projected timeframe due to the rising adoption of sophisticated technology in the medical field. Thus, driving the Healthcare Asset Management market revenue.

Regulatory compliance plays a pivotal role in shaping the Global Healthcare Asset Management Market Industry. Healthcare organizations are mandated to adhere to stringent regulations regarding equipment management, safety, and patient care. Compliance with standards such as HIPAA and FDA regulations necessitates robust asset management systems to ensure accountability and traceability. As a result, healthcare providers are increasingly investing in asset management technologies to meet these requirements. This trend not only enhances operational efficiency but also mitigates risks associated with non-compliance. The emphasis on regulatory adherence is expected to drive market growth significantly in the coming years.

Cost reduction remains a critical driver in the Global Healthcare Asset Management Market Industry. As healthcare costs continue to rise, organizations are compelled to seek innovative solutions to optimize resource allocation and minimize waste. Asset management technologies enable healthcare providers to track equipment usage, identify underutilized assets, and streamline operations. This focus on cost efficiency is particularly relevant in the context of rising operational expenses. By implementing effective asset management strategies, healthcare facilities can achieve substantial savings, thereby enhancing their financial sustainability. The ongoing pursuit of cost reduction is likely to sustain market growth in the foreseeable future.

The Global Healthcare Asset Management Market Industry experiences heightened demand for asset tracking solutions, driven by the need for improved operational efficiency and cost reduction. Healthcare facilities are increasingly adopting technologies such as RFID and IoT to monitor and manage assets in real-time. This trend is evident as hospitals aim to minimize equipment loss and enhance patient care. The market is projected to reach 4.66 USD Billion in 2024, reflecting a growing recognition of the importance of asset management in healthcare settings. As organizations seek to optimize resource utilization, the adoption of advanced tracking solutions is likely to accelerate.

Technological advancements are transforming the Global Healthcare Asset Management Market Industry, with innovations such as artificial intelligence and machine learning enhancing asset tracking and management capabilities. These technologies enable predictive maintenance, reducing downtime and improving asset utilization. For instance, AI-driven analytics can forecast equipment failures, allowing healthcare facilities to schedule maintenance proactively. This shift towards data-driven decision-making is likely to foster greater efficiency and cost savings. As the market evolves, the integration of advanced technologies is anticipated to propel growth, with projections indicating a CAGR of 28.3% from 2025 to 2035.

The Global Healthcare Asset Management Market Industry is increasingly influenced by a rising focus on patient safety and quality of care. Healthcare providers recognize that effective asset management directly impacts patient outcomes. By ensuring that medical equipment is readily available and functioning optimally, facilities can enhance the quality of care delivered to patients. This emphasis on safety and quality is driving investments in asset management solutions that facilitate real-time monitoring and maintenance of critical equipment. As patient-centric care becomes a priority, the demand for robust asset management systems is expected to grow, further propelling market expansion.

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Healthcare Asset Management market will dominate during the projected timeframe because of the widespread use of highly sophisticated technology; there is an increasing need for new technologies to prevent fake medications, the existence of a widely recognized medical system, and the presence of an extensive network of medical service providers which will boost the market growth in the North American area.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 Healthcare Asset Management Market Share by Region 2023 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe region’s Healthcare Asset Management market accounts for the second-highest market share due to increased incidents of medicine counterfeiting is driving up the need for these services and is projected to drive the Healthcare Asset Management industry. Further, the German Healthcare Asset Management market holds the biggest market share, and the UK Healthcare Asset Management market is expected to grow and expand significantly in the European region during the projected timeframe.

The Asia-Pacific Healthcare Asset Management Market is expected to grow quickly during the projected timeframe. This is attributable to the rising need for easy-to-use management of assets programs, increased digitization in the area, and expenditures related to healthcare and growth by market participants in the region. Moreover, China’s Healthcare Asset Management market dominates the market share, and the Indian Healthcare Asset Management market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Healthcare Asset Management market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their  footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. 

The Healthcare Asset Management industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the  Healthcare Asset Management industry to benefit customers and capture untapped market share and revenue. The Healthcare Asset Management industry has recently offered significant advantages to the Healthcare IT industry.

Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Healthcare Asset Management market, including Central, 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. are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

Zebra Technologies creates, manufactures, and sells automated identifying and data-capturing solutions. Edward L. Kaplan and Gerhard Cless formed the firm in 1969, with its headquarters in Lincolnshire, Illinois. It also offers upkeep, technical assistance, repair, management, expert services, and cloud-based services. Zebra Technologies confirmed the purchase of Fetch Robotics, a leader in on-demand automated processes, in July 2021. This purchase will help the firm accelerate its expansion in industrial automation and enhance its focus on robots in solutions that prioritize customers.

CenTrak empowers healthcare management with usable data to boost productivity and minimize operational costs while providing institutions with data-driven insights, creating a safe and efficient workplace for employees, and improving the healthcare experience. CenTrak revealed the launch of OnDemand Order, an online tool that automates the delivery and request for portable medical supplies and other assistance services, in December 2020. The portal may be accessed via internet browsers and mobile applications or integrated into a more powerful RTLS technology (real-time location system).