Healthcare Asset Management Market Size

Healthcare Asset Management Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

This upward trend reflects the strong demand for new, more efficient and effective solutions for the management of health assets, driven by the growing complexity of health care operations and the need for better patient outcomes. The growing use of Internet of Things (IoT) solutions, which allows real-time tracking and management of medical devices and assets, is also a major factor in this market growth. As a result of the growing focus on operational efficiency and cost reduction in health care facilities, investments in asset management solutions are also increasing. GE Healthcare, Siemens Healthineers and Philips Health are active in strategic initiatives, such as product launches and strategic alliances, to strengthen their position in the market and to capture a larger market share. Recent collaborations to integrate advanced analytics and artificial intelligence (AI) into asset management systems, for example, are expected to further increase market growth.

Regional Market Size

Regional Deep Dive

The medical asset management market is expected to grow at a CAGR of about 7% over the forecast period, driven by the increasing need for efficient asset tracking and management in hospitals. North America is characterized by advanced technology adoption and a strong focus on regulatory compliance. Europe is characterized by a growing demand for advanced solutions, owing to the stringent government regulations. Asia-Pacific is characterized by rapid digital transformation, whereas the Middle East and Africa is characterized by an increasing focus on medical asset management, owing to the increasing investments in the healthcare sector. Latin America is characterized by the growing importance of asset management in improving the operational efficiency and the quality of care.

North America

• The introduction of the UDI system by the Food and Drug Administration has led hospitals to adopt asset management solutions to comply with regulatory requirements, enhance traceability, and ensure safety.
• A number of companies, such as GE Healthcare and Siemens Healthineers, are at the forefront of this new wave of technological innovation, bringing RFID and IoT solutions to hospitals to improve their operational efficiency.
• In the interest of cost-effectiveness and quality of care, hospitals are increasingly investing in asset management systems that can provide real-time data.

Europe

• The Medical Device Regulation of the European Union (MDR) has increased the need for asset management solutions to ensure compliance and patient safety across the member states.
• The companies Philips and IBM are exploring the possibilities of using this technology to improve the security and transparency of asset management in the health care sector.
• Culture, the emphasis on patient-centred care in Sweden and Denmark, is influencing the choice of an asset management system that focuses on patient outcomes.

Asia-Pacific

• China and India are investing heavily in health care, which means a greater demand for asset management solutions that can optimize the use of newly built hospitals.
• Telemedicine and remote patient monitoring are increasing the need for a system that tracks medical equipment and devices used in virtual care settings.
• Government initiatives such as the Digital India programme are encouraging the adoption of digital health technology, including asset management systems, to improve the quality of health care.

MEA

• The UAE’s Vision 2021 initiative is aimed at increasing the quality of health care services in the region.
• In the case of the Ministry of Health of the Kingdom of Saudi Arabia, for example, a partnership with the company Siemens has been a great help in implementing advanced asset management solutions.
• The trend towards greater emphasis on patient safety and quality of care is encouraging hospitals to adopt asset management systems which ensure efficient use of their resources.

Latin America

• Brazil and Mexico have begun to recognize the importance of asset management in the health service, and are beginning to invest more in technology for the sake of improved efficiency.
• In the health care sector, the growing number of public-private associations is making it possible to adopt asset management solutions that optimize the use of resources and reduce waste.
• In view of the new regulations on quality and access to health care, the management of health care facilities is looking for a way to optimize the service delivery.

Did You Know?

“Underutilized assets in health care organizations are about 30%, which is a major financial loss for these organizations.” — Healthcare Financial Management Association (HFMA)

Segmental Market Size

The healthcare asset management market is growing steadily, driven by the increasing demand for effective resource use and improved patient care. The complexity of the hospital environment is increasing, which makes it necessary to keep better track of the assets, and the requirements for greater accountability and transparency in the management of assets are increasing. In addition, the technological development in IoT and RFID is transforming the way hospitals monitor and manage their assets.

At present the market is in the era of large-scale deployment. The leading companies GE Health and Siemens Healthineers are deploying their advanced asset management solutions across hospitals in North America and Europe. These are mainly used to track medical equipment, optimize inventories and ensure compliance with regulations. However, the growing demand for asset management solutions has been driven by a number of trends. These include the need to optimize hospital operations and improve patient outcomes in the wake of the COVID-19 pandemic. The integration of artificial intelligence and machine learning is also influencing the market. This enables the systems to perform more advanced functions such as predictive maintenance and real-time asset tracking.

Future Outlook

The health asset management market is expected to increase from $ 6.08 billion in 2025 to $ 66,33 million in 2034, with a CAGR of 8.9 percent. The growth of this market is due to the growing need for efficient asset tracking and management in the health industry, as organizations strive to optimize their operational efficiency and reduce costs. In 2034, it is expected that more than 70 percent of health organizations will use advanced asset management solutions, such as RFID and IoT, to increase inventory visibility and optimize asset use.

Besides the fact that there is a growing tendency to introduce artificial intelligence and machine learning into asset management, the report also highlights that “the emergence of new technological innovations, such as the integration of artificial intelligence and machine learning in asset management, will also have a positive impact on the growth of the market.” These technological innovations will enable a higher degree of forecasting and therefore enable the hospitals to anticipate the needs of their equipment and to minimize the downtime of their equipment. The report also points to the positive impact of the “government initiatives towards improving the health care system and the quality of care” on the market. The emergence of new trends such as the shift to value-based care and the increased focus on patient safety will also encourage the use of sophisticated asset management solutions to ensure the efficient delivery of high-quality services.