WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- Global Healthcare Asset Management Market is valued at USD 22.8 Billion in the year 2021 and is expected to reach a value of USD 83.2 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 24.1% over the forecast period.
Healthcare Asset Management Market Overview
The healthcare asset management market refers to the management of medical and non-medical equipment, devices, and supplies in healthcare organizations such as hospitals, clinics, and nursing homes. This includes tracking and monitoring of the location, status, and maintenance of assets to optimize their use and reduce costs.
The healthcare asset management market has been growing rapidly in recent years, driven by factors such as the increasing need for cost control and efficiency in healthcare delivery, growing demand for medical devices and equipment, and advancements in technology such as the Internet of Things (IoT) and real-time location systems (RTLS).
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Market Dynamics
Increasing demand for medical devices and equipment: With the growing need for advanced medical care, there has been a rise in demand for medical equipment and devices. This has led to an increase in the number of assets that need to be managed and tracked in healthcare organizations, which has driven the adoption of asset management solutions.
Advancements in technology: The healthcare industry is constantly evolving, and the adoption of technology is one of the major drivers of this growth. Real-time location systems (RTLS), radio-frequency identification (RFID), and other emerging technologies are enabling healthcare organizations to manage and track assets more efficiently.
Cost control and efficiency: Healthcare organizations are under increasing pressure to reduce costs while maintaining high levels of patient care. Asset management solutions enable healthcare organizations to optimize the use of their assets, reducing waste and improving efficiency.
Increasing regulatory compliance: Healthcare organizations are subject to stringent regulations and standards for equipment maintenance and safety. Asset management solutions enable organizations to comply with these regulations, reducing the risk of penalties and improving patient safety.
Growing demand for inventory management: Inventory management is a critical component of healthcare asset management, enabling organizations to track and manage supplies and reduce waste. As healthcare organizations face increasing pressure to manage costs, inventory management solutions are becoming more essential.
Top Players in the Global Healthcare Asset Management Market
- AiRISTA Flow (US)
- Elpas (US)
- CenTrak Inc. (US)
- Thing Magic - A Novanta Company (US)
- Sonitor (Norway)
- Stanley Healthcare (US)
- Versus Technology Inc. (US)
- Zebra Technologies (US)
- GE Healthcare (US)
- IBM Corporation (US)
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Top Report Findings
The global healthcare asset management market is expected to grow from $22.8 Billion in 2020 to $83.2 Billion by 2028, at a compound annual growth rate (CAGR) of 24.1%. This growth is driven by factors such as the increasing adoption of RTLS technology, growing demand for asset tracking and management solutions, and rising focus on inventory management and equipment maintenance in healthcare organizations.
Real-time location systems (RTLS) is the largest segment of the healthcare asset management market, with applications in tracking and monitoring of medical equipment, patients, and staff. RTLS is expected to continue to dominate the market due to its ability to provide real-time location data and improve operational efficiency.
North America is the largest market for healthcare asset management, accounting for the majority of the market share in 2020. This is attributed to factors such as the high adoption of advanced healthcare technologies and the presence of key market players in the region.
Hospitals and clinics are the largest end-users of healthcare asset management solutions, due to the large number of assets that need to be managed in these settings. However, the home healthcare segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for remote patient monitoring and management.
Top Trends in Global Healthcare Asset Management Market
Adoption of Real-Time Location Systems (RTLS): RTLS technology is becoming increasingly popular in healthcare asset management, due to its ability to provide real-time location data and improve operational efficiency. This technology is used for tracking and monitoring medical equipment, patients, and staff, and is expected to continue to dominate the market.
Integration of Internet of Things (IoT): IoT technology is being integrated into healthcare asset management solutions to enable the monitoring of equipment, devices, and supplies remotely. IoT devices can send data to the cloud, where it can be analyzed to identify issues before they become critical, improving maintenance and reducing downtime.
Growing demand for RFID-based solutions: Radio-frequency identification (RFID) technology is being increasingly used in healthcare asset management to improve inventory management, reduce waste, and prevent loss. RFID tags can be attached to equipment and supplies, enabling their tracking and management throughout the healthcare facility.
Increasing use of predictive maintenance: Predictive maintenance is becoming more popular in healthcare asset management, as it enables healthcare organizations to identify potential equipment issues before they cause downtime or failure. Predictive maintenance uses data analytics and machine learning algorithms to predict when equipment is likely to fail, enabling proactive maintenance to be performed.
Expansion of cloud-based solutions: Cloud-based healthcare asset management solutions are becoming increasingly popular, as they enable data to be stored and accessed from anywhere, improving flexibility and scalability. Cloud-based solutions also reduce the need for on-premise hardware, reducing costs and simplifying deployment.
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Regional Analysis
- North America: North America is the largest market for healthcare asset management, accounting for the majority of the market share. This is attributed to factors such as the high adoption of advanced healthcare technologies, favorable government initiatives, and the presence of key market players in the region. The United States is the major contributor to the market growth in North America.
- Europe: Europe is the second-largest market for healthcare asset management, driven by factors such as the growing demand for efficient healthcare systems, increasing focus on inventory management, and favorable government regulations. The United Kingdom, Germany, and France are the major contributors to the market growth in Europe.
- Asia Pacific: The Asia Pacific healthcare asset management market is expected to grow at the highest CAGR during the forecast period, driven by factors such as the increasing adoption of advanced healthcare technologies, rising healthcare expenditure, and growing focus on patient safety. China, India, and Japan are the major contributors to the market growth in Asia Pacific.
- Latin America: The Latin America healthcare asset management market is expected to grow steadily, driven by factors such as the increasing demand for advanced medical devices and equipment, rising healthcare expenditure, and favorable government initiatives. Brazil and Mexico are the major contributors to the market growth in Latin America.
- Middle East & Africa: The Middle East & Africa healthcare asset management market is expected to grow at a moderate pace, driven by factors such as the increasing demand for healthcare services, rising healthcare expenditure, and favorable government initiatives. The United Arab Emirates, Saudi Arabia, and South Africa are the major contributors to the market growth in Middle East & Africa.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Healthcare Asset Management Market Forecast Report (2022-2028).
Global Healthcare Asset Management Market Segmentation
By Product
- Radio Frequency Identification (RFID) Devices
- Real-Time Location Systems (RTLS)
By Application
- Hospital Asset Management
- Pharmaceutical Asset Management
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 22.8 Billion |
| Revenue Forecast by 2028 | USD 83.2 Billion |
| CAGR | 24.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | AiRISTA Flow (US), Elpas (US), CenTrak Inc. (US), ThingMagic - A Novanta Company (US), Sonitor (Norway), Stanley Healthcare (US), Versus Technology Inc. (US), Zebra Technologies (US), GE Healthcare (US), IBM Corporation |
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The key questions answered in the Healthcare Asset Management Market Report are:
- What is the current size of the global healthcare asset management market, and what is its expected growth rate over the forecast period?
- What are the key factors driving the growth of the healthcare asset management market, and what are the challenges that are likely to impact market growth?
- What are the different types of healthcare asset management solutions available in the market, and how are they being adopted by healthcare organizations?
- What are the key applications of healthcare asset management, and how are they being used to improve operational efficiency, reduce costs, and enhance patient care?
- What are the key market trends and opportunities in the healthcare asset management market, and how are they likely to impact market growth?
- Which regions are expected to exhibit the highest growth rate in the healthcare asset management market, and what are the factors driving this growth?
- Who are the major players in the healthcare asset management market, and what are their strategies for growth and expansion?
- What are the regulatory frameworks governing the healthcare asset management market, and how are they likely to impact market growth?
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