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Global Healthcare Asset Management Market – Industry Trends and Forecast to 2029

  • Healthcare
  • Upcoming Report
  • Mar 2022
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Healthcare Asset Management Market, By Product (Radiofrequency Identification (RFID) Devices, Real-Time Location Systems (RTLS), Ultrasound and Infrared Tags), Application (Hospital Asset Management, Pharmaceutical Asset Management) – Industry Trends and Forecast to 2029

Healthcare Asset Management Market

Global Healthcare Asset Management Market Analysis and Size

The market for healthcare asset management is estimated to increase rapidly over the forecast period. Asset management is a systematic and cost-effective method of planning, acquiring, maintaining, operating, and disposing of a healthcare organization's machinery, equipment, and physical assets. The primary considerations that encourage the usage of healthcare asset management in healthcare organisations include the benefits of not losing track of medical devices, high operational costs, time saver, enhanced patient care, increased staff productivity, significant cost savings, and extensive maintenance.  

  • Data Bridge Market Research analyses that the healthcare asset management market was valued at USD 17.10 billion in 2021 and is expected to reach USD 370.81 billion by 2029, registering a CAGR of 46.9% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Global Healthcare Asset Management Market Definition

Healthcare asset management entails efficiently and cost-effectively managing and maintaining machinery, equipment, and physical assets. Pumps, plumbing, compressors, wheelchairs, refrigeration, generators, condensers, mobile beds, heating, ventilation, and air conditioning (HVAC), and other hospital systems are typically included. It saves time and money, increases asset utilization, locates equipment faster, keeps the right inventory on hand, and promotes employee communication.

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product (Radiofrequency Identification (RFID) Devices, Real-Time Location Systems (RTLS), Ultrasound and Infrared Tags), Application (Hospital Asset Management, Pharmaceutical Asset Management)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

AiRISTA Flow, Inc. (US), CenTrak Inc. (US), Novanta Inc. (US), Sonitor Technologies (Norway), STANLEY Healthcare (US), VERSUS TECHNOLOGIES (US), Zebra Technologies Corporation (US), General Electric Company (US), IBM (US), Siemens Healthcare GmbH (Germany), Aeroscout Industrial (US), Awarepoint Corporation (US), Radianse (US), Midmark Corporation (US), McKesson Corporation (US), Cerner Corporation (US),Motorola Solutions, Inc. (US), Infor, Inc. (US)

Healthcare Asset Management Market Dynamics

Drivers

  • Rising prevalence of fake drugs will propel the growth rate of market during the forecast period.

According to the World Health Organization (WHO), approximately 250,000 children die each year as a result of the use of forged malaria and pneumonia medications. RFIDs and other healthcare asset management systems assist ensure that pharmaceuticals entering pharmacies and hospitals are genuine. RFID tags can readily be buried into medicine labels, allowing for drug tracking throughout the supply chain.

  • Increasing demand for better asset management in hospitals will drive the market's growth rate.

The increase in demand for better asset management in hospitals will cushion the growth rate of healthcare asset management market. Healthcare organizations all over the world are adopting effective asset management systems and technologies as a result of mounting pressure to effectively manage their existing staff. The majority of healthcare companies spend a significant amount of their cash on hospital equipment tracking.

Furthermore, the reduction in the prices of radiofrequency identification (RFID) tags will act as a major factor influencing the growth of healthcare asset management market. Also, rise in the level of disposable incomes in developing and developed countries and increasing expenditure on healthcare infrastructure are the major market drivers that will further escalate the growth of healthcare asset management market. Another significant factor that will cushion the healthcare asset management market's growth rate is the growing focus of manufacturers on the adoption of advanced technologies. The rise in the number of chronic diseases and increasing concerns for patient safety will flourish the growth rate of hospital asset management market.

Opportunities

  • Rising acceptance of asset management solutions in pharmaceutical industry will create new market opportunities in coming years

The global healthcare asset management market is being driven by the rising acceptance of asset management solutions in pharmaceutical industry. In recent years, the pharmaceutical sector has increased its radiofrequency identification (RFID) usage. In international pharmaceutical manufacture and distribution, the technology has evolved into a systematic aspect of supply chain management.

Moreover, the development of IOT based healthcare asset management and advancement in healthcare asset management device technology will provide beneficial opportunities for the healthcare asset management market growth. Additionally, the increasing demand from emerging markets and technological advancements will further expand the healthcare asset management market's growth rate in the future.

Restraints/Challenges Global Healthcare Asset Management Market

  • High cost associated with healthcare asset management system will hamper the market's growth rate

However, high cost associated with healthcare asset management system will impede the healthcare asset management market's growth rate. Deploying a Healthcare Asset Management system throughout a healthcare center is extremely costly. This is exacerbated by the pandemic, which has caused hospitals to redirect cash from other departments to treat Covid-19 patients. Due to the low priority currently assigned to this sector, scheduled RFID or RTLS system orders may be postponed or cancelled.

  • Limitations of asset management systems pose a major challenge for the growth of market during the forecast period

Limitations of asset management systems will act a major challenge for the growth rate of healthcare asset management market. The asset management systems' numerous constraints are expected to provide a challenge to demand generation. Furthermore, Infrared (IR) technology can only work if the tag and the sensor have a clear line of sight. This implies that furniture, clothing, and other typical items can block the signal.

On the other hand, organizational and infrastructural facility of healthcare institutions affecting implementation and less awareness will challenge the healthcare asset management market. Additionally, intense competition among market players and issues related to data security and privacy will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.

This healthcare asset management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare asset management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Healthcare Asset Management Market

There is an ongoing slowdown in the healthcare business as a result of the global outbreak of COVID-19 and the ensuing lockout. COVID-19 wreaked havoc on major world economies, particularly the healthcare sector, in addition to communities. Leading stakeholders continue to modify their policies in response to the rapidly evolving landscape. The healthcare business is expected to be impacted significantly by COVID-19 in the long run. Until the crisis subsides, countries and important players would have to make significant healthcare changes. Technological advancements, cost containment, and increased access will all be part of healthcare reform in the near future. The ongoing outbreak has given digital health and telemedicine a prominent role. The need of remote diagnosis, care, and consultation was stressed again at COVID-19. Telehealth expansion has stalled in recent years due to regulatory and behavioural constraints. However, because many healthcare practitioners are already experimenting with video conferencing and telephone calls, its popularity is expected to skyrocket in the next two years.

Global Healthcare Asset Management Market Scope

The healthcare asset management market is segmented on the basis of product and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

  • Radiofrequency Identification (RFID) Devices
  • Real-Time Location Systems (RTLS)
  • Ultrasound and Infrared Tags

On the basis of product, the healthcare asset management market is segmented into radiofrequency identification (RFID) devices, real-time location systems (RTLS), ultrasound and infrared tags. Radiofrequency identification (RFID) devices is further sub segmented into hardware, software and services. Hardware is further sub segmented into passive tags and active tags. Active tags is further sub segmented into readers/interrogators, antennas and accessories. Real-time location systems (RTLS) is further sub segmented into hardware, software and services. Hardware is further sub segmented into tags/badges and readers/interrogators.

Application

  • Hospital Asset Management
  • Pharmaceutical Asset Management

On the basis of application, the healthcare asset management market is segmented into hospital asset management, pharmaceutical asset management. Hospital asset management is further sub segmented into equipment tracking and management, patient management, temperature and humidity monitoring, staff management and infection control and hand hygiene compliance. Pharmaceutical asset management is further sub segmented into drug anti-counterfeiting and supply chain management.

Healthcare Asset Management Market Regional Analysis/Insights

The healthcare asset management market is analysed and market size insights and trends are provided by country, product and application as referenced above.

The countries covered in the healthcare asset management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the healthcare asset management market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the availability of quality infrastructure for clinical and laboratory research in this region. Additionally, rising adoption of low cost medical systems in clinical diagnostic laboratories will flourish the market's growth rate in this region. 

Asia-Pacific is expected to grow during the forecast period due to technological expansion of developing countries and increasing number of middle age population in this region. Rising expenditure on healthcare infrastructure and the emergence of unmet market demand will propel the market's growth rate in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The healthcare asset management market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for healthcare asset management market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the healthcare asset management market. The data is available for historic period 2010-2020.

Competitive Landscape and Healthcare Asset Management Market Share Analysis

The Healthcare asset management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points are only related to the companies' focus on the healthcare asset management market.

Some of the major players operating in the healthcare asset management market AiRISTA Flow, Inc. (US), CenTrak Inc. (US), Novanta Inc. (US), Sonitor Technologies (Norway), STANLEY Healthcare (US), VERSUS TECHNOLOGIES (US), Zebra Technologies Corporation (US), General Electric Company (US), IBM (US), Siemens Healthcare GmbH (Germany), Aeroscout Industrial (US), Awarepoint Corporation (US), Radianse (US), Midmark Corporation (US), McKesson Corporation (US), Cerner Corporation (US),Motorola Solutions, Inc. (US), and Infor, Inc. (US), among others.

Research Methodology : Global Healthcare Asset Management Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-healthcare-asset-management-market

Customization Available : Global Healthcare Asset Management Market

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


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Frequently Asked Questions

The Healthcare Asset Management Market will be projected USD 370.81 billion during the forecast period of 2022 to 2029.
The Healthcare Asset Management Market is to Grow at a CAGR of 46.9% During the Forecast Period of 2022 to 2029.
The Expansion of the Global Healthcare Asset Management Market will be fueled by the rise in the level of disposable incomes and the reduction in the prices of radiofrequency identification (RFID) tags. Additionally, increase in demand for better asset management in hospitals and rising prevalence of fake drugs will enhance the growth rate of Global Healthcare Asset Management Market.
AiRISTA Flow, Inc. (US), CenTrak Inc. (US), Novanta Inc. (US), Sonitor Technologies (Norway), STANLEY Healthcare (US), VERSUS TECHNOLOGIES (US), Zebra Technologies Corporation (US), General Electric Company (US), IBM (US), Siemens Healthcare GmbH (Germany), Infor, Inc. (US) are the major companies operating in Healthcare Asset Management Market.
The Countries Covered in the Healthcare Asset Management Market Report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.